Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Insider Patrick Burnett Sells 1,691 Shares

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) insider Patrick Burnett sold 1,691 shares of the stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $14.00, for a total value of $23,674.00. Following the completion of the transaction, the insider now directly owns 126,978 shares of the company's stock, valued at $1,777,692. This represents a 1.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• On Friday, November 22nd, Patrick Burnett sold 16,023 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $10.14, for a total transaction of $162,473.22.
• On Friday, November 15th, Patrick Burnett sold 100 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $10.03, for a total transaction of $1,003.00.

Arcutis Biotherapeutics Stock Performance

Shares of Arcutis Biotherapeutics stock traded down $0.27 during trading hours on Tuesday, reaching $13.93. The company's stock had a trading volume of 1,294,812 shares, compared to its average volume of 3,100,606. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. Arcutis Biotherapeutics, Inc. has a one year low of $3.07 and a one year high of $15.79. The company's 50 day simple moving average is $11.51 and its 200 day simple moving average is $10.33. The stock has a market cap of $1.63 billion, a P/E ratio of -7.78 and a beta of 1.32.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.42) by $0.09. The firm had revenue of $44.76 million for the quarter, compared to analysts' expectations of $38.05 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. As a group, analysts expect that Arcutis Biotherapeutics, Inc. will post -1.34 EPS for the current fiscal year.

Analysts Set New Price Targets

ARQT has been the topic of a number of recent analyst reports. HC Wainwright assumed coverage on shares of Arcutis Biotherapeutics in a research note on Monday. They issued a "buy" rating and a $19.00 target price on the stock. Needham & Company LLC restated a "buy" rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $16.20.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several institutional investors have recently modified their holdings of ARQT. JPMorgan Chase & Co. boosted its stake in Arcutis Biotherapeutics by 0.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,296,911 shares of the company's stock valued at $12,061,000 after purchasing an additional 11,833 shares during the period. Geode Capital Management LLC grew its holdings in Arcutis Biotherapeutics by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company's stock worth $22,977,000 after buying an additional 48,868 shares in the last quarter. Barclays PLC increased its position in Arcutis Biotherapeutics by 45.8% in the 3rd quarter. Barclays PLC now owns 253,392 shares of the company's stock valued at $2,356,000 after acquiring an additional 79,579 shares during the period. XTX Topco Ltd boosted its position in Arcutis Biotherapeutics by 30.9% during the 3rd quarter. XTX Topco Ltd now owns 47,728 shares of the company's stock worth $444,000 after acquiring an additional 11,262 shares during the period. Finally, State Street Corp grew its stake in shares of Arcutis Biotherapeutics by 9.9% in the third quarter. State Street Corp now owns 5,641,631 shares of the company's stock worth $52,467,000 after purchasing an additional 506,788 shares in the last quarter.

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.