Arcutis Biotherapeutics (NASDAQ:ARQT) Director Howard Welgus Sells 4,730 Shares

Key Points

• Director Howard Welgus sold 4,730 Arcutis shares at an average price of $26.18, generating $123,831.40. The Rule 10b5-1 transaction reduced his ownership by 11.48% to 36,475 shares.
• Arcutis reported quarterly earnings of $0.11 per share, beating estimates of $0.06, while revenue of $129.86 million exceeded expectations of $118.85 million. Shares recently traded near $26.46, with a 12-month range of $15.10 to $31.77.
• Analyst sentiment remains positive, with six Buy ratings and three Holds and a consensus price target of $35.57. Guggenheim, Morgan Stanley and Needham raised their targets to between $38 and $40.

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) Director Howard Welgus sold 4,730 shares of the firm's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $26.18, for a total value of $123,831.40. Following the completion of the transaction, the director owned 36,475 shares in the company, valued at $954,915.50. This represents a 11.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ ARQT traded down $0.08 during midday trading on Wednesday, hitting $26.46. 1,025,295 shares of the company's stock were exchanged, compared to its average volume of 1,559,204. The company has a quick ratio of 2.67, a current ratio of 2.92 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $3.33 billion, a PE ratio of 126.01 and a beta of 1.49. Arcutis Biotherapeutics, Inc. has a 12 month low of $15.10 and a 12 month high of $31.77. The company's 50 day moving average price is $26.68 and its 200 day moving average price is $24.68.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.05. The company had revenue of $129.86 million during the quarter, compared to analysts' expectations of $118.85 million. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%. As a group, analysts predict that Arcutis Biotherapeutics, Inc. will post 0.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several large investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter worth approximately $276,502,000. Bank of America Corp DE acquired a new position in Arcutis Biotherapeutics during the 2nd quarter worth about $78,330,000. Suvretta Capital Management LLC increased its position in shares of Arcutis Biotherapeutics by 14.2% during the fourth quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company's stock worth $347,435,000 after buying an additional 1,486,000 shares during the period. Jupiter Topco LLC bought a new stake in Arcutis Biotherapeutics in the second quarter worth approximately $36,989,000. Finally, Bamco Inc. NY bought a new position in Arcutis Biotherapeutics during the second quarter worth $32,857,000.

Analysts Set New Price Targets

ARQT has been the subject of several research analyst reports. Wall Street Zen upgraded Arcutis Biotherapeutics from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Guggenheim lifted their target price on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Morgan Stanley upped their price target on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Needham & Company LLC raised their price objective 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, Weiss Ratings upgraded shares of Arcutis Biotherapeutics from a "sell (d-)" rating to a "hold (c-)" rating in a research report on Thursday, August 6th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $35.57.

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.

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