Arcutis Biotherapeutics (NASDAQ:ARQT) Shares Down 6.5% Following Insider Selling

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares dropped 6.5% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $8.93 and last traded at $8.94. Approximately 858,611 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 4,040,556 shares. The stock had previously closed at $9.56.

Specifically, insider Patrick Burnett sold 23,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $8.75, for a total transaction of $201,250.00. Following the completion of the sale, the insider now directly owns 209,793 shares of the company’s stock, valued at $1,835,688.75. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Patrick Burnett sold 23,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $8.75, for a total transaction of $201,250.00. Following the completion of the sale, the insider now directly owns 209,793 shares of the company’s stock, valued at $1,835,688.75. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was 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 of the company’s stock, valued at $1,678,956.09. The disclosure for this sale can be found here. Insiders sold a total of 42,415 shares of company stock valued at $378,950 over the last ninety days. Insiders own 9.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on ARQT. Needham & Company LLC upped their target price on shares of Arcutis Biotherapeutics from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Mizuho upped their target price on shares of Arcutis Biotherapeutics from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $25.38.

Arcutis Biotherapeutics Stock Up 3.2 %

The company’s 50-day moving average price is $8.60 and its 200-day moving average price is $7.87. 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 (NASDAQ:ARQT) last issued its quarterly earnings data on Tuesday, May 14th. The company reported ($0.32) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.60) by $0.28. Arcutis Biotherapeutics had a negative net margin of 204.35% and a negative return on equity of 197.28%. The company had revenue of $49.57 million during the quarter. During the same period in the prior year, the company earned ($1.31) EPS. On average, research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.6 EPS for the current fiscal year.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several large investors have recently made changes to their positions in ARQT. Farallon Capital Management LLC acquired a new position in Arcutis Biotherapeutics during the first quarter worth $17,640,000. Ikarian Capital LLC acquired a new position in Arcutis Biotherapeutics during the first quarter worth $5,843,000. Price T Rowe Associates Inc. MD boosted its holdings in Arcutis Biotherapeutics by 3.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 47,753 shares of the company’s stock worth $474,000 after purchasing an additional 1,681 shares during the last quarter. PEAK6 Investments LLC boosted its holdings in Arcutis Biotherapeutics by 50.0% during the first quarter. PEAK6 Investments LLC now owns 30,000 shares of the company’s stock worth $297,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Ameritas Investment Partners Inc. boosted its holdings in Arcutis Biotherapeutics by 55.2% during the first 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 last quarter.

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.