Patrick Burnett Sells 16,023 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 16,023 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $10.14, for a total transaction of $162,473.22. Following the sale, the insider now directly owns 128,669 shares in the company, valued at $1,304,703.66. The trade was a 11.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Friday, November 15th, Patrick Burnett sold 100 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $10.03, for a total transaction of $1,003.00.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $11.71 on Thursday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. The firm has a fifty day moving average of $9.60 and a 200 day moving average of $9.49. The firm has a market cap of $1.37 billion, a PE ratio of -6.43 and a beta of 1.18. Arcutis Biotherapeutics, Inc. has a one year low of $1.76 and a one year high of $13.17.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The business had revenue of $44.76 million for the quarter, compared to analyst estimates of $38.05 million. As a group, research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.34 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Jefferies Financial Group started coverage on shares of Arcutis Biotherapeutics in a report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in ARQT. Point72 DIFC Ltd purchased a new position in Arcutis Biotherapeutics in the 3rd quarter valued at $25,000. CWM LLC lifted its stake in shares of Arcutis Biotherapeutics by 6,740.0% in the second quarter. CWM LLC now owns 4,104 shares of the company’s stock worth $38,000 after buying an additional 4,044 shares in the last quarter. Algert Global LLC purchased a new position in shares of Arcutis Biotherapeutics in the second quarter worth about $97,000. Erste Asset Management GmbH acquired a new position in Arcutis Biotherapeutics during the third quarter worth about $104,000. Finally, Victory Capital Management Inc. grew its stake in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after acquiring an additional 1,155 shares in the last quarter.

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.