Patrick Burnett Sells 23,000 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) insider Patrick Burnett sold 23,000 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $15.05, for a total value of $346,150.00. Following the completion of the transaction, the insider owned 115,468 shares of the company's stock, valued at approximately $1,737,793.40. The trade was a 16.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Monday, July 14th, Patrick Burnett sold 5,750 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $15.07, for a total value of $86,652.50.
• On Thursday, May 8th, Patrick Burnett sold 3,871 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $13.59, for a total value of $52,606.89.

Arcutis Biotherapeutics Stock Up 0.3%

Shares of ARQT stock traded up $0.05 during mid-day trading on Thursday, hitting $15.48. The company's stock had a trading volume of 948,048 shares, compared to its average volume of 2,150,928. Arcutis Biotherapeutics, Inc. has a 52-week low of $7.86 and a 52-week high of $17.75. The business has a 50-day moving average price of $14.01 and a 200 day moving average price of $14.07. The company has a debt-to-equity ratio of 0.75, a quick ratio of 3.37 and a current ratio of 3.55. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of -14.88 and a beta of 1.77.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.01. Arcutis Biotherapeutics had a negative return on equity of 80.66% and a negative net margin of 60.95%. The firm had revenue of $65.85 million during the quarter, compared to analysts' expectations of $64.80 million. Research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ARQT. Summit Investment Advisors Inc. grew its holdings in shares of Arcutis Biotherapeutics by 8.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company's stock worth $157,000 after acquiring an additional 837 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Arcutis Biotherapeutics by 3.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,697 shares of the company's stock worth $464,000 after acquiring an additional 917 shares during the period. Amalgamated Bank grew its holdings in shares of Arcutis Biotherapeutics by 39.4% in the first quarter. Amalgamated Bank now owns 3,723 shares of the company's stock worth $58,000 after acquiring an additional 1,053 shares during the period. Tocqueville Asset Management L.P. grew its holdings in shares of Arcutis Biotherapeutics by 14.1% in the first quarter. Tocqueville Asset Management L.P. now owns 16,200 shares of the company's stock worth $253,000 after acquiring an additional 2,000 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Arcutis Biotherapeutics by 3.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,417 shares of the company's stock worth $1,118,000 after acquiring an additional 2,063 shares during the period.

Wall Street Analyst Weigh In

ARQT has been the subject of a number of recent research reports. Needham & Company LLC reiterated a "buy" rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a research note on Friday, May 23rd. HC Wainwright reiterated a "buy" rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. Finally, Guggenheim reiterated a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $18.80.

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.