Insider Selling: Arcutis Biotherapeutics (NASDAQ:ARQT) Insider Sells $114,275.00 in Stock

Key Points

• Insider sale: Todd Watanabe sold 4,375 Arcutis Biotherapeutics shares for $114,275 under a pre-arranged Rule 10b5-1 plan to cover tax withholding on vested equity awards. He retained 717,203 shares, so ownership declined by 0.61%.
• Quarterly results exceeded expectations: Arcutis reported earnings of $0.11 per share versus the $0.06 consensus estimate and revenue of $129.86 million, ahead of forecasts of $118.85 million.
• Analyst outlook remains broadly positive: Five analysts rate the stock Buy, two Hold and one Sell, resulting in a “Moderate Buy” consensus and an average price target of $34, above its reported trading price of $27.10.

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) insider Todd Watanabe sold 4,375 shares of the business's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $26.12, for a total value of $114,275.00. Following the transaction, the insider owned 717,203 shares of the company's stock, valued at approximately $18,733,342.36. The trade was a 0.61% decrease in their ownership of the stock. The transaction was disclosed in a 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ:ARQT traded up $1.07 on Wednesday, hitting $27.10. The company's stock had a trading volume of 2,445,454 shares, compared to its average volume of 1,334,721. The company has a market capitalization of $3.39 billion, a PE ratio of -903.03 and a beta of 1.49. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.68 and a quick ratio of 2.46. The company has a 50-day simple moving average of $25.87 and a 200 day simple moving average of $24.68. Arcutis Biotherapeutics, Inc. has a 1 year low of $13.69 and a 1 year high of $31.77.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ARQT. SBI Securities Co. Ltd. lifted its position in Arcutis Biotherapeutics by 325.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company's stock valued at $32,000 after purchasing an additional 833 shares during the last quarter. Global Retirement Partners LLC bought a new position in shares of Arcutis Biotherapeutics during the fourth quarter valued at about $35,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Arcutis Biotherapeutics by 124.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company's stock worth $37,000 after purchasing an additional 698 shares during the period. NewEdge Advisors LLC increased its holdings in 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 purchasing an additional 1,045 shares during the period. Finally, Truvestments Capital LLC raised its position in 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 purchasing an additional 1,606 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ARQT. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research report on Sunday, July 12th. Weiss Ratings restated a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research report on Wednesday, June 24th. Finally, 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. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on 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