Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Sells $93,100.00 in Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $9.31, for a total transaction of $93,100.00. Following the sale, the director now directly owns 180,339 shares in the company, valued at $1,678,956.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ ARQT traded down $0.26 during trading on Tuesday, reaching $9.30. 1,963,354 shares of the company traded hands, compared to its average volume of 4,049,319. The stock has a market cap of $1.08 billion, a P/E ratio of -3.17 and a beta of 1.18. The firm’s fifty day simple moving average is $8.58 and its 200 day simple moving average is $7.86. The company has a current ratio of 9.89, a quick ratio of 9.61 and a debt-to-equity ratio of 0.90. Arcutis Biotherapeutics, Inc. has a 12-month low of $1.76 and a 12-month high of $13.17.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Tuesday, May 14th. The company reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.28. Arcutis Biotherapeutics had a negative return on equity of 197.28% and a negative net margin of 204.35%. The company had revenue of $49.57 million during the quarter. During the same quarter in the prior year, the business posted ($1.31) earnings per share. As a group, research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ARQT shares. Needham & Company LLC lifted their price target on Arcutis Biotherapeutics from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Mizuho lifted their target price on Arcutis Biotherapeutics from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, May 15th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Arcutis Biotherapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $25.38.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several institutional investors have recently made changes to their positions in ARQT. Farallon Capital Management LLC acquired a new stake in Arcutis Biotherapeutics during the first quarter valued at $17,640,000. Ikarian Capital LLC purchased a new stake in shares of Arcutis Biotherapeutics during the 1st quarter worth about $5,843,000. Price T Rowe Associates Inc. MD grew its position in shares of Arcutis Biotherapeutics by 3.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 47,753 shares of the company’s stock valued at $474,000 after acquiring an additional 1,681 shares during the period. PEAK6 Investments LLC increased its stake in shares of Arcutis Biotherapeutics by 50.0% in the 1st quarter. PEAK6 Investments LLC now owns 30,000 shares of the company’s stock valued at $297,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised its holdings in Arcutis Biotherapeutics by 55.2% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,871 shares of the company’s stock worth $78,000 after purchasing an additional 2,800 shares during the period.

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.