Patrick Burnett Sells 12,242 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 12,242 shares of the firm’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $15.04, for a total value of $184,119.68. Following the sale, the insider now directly owns 121,936 shares in the company, valued at approximately $1,833,917.44. The trade was a 9.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Patrick Burnett also recently made the following trade(s):

• On Monday, March 3rd, Patrick Burnett sold 2,819 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $13.03, for a total transaction of $36,731.57.
• On Tuesday, December 31st, Patrick Burnett sold 1,691 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $14.00, for a total transaction of $23,674.00.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock traded up $1.80 during mid-day trading on Monday, reaching $16.42. The stock had a trading volume of 8,815,556 shares, compared to its average volume of 2,372,382. Arcutis Biotherapeutics, Inc. has a 1-year low of $6.99 and a 1-year high of $16.44. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of -9.17 and a beta of 1.48. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The business’s fifty day moving average is $13.52 and its 200-day moving average is $11.85.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.19. The company had revenue of $71.36 million during the quarter, compared to analyst estimates of $60.52 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. On average, research analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Summit Investment Advisors Inc. grew its position in Arcutis Biotherapeutics by 8.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company’s stock worth $157,000 after purchasing an additional 837 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Arcutis Biotherapeutics by 9.9% in the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock worth $119,000 after buying an additional 1,155 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Arcutis Biotherapeutics by 10.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 24,818 shares of the company’s stock worth $346,000 after acquiring an additional 2,336 shares during the period. GF Fund Management CO. LTD. purchased a new position in Arcutis Biotherapeutics during the fourth quarter valued at approximately $34,000. Finally, Point72 DIFC Ltd acquired a new position in Arcutis Biotherapeutics in the third quarter valued at approximately $25,000.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ARQT. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. Mizuho raised their price objective on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. HC Wainwright restated a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research note on Wednesday, February 26th. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a report on Monday, February 24th. Finally, The Goldman Sachs Group upped their price objective on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Thursday, February 27th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.80.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.