Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Get Free Report) insider Patrick Burnett sold 6,700 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $26.08, for a total value of $174,736.00. Following the sale, the insider directly owned 119,289 shares of the company’s stock, valued at $3,111,057.12. This represents a 5.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Patrick Burnett also recently made the following trade(s):
- On Tuesday, August 11th, Patrick Burnett sold 8,300 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $26.52, for a total transaction of $220,116.00.
- On Monday, August 3rd, Patrick Burnett sold 955 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $26.12, for a total transaction of $24,944.60.
Arcutis Biotherapeutics Stock Down 1.7%
Shares of ARQT opened at $25.83 on Friday. The firm has a market cap of $3.25 billion, a P/E ratio of 123.01 and a beta of 1.49. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92. Arcutis Biotherapeutics, Inc. has a 52 week low of $15.10 and a 52 week high of $31.77. The firm’s 50-day simple moving average is $26.42 and its 200 day simple moving average is $24.68.
Institutional Trading of Arcutis Biotherapeutics
Large investors have recently made changes to their positions in the company. Commerce Bank acquired a new stake in shares of Arcutis Biotherapeutics in the 2nd quarter valued at $431,000. TrinityBridge Ltd acquired a new position in shares of Arcutis Biotherapeutics during the 2nd quarter worth $498,000. Tejara Capital Ltd acquired a new position in shares of Arcutis Biotherapeutics during the 2nd quarter worth $2,965,000. E Fund Management Co. Ltd. bought a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter worth $299,000. Finally, Citizens Financial Group Inc. RI acquired a new stake in Arcutis Biotherapeutics in the second quarter valued at about $922,000.
Analyst Upgrades and Downgrades
ARQT has been the topic of several research reports. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Weiss Ratings raised shares of Arcutis Biotherapeutics from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, August 6th. Morgan Stanley increased their target price on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Needham & Company LLC lifted their price target on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Finally, Guggenheim boosted their price target on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.57.
Read Our Latest Report on ARQT
About Arcutis Biotherapeutics
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.
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