Arcutis Biotherapeutics (NASDAQ:ARQT) Director Sells $238,800.00 in Stock
by Danessa Lincoln · The Markets DailyArcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Get Free Report) Director Howard Welgus sold 10,000 shares of the company’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $23.88, for a total value of $238,800.00. Following the completion of the transaction, the director owned 39,744 shares of the company’s stock, valued at $949,086.72. The trade was a 20.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Arcutis Biotherapeutics Stock Performance
NASDAQ ARQT remained flat at $23.63 during trading hours on Friday. The company had a trading volume of 1,091,932 shares, compared to its average volume of 1,348,083. The stock has a 50-day simple moving average of $24.87 and a 200 day simple moving average of $24.95. The company has a quick ratio of 2.99, a current ratio of 3.17 and a debt-to-equity ratio of 0.57. Arcutis Biotherapeutics, Inc. has a 1 year low of $11.86 and a 1 year high of $31.77. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of -168.77 and a beta of 1.76.
Arcutis Biotherapeutics (NASDAQ:ARQT – Get Free Report) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.03 by $0.10. Arcutis Biotherapeutics had a negative return on equity of 10.26% and a negative net margin of 4.29%.The company had revenue of $129.50 million during the quarter, compared to analysts’ expectations of $110.79 million. As a group, equities research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on ARQT. Mizuho lowered their target price on shares of Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating for the company in a report on Monday, March 2nd. Zacks Research lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. HC Wainwright boosted their price objective on shares of Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. TD Cowen upped their price objective on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Finally, Needham & Company LLC lifted their target price on Arcutis Biotherapeutics from $31.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.00.
Read Our Latest Report on Arcutis Biotherapeutics
Institutional Trading of Arcutis Biotherapeutics
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Perpetual Ltd raised its holdings in Arcutis Biotherapeutics by 7,534.3% in the third quarter. Perpetual Ltd now owns 2,024,606 shares of the company’s stock valued at $38,164,000 after buying an additional 1,998,086 shares during the period. Suvretta Capital Management LLC increased its position in shares of Arcutis Biotherapeutics by 14.2% in the fourth quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock worth $347,435,000 after acquiring an additional 1,486,000 shares in the last quarter. Jennison Associates LLC increased its position in shares of Arcutis Biotherapeutics by 10.3% in the third quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock worth $230,990,000 after acquiring an additional 1,144,714 shares in the last quarter. Frazier Life Sciences Management L.P. raised its stake in shares of Arcutis Biotherapeutics by 12.4% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock valued at $138,441,000 after acquiring an additional 1,089,227 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Arcutis Biotherapeutics by 1,228.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,166,348 shares of the company’s stock valued at $33,872,000 after acquiring an additional 1,078,546 shares during the period.
Arcutis Biotherapeutics Company Profile
Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.
In August 2022, Arcutis received U.S.