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

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) insider Patrick Burnett sold 12,242 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $15.04, for a total value of $184,119.68. Following the transaction, the insider now directly owns 121,936 shares of the company's stock, valued at approximately $1,833,917.44. The trade was a 9.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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 value of $36,731.57.
• On Tuesday, December 31st, Patrick Burnett sold 1,691 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $14.00, for a total value of $23,674.00.

Arcutis Biotherapeutics Trading Up 1.3 %

Shares of NASDAQ ARQT traded up $0.22 during midday trading on Friday, hitting $16.99. The company's stock had a trading volume of 1,158,117 shares, compared to its average volume of 2,397,300. 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 50 day moving average is $13.61 and its two-hundred day moving average is $11.99. Arcutis Biotherapeutics, Inc. has a 12-month low of $6.99 and a 12-month high of $17.70. The firm has a market cap of $2.02 billion, a P/E ratio of -9.53 and a beta of 1.48.

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Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.19. The firm had revenue of $71.36 million for the quarter, compared to the consensus estimate of $60.52 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. As a group, equities research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. HC Wainwright restated a "buy" rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. The Goldman Sachs Group upped their price objective on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Thursday, February 27th. Needham & Company LLC restated a "buy" rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. Jefferies Financial Group upped their price objective on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a "buy" rating in a research report on Tuesday, March 11th. Finally, Guggenheim reiterated a "buy" rating on shares of Arcutis Biotherapeutics in a report on Monday, February 24th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.80.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of ARQT. Point72 Asset Management L.P. raised its position in Arcutis Biotherapeutics by 617.5% during the 4th quarter. Point72 Asset Management L.P. now owns 1,753,522 shares of the company's stock valued at $24,427,000 after purchasing an additional 1,509,136 shares in the last quarter. Cercano Management LLC bought a new stake in Arcutis Biotherapeutics during the 4th quarter valued at $17,487,000. Millennium Management LLC raised its position in Arcutis Biotherapeutics by 101.3% during the 4th quarter. Millennium Management LLC now owns 2,310,163 shares of the company's stock valued at $32,181,000 after purchasing an additional 1,162,690 shares in the last quarter. Rubric Capital Management LP raised its position in Arcutis Biotherapeutics by 11.7% during the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company's stock valued at $101,990,000 after purchasing an additional 1,150,000 shares in the last quarter. Finally, Driehaus Capital Management LLC bought a new stake in Arcutis Biotherapeutics during the 4th quarter valued at $15,278,000.

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.