Key Points
- Director Howard Welgus sold 10,000 shares at an average price of $23.88 under a pre-arranged Rule 10b5-1 plan for proceeds of $238,800, cutting his ownership by 20.10% to 39,744 shares.
- Arcutis reported a stronger-than-expected quarter (EPS $0.13 vs. $0.03 consensus; revenue $129.5M vs. $110.8M), and analysts hold a “Moderate Buy” consensus with a $34 average target price.
Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) Director Howard Welgus sold 10,000 shares of the company's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $23.88, for a total transaction of $238,800.00. Following the sale, the director directly owned 39,744 shares in the company, valued at $949,086.72. This represents a 20.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Arcutis Biotherapeutics Stock Performance
NASDAQ:ARQT opened at $23.63 on Friday. Arcutis Biotherapeutics, Inc. has a 1 year low of $11.86 and a 1 year high of $31.77. The firm has a 50 day moving average of $24.81 and a 200-day moving average of $25.00. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $2.93 billion, a P/E ratio of -168.77 and a beta of 1.76.
Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.10. Arcutis Biotherapeutics had a negative return on equity of 10.26% and a negative net margin of 4.29%.The business had revenue of $129.50 million for the quarter, compared to analyst estimates of $110.79 million. As a group, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.
Institutional Investors Weigh In On Arcutis Biotherapeutics
Institutional investors and hedge funds have recently made changes to their positions in the company. SBI Securities Co. Ltd. boosted its holdings 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 acquiring an additional 833 shares during the last quarter. Global Retirement Partners LLC bought a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $35,000. EverSource Wealth Advisors LLC grew its position in shares of Arcutis Biotherapeutics by 124.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company's stock worth $37,000 after buying an additional 698 shares during the period. NewEdge Advisors LLC raised its stake in shares of Arcutis Biotherapeutics by 209.0% during the fourth quarter. NewEdge Advisors LLC now owns 1,545 shares of the company's stock worth $45,000 after buying an additional 1,045 shares during the last quarter. Finally, Johnson Investment Counsel Inc. bought a new stake in shares of Arcutis Biotherapeutics during the third quarter worth approximately $30,000.
Wall Street Analyst Weigh In
Several analysts have recently commented on ARQT shares. Weiss Ratings restated a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a report on Friday, March 27th. Guggenheim lifted their price target on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a "buy" rating in a report on Friday, February 27th. Wall Street Zen downgraded shares of Arcutis Biotherapeutics from a "strong-buy" rating to a "buy" rating in a research report on Saturday, February 14th. HC Wainwright increased their price objective on shares of Arcutis Biotherapeutics from $30.00 to $34.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Finally, Mizuho lowered their price objective on shares of Arcutis Biotherapeutics from $37.00 to $35.00 and set an "outperform" rating for the company in a research report on Monday, March 2nd. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Arcutis Biotherapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $34.00.
View Our Latest Research Report on ARQT
About Arcutis Biotherapeutics
(
Get Free Report)
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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