Arcutis Biotherapeutics (NASDAQ:ARQT) Director Sells $127,325.04 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 4,728 shares of the company’s stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $26.93, for a total transaction of $127,325.04. Following the completion of the transaction, the director owned 35,207 shares of the company’s stock, valued at $948,124.51. This trade represents a 11.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arcutis Biotherapeutics Stock Up 10.7%

ARQT traded up $3.07 during trading hours on Monday, reaching $31.89. 5,789,584 shares of the stock traded hands, compared to its average volume of 1,821,800. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $19.30 and a fifty-two week high of $33.01. The company has a market cap of $4.01 billion, a price-to-earnings ratio of 151.86 and a beta of 1.57. 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 firm’s fifty day simple moving average is $25.45 and its two-hundred day simple moving average is $24.83.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. The firm had revenue of $129.86 million for the quarter, compared to analyst estimates of $118.85 million. As a group, analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.43 earnings per share for the current fiscal year.

Institutional Trading of Arcutis Biotherapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Montanova Capital LLC raised its position in shares of Arcutis Biotherapeutics by 0.9% during the 2nd quarter. Montanova Capital LLC now owns 12,437,000 shares of the company’s stock valued at $326,098,000 after acquiring an additional 110,000 shares in the last quarter. BlackRock Inc. acquired a new position in Arcutis Biotherapeutics in the second quarter worth $276,502,000. Bank of America Corp DE acquired a new position in Arcutis Biotherapeutics in the second quarter worth $78,330,000. Janus Henderson Group PLC boosted its holdings in Arcutis Biotherapeutics by 1.3% in the first quarter. Janus Henderson Group PLC now owns 1,854,566 shares of the company’s stock worth $43,684,000 after purchasing an additional 24,505 shares during the period. Finally, Jupiter Topco LLC bought a new stake in Arcutis Biotherapeutics during the second quarter valued at $36,989,000.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ARQT shares. Weiss Ratings lowered Arcutis Biotherapeutics from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday. Guggenheim increased their price target on Arcutis Biotherapeutics from $38.00 to $44.00 and gave the company a “buy” rating in a report on Monday. Needham & Company LLC increased their price target on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Jefferies Financial Group restated a “buy” rating and set a $39.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, October 8th. Finally, Wall Street Zen lowered Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 10th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Arcutis Biotherapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $38.00.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc (NASDAQ: ARQT) is a biopharmaceutical company focused on developing and commercializing treatments for dermatologic conditions. The company concentrates on medical dermatology, with an emphasis on addressing diseases that can significantly affect patients’ quality of life and for which additional treatment options are needed.

Arcutis’s primary commercial product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor available in multiple formulations.