Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) EVP Patrick Burnett sold 943 shares of the company's stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $31.86, for a total value of $30,043.98. Following the completion of the transaction, the executive vice president directly owned 116,649 shares of the company's stock, valued at approximately $3,716,437.14. This represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Patrick Burnett also recently made the following trade(s):
- On Wednesday, August 12th, Patrick Burnett sold 6,700 shares of Arcutis Biotherapeutics stock. The stock was sold at an average price of $26.08, for a total value of $174,736.00.
- 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 value of $220,116.00.
Arcutis Biotherapeutics Stock Up 6.4%
ARQT stock opened at $34.05 on Thursday. The stock's fifty day simple moving average is $27.11 and its two-hundred day simple moving average is $25.37. The company has a current ratio of 2.92, a quick ratio of 2.67 and a debt-to-equity ratio of 0.46. Arcutis Biotherapeutics, Inc. has a 1-year low of $19.30 and a 1-year high of $34.80. The stock has a market cap of $4.28 billion, a P/E ratio of 152.38 and a beta of 1.66.
Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.12). Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. The business had revenue of $143.92 million during the quarter, compared to the consensus estimate of $142.59 million. Analysts expect that Arcutis Biotherapeutics, Inc. will post 0.43 EPS for the current year.
Hedge Funds Weigh In On Arcutis Biotherapeutics
A number of large investors have recently made changes to their positions in ARQT. BlackRock Inc. purchased a new position in shares of Arcutis Biotherapeutics in the second quarter valued at $276,502,000. Bank of America Corp DE purchased a new stake in Arcutis Biotherapeutics during the 2nd quarter worth about $78,330,000. Jupiter Topco LLC purchased a new stake in Arcutis Biotherapeutics during the 2nd quarter worth about $36,989,000. Bamco Inc. NY bought a new position in Arcutis Biotherapeutics in the 2nd quarter worth about $32,857,000. Finally, Simplify Asset Management Inc. bought a new position in Arcutis Biotherapeutics in the 3rd quarter worth about $22,885,000.
Arcutis Biotherapeutics News Summary
Here are the key news stories impacting Arcutis Biotherapeutics this week:
- Positive Sentiment: Third-quarter revenue was $143.92 million, slightly above analysts’ $142.59 million estimate, providing a positive counterpoint to the earnings shortfall. MarketBeat earnings report
- Neutral Sentiment: Several executives sold shares to cover tax withholding on vested equity awards. Most sales were relatively small; EVP Masaru Matsuda also sold 40,000 shares under a pre-arranged Rule 10b5-1 plan, reducing his reported holdings by 26.44%. The stated tax-related and planned nature of the transactions makes them less clearly bearish, though the larger sale may draw investor attention. SEC insider filing
- Negative Sentiment: Adjusted quarterly earnings were $0.06 per share, below consensus estimates of approximately $0.17–$0.18 and unchanged from a year earlier. The miss could weigh on sentiment despite the revenue beat. Zacks earnings report
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on ARQT shares. Needham & Company LLC increased their price target on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Guggenheim lifted their price objective on shares of Arcutis Biotherapeutics from $38.00 to $44.00 and gave the stock a "buy" rating in a research report on Monday, October 19th. Wall Street Zen cut shares of Arcutis Biotherapeutics from a "strong-buy" rating to a "buy" rating in a research note on Saturday, October 10th. Jefferies Financial Group reiterated a "buy" rating and issued a $39.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, October 8th. Finally, Cantor Fitzgerald assumed coverage on shares of Arcutis Biotherapeutics in a research report on Thursday, October 15th. They set an "overweight" rating and a $48.00 target price for the company. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $39.12.
Check Out Our Latest Analysis on ARQT
About Arcutis Biotherapeutics
(
Get Free Report)
Arcutis Biotherapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and delivering treatments for dermatologic conditions. The company's portfolio is centered on therapies designed to address inflammatory skin diseases, with an emphasis on nonsteroidal topical medicines that may help patients manage chronic conditions.
Arcutis's lead product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor. ZORYVE has received U.S. Food and Drug Administration approvals for multiple dermatological uses, including plaque psoriasis, seborrheic dermatitis and atopic dermatitis, in different cream and foam formulations.
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