Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Sells $146,700.00 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.67, for a total value of $146,700.00. Following the sale, the director now directly owns 151,944 shares of the company’s stock, valued at $2,229,018.48. This trade represents a 6.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Arcutis Biotherapeutics Trading Down 3.1 %

NASDAQ:ARQT opened at $15.27 on Thursday. The company has a market capitalization of $1.79 billion, a PE ratio of -8.53 and a beta of 1.30. Arcutis Biotherapeutics, Inc. has a 52-week low of $3.11 and a 52-week high of $16.20. The stock’s 50 day moving average price is $12.13 and its 200 day moving average price is $10.56. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.09. The business had revenue of $44.76 million during the quarter, compared to the consensus estimate of $38.05 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. On average, research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.34 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Mizuho raised their target price on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday. Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. Finally, HC Wainwright initiated coverage on shares of Arcutis Biotherapeutics in a report on Monday, December 30th. They issued a “buy” rating and a $19.00 target price for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Arcutis Biotherapeutics has an average rating of “Moderate Buy” and a consensus target price of $16.60.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Jennison Associates LLC boosted its stake in shares of Arcutis Biotherapeutics by 0.8% during the third quarter. Jennison Associates LLC now owns 11,663,497 shares of the company’s stock worth $108,471,000 after buying an additional 91,803 shares during the period. Rubric Capital Management LP raised its stake 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 acquiring an additional 1,150,000 shares during the last quarter. Suvretta Capital Management LLC lifted its position in Arcutis Biotherapeutics by 7.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after acquiring an additional 717,019 shares during the period. State Street Corp grew its stake in shares of Arcutis Biotherapeutics by 9.9% in the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after purchasing an additional 506,788 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Arcutis Biotherapeutics by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock valued at $22,977,000 after purchasing an additional 48,868 shares during 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.