Patrick Burnett Sells 6,700 Shares of Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Key Points

• Insider sale: Patrick Burnett sold 6,700 Arcutis Biotherapeutics shares for approximately $174,736, reducing his direct stake by 5.32% to 119,289 shares. He also sold 9,255 shares in two earlier August transactions.
• Recent performance: ARQT fell 1.7% to $25.83, while the company’s latest quarterly results exceeded expectations, with earnings of $0.11 per share and revenue of $129.86 million.
• Analyst sentiment remains positive: Several firms raised their price targets, contributing to a “Moderate Buy” consensus rating and an average target price of $35.57.

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) insider Patrick Burnett sold 6,700 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $26.08, for a total transaction of $174,736.00. Following the completion of the transaction, the insider directly owned 119,289 shares in the company, valued at $3,111,057.12. The trade was a 5.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Tuesday, August 11th, Patrick Burnett sold 8,300 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $26.52, for a total transaction of $220,116.00.
• On Monday, August 3rd, Patrick Burnett sold 955 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $26.12, for a total transaction of $24,944.60.

Arcutis Biotherapeutics Stock Down 1.7%

NASDAQ ARQT traded down $0.45 on Thursday, hitting $25.83. 1,585,536 shares of the stock were exchanged, compared to its average volume of 1,517,596. The company has a quick ratio of 2.67, a current ratio of 2.92 and a debt-to-equity ratio of 0.46. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $15.10 and a fifty-two week high of $31.77. The company has a market cap of $3.25 billion, a PE ratio of 123.01 and a beta of 1.49. The company has a 50-day moving average price of $26.42 and a 200-day moving average price of $24.68.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.11 earnings per share 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 net margin of 6.15% and a return on equity of 15.05%. Sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.4 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Wall Street Zen raised Arcutis Biotherapeutics from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Needham & Company LLC increased their price target on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Morgan Stanley upped their price objective on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Guggenheim boosted their price target on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Finally, Weiss Ratings raised Arcutis Biotherapeutics from a "sell (d-)" rating to a "hold (c-)" rating in a research note on Thursday, August 6th. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $35.57.

Institutional Trading of Arcutis Biotherapeutics

Several large investors have recently bought and sold shares of the company. AQR Capital Management LLC grew its stake in shares of Arcutis Biotherapeutics by 21.4% during the first quarter. AQR Capital Management LLC now owns 248,196 shares of the company's stock valued at $3,882,000 after acquiring an additional 43,716 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Arcutis Biotherapeutics by 3.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,417 shares of the company's stock worth $1,118,000 after acquiring an additional 2,063 shares in the last quarter. Creative Planning lifted its stake in Arcutis Biotherapeutics by 8.2% during the second quarter. Creative Planning now owns 19,575 shares of the company's stock worth $274,000 after purchasing an additional 1,477 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Arcutis Biotherapeutics by 1.0% in the second quarter. JPMorgan Chase & Co. now owns 548,789 shares of the company's stock worth $7,694,000 after purchasing an additional 5,407 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Arcutis Biotherapeutics by 4,562.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 11,190 shares of the company's stock valued at $157,000 after buying an additional 10,950 shares during the period.

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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