Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard G. Welgus Sells 10,000 Shares

Key Points

• Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics at an average price of $14.30, resulting in a total transaction of $143,000.
• Despite the sale, Welgus retains 100,206 shares in the company, which are valued at approximately $1.43 million.
• Arcutis Biotherapeutics' shares increased by 5.5% to $15.32 following the transaction, with a recent trading volume surpassing its average.

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) Director Howard G. Welgus sold 10,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $14.30, for a total value of $143,000.00. Following the transaction, the director directly owned 100,206 shares of the company's stock, valued at approximately $1,432,945.80. This represents a 9.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Arcutis Biotherapeutics Trading Down 8.1%

Arcutis Biotherapeutics stock traded down $1.24 during trading hours on Thursday, reaching $14.12. 4,355,386 shares of the company's stock were exchanged, compared to its average volume of 2,151,713. The company has a quick ratio of 3.37, a current ratio of 3.55 and a debt-to-equity ratio of 0.75. The firm's 50 day simple moving average is $14.25 and its 200 day simple moving average is $14.13. The firm has a market capitalization of $1.68 billion, a PE ratio of -13.58 and a beta of 1.84. Arcutis Biotherapeutics, Inc. has a twelve month low of $8.03 and a twelve month high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.05. The company had revenue of $81.50 million during the quarter, compared to the consensus estimate of $72.70 million. Arcutis Biotherapeutics had a negative return on equity of 80.66% and a negative net margin of 60.95%. Research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several large investors have recently added to or reduced their stakes in the business. Summit Investment Advisors Inc. lifted its position in Arcutis Biotherapeutics by 8.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company's stock valued at $157,000 after acquiring an additional 837 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Arcutis Biotherapeutics by 3.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,697 shares of the company's stock valued at $464,000 after acquiring an additional 917 shares in the last quarter. Amalgamated Bank lifted its position in Arcutis Biotherapeutics by 39.4% in the 1st quarter. Amalgamated Bank now owns 3,723 shares of the company's stock valued at $58,000 after acquiring an additional 1,053 shares in the last quarter. Tocqueville Asset Management L.P. lifted its position in Arcutis Biotherapeutics by 14.1% in the 1st quarter. Tocqueville Asset Management L.P. now owns 16,200 shares of the company's stock valued at $253,000 after acquiring an additional 2,000 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Arcutis Biotherapeutics by 3.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,417 shares of the company's stock valued at $1,118,000 after acquiring an additional 2,063 shares in the last quarter.

Analyst Upgrades and Downgrades

ARQT has been the subject of several analyst reports. Needham & Company LLC raised their target price on Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Thursday. Cowen reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday. Finally, The Goldman Sachs Group assumed coverage on Arcutis Biotherapeutics in a research report on Friday, July 25th. They set a "neutral" rating and a $18.00 target price for the company. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $19.80.

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.