Arcutis Biotherapeutics (NASDAQ:ARQT) Insider Todd Watanabe Sells 24,261 Shares

Key Points

• Insider Todd Watanabe sold 24,261 shares of Arcutis Biotherapeutics at an average price of $19.33, totaling approximately $468,965.
• The company's stock is currently down 6.3%, trading at $19.92, with a market cap of $2.39 billion.
• Despite recent selling activity, analysts maintain a consensus rating of “Moderate Buy” with a price target of $19.80.

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) insider Todd Watanabe sold 24,261 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $19.33, for a total transaction of $468,965.13. Following the completion of the sale, the insider owned 867,179 shares in the company, valued at $16,762,570.07. This trade represents a 2.72% 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.

Todd Watanabe also recently made the following trade(s):

• On Thursday, October 2nd, Todd Watanabe sold 20,739 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $20.04, for a total transaction of $415,609.56.
• On Tuesday, September 9th, Todd Watanabe sold 504 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $17.52, for a total transaction of $8,830.08.
• On Monday, September 8th, Todd Watanabe sold 9,625 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $17.54, for a total transaction of $168,822.50.
• On Monday, August 4th, Todd Watanabe sold 11,547 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $14.33, for a total transaction of $165,468.51.

Arcutis Biotherapeutics Stock Down 6.3%

ARQT traded down $1.33 during trading on Friday, reaching $19.92. 2,660,902 shares of the stock were exchanged, compared to its average volume of 2,082,303. The stock has a market cap of $2.39 billion, a P/E ratio of -26.56 and a beta of 2.06. Arcutis Biotherapeutics, Inc. has a twelve month low of $8.03 and a twelve month high of $21.30. The stock's 50 day moving average price is $16.34 and its two-hundred day moving average price 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 - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.18) by $0.05. The business had revenue of $81.50 million for the quarter, compared to the consensus estimate of $72.70 million. Arcutis Biotherapeutics had a negative net margin of 35.40% and a negative return on equity of 62.62%. Equities analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of institutional investors have recently modified their holdings of ARQT. Amalgamated Bank boosted its position in shares of 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 acquiring an additional 1,053 shares during the period. KBC Group NV bought a new stake in Arcutis Biotherapeutics during the first quarter worth about $84,000. Nkcfo LLC bought a new stake in Arcutis Biotherapeutics during the first quarter worth about $109,000. Allostery Investments LP bought a new stake in Arcutis Biotherapeutics during the first quarter worth about $117,000. Finally, PNC Financial Services Group Inc. lifted its position in Arcutis Biotherapeutics by 10.2% during the second quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company's stock worth $124,000 after purchasing an additional 820 shares during the period.

Wall Street Analysts Forecast Growth

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

About Arcutis Biotherapeutics

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.

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