Key Points
- Insider Patrick Burnett sold 8,300 Arcutis shares at an average price of $26.52, generating $220,116 and reducing his position by 6.51% to 119,289 shares. He also recently sold an additional 7,655 shares in two transactions.
- Arcutis reported quarterly EPS of $0.11, exceeding the $0.06 consensus estimate, while revenue of $129.86 million surpassed expectations of $118.85 million.
- Wall Street remains generally positive, with six Buy ratings and three Holds; the stock has a “Moderate Buy” consensus rating and an average price target of $35.57, above its reported $25.83 opening price.
Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) insider Patrick Burnett sold 6,700 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $26.08, for a total transaction of $174,736.00. Following the transaction, the insider owned 119,289 shares of the company's stock, valued at approximately $3,111,057.12. This represents a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Patrick Burnett also recently made the following trade(s):
- On Tuesday, August 11th, Patrick Burnett sold 8,300 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $26.52, for a total transaction of $220,116.00.
- On Monday, August 3rd, Patrick Burnett sold 955 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $26.12, for a total transaction of $24,944.60.
Arcutis Biotherapeutics Stock Down 1.7%
Shares of ARQT opened at $25.83 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92. Arcutis Biotherapeutics, Inc. has a 52 week low of $15.10 and a 52 week high of $31.77. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of 123.01 and a beta of 1.49. The stock has a fifty day moving average of $26.42 and a 200-day moving average of $24.68.
Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.05. The business had revenue of $129.86 million during the quarter, compared to analysts' expectations of $118.85 million. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%. As a group, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.4 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on the stock. Morgan Stanley raised their price objective on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Guggenheim upped their price target on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Needham & Company LLC raised their price target on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Weiss Ratings raised shares of Arcutis Biotherapeutics from a "sell (d-)" rating to a "hold (c-)" rating in a research note on Thursday, August 6th. Finally, Wall Street Zen upgraded Arcutis Biotherapeutics from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $35.57.
Read Our Latest Report on Arcutis Biotherapeutics
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the company. Suvretta Capital Management LLC grew its holdings in Arcutis Biotherapeutics by 14.2% during the 4th quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company's stock worth $347,435,000 after acquiring an additional 1,486,000 shares during the period. BlackRock Inc. bought a new stake in Arcutis Biotherapeutics in the second quarter worth approximately $276,502,000. Vanguard Group Inc. boosted its holdings in shares of Arcutis Biotherapeutics by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company's stock worth $210,654,000 after buying an additional 107,846 shares in the last quarter. Polar Capital Holdings Plc boosted its holdings in shares of Arcutis Biotherapeutics by 4.9% during the 4th quarter. Polar Capital Holdings Plc now owns 5,556,169 shares of the company's stock worth $161,351,000 after buying an additional 257,415 shares in the last quarter. Finally, State Street Corp grew its position in shares of Arcutis Biotherapeutics by 18.2% during the 4th quarter. State Street Corp now owns 5,488,301 shares of the company's stock worth $159,380,000 after buying an additional 846,986 shares during the period.
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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