Patrick Burnett Sells 16,023 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) insider Patrick Burnett sold 16,023 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $10.14, for a total value of $162,473.22. Following the completion of the sale, the insider now owns 128,669 shares of the company’s stock, valued at approximately $1,304,703.66. This represents a 11.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Patrick Burnett also recently made the following trade(s):

• On Friday, November 15th, Patrick Burnett sold 100 shares of Arcutis Biotherapeutics stock. The shares were sold at an average price of $10.03, for a total transaction of $1,003.00.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $11.51 on Wednesday. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $1.76 and a fifty-two week high of $13.17. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of -6.43 and a beta of 1.18. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. The firm’s 50-day simple moving average is $9.57 and its 200 day simple moving average is $9.46.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The firm had revenue of $44.76 million for the quarter, compared to analysts’ expectations of $38.05 million. As a group, research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several hedge funds have recently modified their holdings of the company. Geode Capital Management LLC lifted its position in shares of Arcutis Biotherapeutics by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock worth $22,977,000 after buying an additional 48,868 shares in the last quarter. Barclays PLC lifted its position in shares of Arcutis Biotherapeutics by 45.8% during the 3rd quarter. Barclays PLC now owns 253,392 shares of the company’s stock worth $2,356,000 after buying an additional 79,579 shares in the last quarter. XTX Topco Ltd lifted its position in shares of Arcutis Biotherapeutics by 30.9% during the 3rd quarter. XTX Topco Ltd now owns 47,728 shares of the company’s stock worth $444,000 after buying an additional 11,262 shares in the last quarter. State Street Corp lifted its position in shares of Arcutis Biotherapeutics by 9.9% during the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after buying an additional 506,788 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new position in shares of Arcutis Biotherapeutics during the 3rd quarter worth approximately $25,000.

Wall Street Analyst Weigh In

ARQT has been the topic of several recent research reports. Jefferies Financial Group initiated coverage on shares of Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th.

Arcutis Biotherapeutics Company Profile

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.