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

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 1,691 shares of the stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $14.00, for a total value of $23,674.00. Following the completion of the sale, the insider now directly owns 126,978 shares of the company’s stock, valued at approximately $1,777,692. This represents a 1.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible 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 shares were sold at an average price of $10.14, for a total value of $162,473.22.
• On Friday, November 15th, Patrick Burnett sold 100 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $10.03, for a total transaction of $1,003.00.

Arcutis Biotherapeutics Price Performance

Shares of ARQT opened at $13.93 on Thursday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. The firm has a market cap of $1.63 billion, a PE ratio of -7.78 and a beta of 1.32. The firm’s 50 day moving average price is $11.62 and its 200 day moving average price is $10.36. Arcutis Biotherapeutics, Inc. has a twelve month low of $3.07 and a twelve month high of $15.79.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) 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 analyst estimates 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, research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ARQT. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. HC Wainwright initiated coverage on Arcutis Biotherapeutics in a report on Monday. They set a “buy” rating and a $19.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $16.20.

Institutional Trading of Arcutis Biotherapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Suvretta Capital Management LLC increased its holdings in shares of Arcutis Biotherapeutics by 7.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock valued at $99,710,000 after acquiring an additional 717,019 shares during the last quarter. GSA Capital Partners LLP boosted its position in Arcutis Biotherapeutics by 730.0% during the third quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock worth $2,206,000 after purchasing an additional 208,599 shares during the period. Rubric Capital Management LP grew its holdings in Arcutis Biotherapeutics by 11.7% during the third 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 during the last quarter. Wesbanco Bank Inc. bought a new position in shares of Arcutis Biotherapeutics in the third quarter valued at approximately $955,000. Finally, Algert Global LLC lifted its stake in shares of Arcutis Biotherapeutics by 595.9% in the third quarter. Algert Global LLC now owns 72,480 shares of the company’s stock worth $674,000 after buying an additional 62,065 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.