Arcutis Biotherapeutics (NASDAQ:ARQT) Director Sells $123,831.40 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 4,730 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $26.18, for a total value of $123,831.40. Following the completion of the transaction, the director owned 36,475 shares of the company’s stock, valued at $954,915.50. This trade represents a 11.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT traded down $0.08 during trading hours on Wednesday, hitting $26.46. The company’s stock had a trading volume of 1,025,295 shares, compared to its average volume of 1,559,204. Arcutis Biotherapeutics, Inc. has a 52-week low of $15.10 and a 52-week high of $31.77. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.92 and a quick ratio of 2.67. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 126.01 and a beta of 1.49. The business has a 50 day simple moving average of $26.68 and a two-hundred day simple moving average of $24.68.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.05. The business had revenue of $129.86 million during the quarter, compared to analyst estimates of $118.85 million. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. On average, equities analysts expect that Arcutis Biotherapeutics, Inc. will post 0.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ARQT has been the topic of a number of recent research reports. Guggenheim raised their target price on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Weiss Ratings upgraded Arcutis Biotherapeutics from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, August 6th. Needham & Company LLC increased their price target on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Morgan Stanley upped their target price on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.57.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ARQT. BlackRock Inc. purchased a new position in Arcutis Biotherapeutics in the 2nd quarter valued at approximately $276,502,000. Bank of America Corp DE bought a new stake in Arcutis Biotherapeutics in the second quarter worth $78,330,000. Suvretta Capital Management LLC boosted its stake in Arcutis Biotherapeutics by 14.2% during the 4th quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock worth $347,435,000 after acquiring an additional 1,486,000 shares during the last quarter. Jupiter Topco LLC bought a new stake in Arcutis Biotherapeutics during the 2nd quarter worth about $36,989,000. Finally, Bamco Inc. NY bought a new stake in shares of Arcutis Biotherapeutics in the second quarter valued at about $32,857,000.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.