Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Insider Todd Watanabe Sells 11,547 Shares

Key Points

• Insider Todd Watanabe sold 11,547 shares of Arcutis Biotherapeutics at an average price of $14.33, resulting in a total value of approximately $165,468 while retaining a significant stake of 901,569 shares.
• Arcutis Biotherapeutics saw its stock price rise 5.5% to $15.32, with trading volume exceeding its average, reflecting growing investor interest.
• Analysts have set a consensus price target for Arcutis Biotherapeutics at $19.40, with one hold rating and five buy ratings indicating general optimism about the stock's future performance.

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) insider Todd Watanabe sold 11,547 shares of the company's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $14.33, for a total transaction of $165,468.51. Following the transaction, the insider owned 901,569 shares in the company, valued at approximately $12,919,483.77. This trade represents a 1.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Arcutis Biotherapeutics Trading Down 8.1%

Shares of Arcutis Biotherapeutics stock traded down $1.24 during trading on Thursday, reaching $14.12. 4,355,386 shares of the company 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. Arcutis Biotherapeutics, Inc. has a twelve month low of $8.03 and a twelve month high of $17.75. The business has a 50-day moving average price of $14.25 and a 200-day moving average price of $14.13. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -13.58 and a beta of 1.84.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.13) EPS for the quarter, topping analysts' consensus estimates of ($0.18) by $0.05. Arcutis Biotherapeutics had a negative return on equity of 80.66% and a negative net margin of 60.95%. The business had revenue of $81.50 million during the quarter, compared to analysts' expectations of $72.70 million. Sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ARQT shares. Needham & Company LLC lifted their target price on Arcutis Biotherapeutics from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday. The Goldman Sachs Group started coverage on Arcutis Biotherapeutics in a research note on Friday, July 25th. They issued a "neutral" rating and a $18.00 target price for the company. Finally, Cowen reissued a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Arcutis Biotherapeutics currently has an average rating of "Moderate Buy" and an average target price of $19.80.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARQT. Point72 Asset Management L.P. lifted its holdings in Arcutis Biotherapeutics by 617.5% during the fourth quarter. Point72 Asset Management L.P. now owns 1,753,522 shares of the company's stock worth $24,427,000 after acquiring an additional 1,509,136 shares in the last quarter. Paradigm Biocapital Advisors LP bought a new position in Arcutis Biotherapeutics during the first quarter worth about $22,918,000. Cercano Management LLC bought a new position in Arcutis Biotherapeutics during the fourth quarter worth about $17,487,000. Millennium Management LLC lifted its holdings in Arcutis Biotherapeutics by 101.3% during the fourth quarter. Millennium Management LLC now owns 2,310,163 shares of the company's stock worth $32,181,000 after acquiring an additional 1,162,690 shares in the last quarter. Finally, Driehaus Capital Management LLC bought a new stake in shares of Arcutis Biotherapeutics in the fourth quarter valued at about $15,278,000.

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.