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

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 1,691 shares of Arcutis Biotherapeutics stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $14.00, for a total transaction of $23,674.00. Following the completion of the sale, the insider now owns 126,978 shares in the company, valued at approximately $1,777,692. This represents a 1.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

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

• On Friday, November 22nd, Patrick Burnett sold 16,023 shares of Arcutis Biotherapeutics stock. The shares were 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 value of $1,003.00.

Arcutis Biotherapeutics Trading Down 1.9 %

Shares of ARQT stock opened at $13.93 on Thursday. The stock has a 50-day simple moving average of $11.62 and a 200 day simple moving average of $10.36. The stock has a market capitalization of $1.63 billion, a P/E ratio of -7.78 and a beta of 1.32. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $3.07 and a fifty-two week high of $15.79. 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 announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The company had revenue of $44.76 million for the quarter, compared to analysts’ expectations of $38.05 million. On average, sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its holdings in shares of Arcutis Biotherapeutics by 25.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 390,202 shares of the company’s stock worth $3,629,000 after acquiring an additional 80,078 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Arcutis Biotherapeutics during the 2nd quarter worth about $174,000. Rhumbline Advisers lifted its stake in Arcutis Biotherapeutics by 33.5% during the second quarter. Rhumbline Advisers now owns 167,289 shares of the company’s stock valued at $1,556,000 after buying an additional 41,956 shares in the last quarter. Arizona State Retirement System acquired a new position in shares of Arcutis Biotherapeutics in the second quarter worth about $269,000. Finally, Candriam S.C.A. purchased a new position in shares of Arcutis Biotherapeutics in the second quarter worth approximately $12,159,000.

Analyst Upgrades and Downgrades

ARQT has been the topic of a number of research analyst reports. HC Wainwright initiated coverage on Arcutis Biotherapeutics in a report on Monday. They set a “buy” rating and a $19.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and set a $18.00 target price 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 given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.20.

Arcutis Biotherapeutics Company Profile

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.