Key Points
- Insider sale: Arcutis Biotherapeutics director Howard Welgus sold 4,096 shares at an average price of $24.41, totaling about $99,983. The sale was made under a pre-arranged Rule 10b5-1 plan, and his ownership fell 9.64% to 38,378 shares.
- Recent earnings: The company reported quarterly EPS of ($0.09), missing analyst expectations, though revenue of $105.4 million came in slightly ahead of estimates. Arcutis also posted negative net margin and return on equity.
- Analyst outlook: Wall Street sentiment remains mixed but generally positive, with five Buy ratings, two Holds, and one Sell. The stock’s consensus price target is $34.00, above its recent trading level.
Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) Director Howard Welgus sold 635 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $25.67, for a total value of $16,300.45. Following the completion of the sale, the director owned 37,743 shares of the company's stock, valued at $968,862.81. The trade was a 1.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Arcutis Biotherapeutics Stock Performance
Shares of ARQT stock opened at $26.22 on Thursday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.46 and a current ratio of 2.68. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $13.06 and a fifty-two week high of $31.77. The stock has a 50 day moving average price of $22.68 and a two-hundred day moving average price of $25.15. The company has a market capitalization of $3.28 billion, a P/E ratio of -873.71 and a beta of 1.51.
Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. The company had revenue of $105.40 million during the quarter, compared to the consensus estimate of $103.68 million. Analysts expect that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current year.
Hedge Funds Weigh In On Arcutis Biotherapeutics
Several hedge funds have recently made changes to their positions in ARQT. Suvretta Capital Management LLC increased its stake in shares of Arcutis Biotherapeutics by 14.2% during the fourth quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company's stock valued at $347,435,000 after buying an additional 1,486,000 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Arcutis Biotherapeutics by 1,228.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,166,348 shares of the company's stock valued at $33,872,000 after buying an additional 1,078,546 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Arcutis Biotherapeutics during the fourth quarter valued at approximately $26,136,000. State Street Corp increased its stake in shares of Arcutis Biotherapeutics by 18.2% during the fourth quarter. State Street Corp now owns 5,488,301 shares of the company's stock valued at $159,380,000 after buying an additional 846,986 shares during the period. Finally, Voloridge Investment Management LLC purchased a new position in shares of Arcutis Biotherapeutics during the third quarter valued at approximately $15,711,000.
Wall Street Analyst Weigh In
Several brokerages have weighed in on ARQT. HC Wainwright boosted their price objective on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. TD Cowen boosted their price objective on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research report on Friday, March 27th. Mizuho lowered their price objective on Arcutis Biotherapeutics from $37.00 to $35.00 and set an "outperform" rating for the company in a research report on Monday, March 2nd. Finally, Wall Street Zen cut Arcutis Biotherapeutics from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $34.00.
Check Out Our Latest Stock Analysis 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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