Insider Selling: Arcutis Biotherapeutics (NASDAQ:ARQT) Director Sells 10,000 Shares of Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $18.92, for a total value of $189,200.00. Following the transaction, the director directly owned 99,744 shares of the company’s stock, valued at approximately $1,887,156.48. This represents a 9.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Arcutis Biotherapeutics Stock Down 6.3%

Arcutis Biotherapeutics stock opened at $19.92 on Monday. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $8.03 and a fifty-two week high of $21.30. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of -26.56 and a beta of 2.06. The stock’s fifty day moving average is $16.44 and its two-hundred day moving average is $15.05. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.04 and a current ratio of 3.20.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.05. The business had revenue of $81.50 million during the quarter, compared to the consensus estimate of $72.70 million. Arcutis Biotherapeutics had a negative return on equity of 62.62% and a negative net margin of 35.40%. Analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Institutional Trading of Arcutis Biotherapeutics

Several large investors have recently added to or reduced their stakes in ARQT. Amalgamated Bank raised its position in Arcutis Biotherapeutics by 39.4% in the first quarter. Amalgamated Bank now owns 3,723 shares of the company’s stock valued at $58,000 after purchasing an additional 1,053 shares during the period. KBC Group NV acquired a new stake in shares of Arcutis Biotherapeutics in the first quarter valued at about $84,000. Nkcfo LLC purchased a new stake in shares of Arcutis Biotherapeutics during the 1st quarter valued at about $109,000. Allostery Investments LP purchased a new stake in shares of Arcutis Biotherapeutics during the 1st quarter valued at about $117,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Arcutis Biotherapeutics by 10.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock worth $124,000 after acquiring an additional 820 shares during the period.

Analysts Set New Price Targets

Several research firms have recently commented on ARQT. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. The Goldman Sachs Group started coverage on Arcutis Biotherapeutics in a research note on Friday, July 25th. They issued a “neutral” rating and a $18.00 target price on the stock. Needham & Company LLC raised their price target on Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Saturday, September 27th. Finally, Cowen reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.80.

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.