Arcutis Biotherapeutics (NASDAQ:ARQT) Insider Patrick Burnett Sells 955 Shares of Stock

Key Points

• Insider sale: Patrick Burnett sold 955 Arcutis Biotherapeutics shares for approximately $24,945 under a Rule 10b5-1 plan to cover tax withholding from vested equity awards. He retained 119,289 shares, a 0.79% reduction in his position.
• Quarterly results: Arcutis reported earnings of $0.11 per share, exceeding the $0.06 consensus estimate, while revenue of $129.86 million also topped forecasts of $118.85 million.
• Market outlook: Shares recently traded at $27.10, and analysts have a consensus “Moderate Buy” rating with a $34.00 price target; five analysts rate the stock Buy, two Hold, and one Sell.

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) insider Patrick Burnett sold 955 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $26.12, for a total value of $24,944.60. Following the sale, the insider owned 119,289 shares in the company, valued at approximately $3,115,828.68. This trade represents a 0.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Monday, May 11th, Patrick Burnett sold 222 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $21.05, for a total value of $4,673.10.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT traded up $1.07 during trading on Wednesday, reaching $27.10. The company had a trading volume of 2,445,454 shares, compared to its average volume of 1,334,721. The company has a current ratio of 2.68, a quick ratio of 2.46 and a debt-to-equity ratio of 0.54. Arcutis Biotherapeutics, Inc. has a twelve month low of $13.69 and a twelve month high of $31.77. The stock has a 50-day moving average price of $25.87 and a two-hundred day moving average price of $24.68. The stock has a market capitalization of $3.39 billion, a PE ratio of -903.03 and a beta of 1.49.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.05. The business had revenue of $129.86 million for the quarter, compared to analyst estimates of $118.85 million. Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%. As a group, sell-side analysts predict that Arcutis Biotherapeutics, Inc. will post 0.16 earnings per share for the current year.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several institutional investors have recently added to or reduced their stakes in ARQT. SBI Securities Co. Ltd. lifted its position in Arcutis Biotherapeutics by 325.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company's stock worth $32,000 after buying an additional 833 shares during the period. Global Retirement Partners LLC purchased a new stake in Arcutis Biotherapeutics in the 4th quarter valued at about $35,000. EverSource Wealth Advisors LLC grew its holdings in Arcutis Biotherapeutics by 124.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company's stock valued at $37,000 after buying an additional 698 shares during the period. NewEdge Advisors LLC increased its stake in shares of Arcutis Biotherapeutics by 209.0% during the 4th quarter. NewEdge Advisors LLC now owns 1,545 shares of the company's stock valued at $45,000 after acquiring an additional 1,045 shares during the last quarter. Finally, Truvestments Capital LLC increased its stake in shares of Arcutis Biotherapeutics by 114.2% during the 4th quarter. Truvestments Capital LLC now owns 3,012 shares of the company's stock valued at $87,000 after acquiring an additional 1,606 shares during the last quarter.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $36.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research report on Wednesday, June 24th. Finally, Wall Street Zen raised shares of Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research note on Sunday, July 12th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $34.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source