Howard G. Welgus Sells 10,000 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Director Howard G. Welgus sold 10,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $9.26, for a total transaction of $92,600.00. Following the transaction, the director now owns 181,944 shares in the company, valued at approximately $1,684,801.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT traded down $0.05 during midday trading on Thursday, reaching $10.18. The stock had a trading volume of 2,270,262 shares, compared to its average volume of 3,440,625. The stock has a 50-day moving average of $9.81 and a 200-day moving average of $9.49. The company has a debt-to-equity ratio of 1.09, a quick ratio of 8.19 and a current ratio of 8.46. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -3.55 and a beta of 1.17. Arcutis Biotherapeutics, Inc. has a 12-month low of $1.76 and a 12-month high of $13.17.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.06. The firm had revenue of $30.86 million during the quarter, compared to analysts’ expectations of $31.00 million. Arcutis Biotherapeutics had a negative net margin of 150.51% and a negative return on equity of 145.41%. During the same period in the prior year, the company posted ($1.16) earnings per share. As a group, research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.56 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on ARQT shares. Jefferies Financial Group started 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 reiterated a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, August 15th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $13.33.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC grew its stake in Arcutis Biotherapeutics by 34.3% during the first quarter. Jennison Associates LLC now owns 12,176,315 shares of the company’s stock valued at $120,667,000 after acquiring an additional 3,110,233 shares in the last quarter. Rubric Capital Management LP grew its stake in Arcutis Biotherapeutics by 30.7% during the second quarter. Rubric Capital Management LP now owns 9,816,672 shares of the company’s stock valued at $91,295,000 after acquiring an additional 2,306,672 shares in the last quarter. Frazier Life Sciences Management L.P. grew its stake in Arcutis Biotherapeutics by 0.9% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 8,764,232 shares of the company’s stock valued at $28,308,000 after acquiring an additional 80,000 shares in the last quarter. Vanguard Group Inc. grew its stake in Arcutis Biotherapeutics by 5.5% during the first quarter. Vanguard Group Inc. now owns 5,166,417 shares of the company’s stock valued at $51,199,000 after acquiring an additional 269,904 shares in the last quarter. Finally, Vestal Point Capital LP purchased a new position in Arcutis Biotherapeutics during the fourth quarter valued at $8,721,000.

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.