Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Down 6.5% on Insider Selling

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) traded down 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. 858,611 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 4,040,556 shares. The stock had previously closed at $9.56.

Specifically, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $9.31, for a total value of $93,100.00. Following the completion of the sale, the director now owns 180,339 shares in the company, valued at $1,678,956.09. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 23,000 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $8.75, for a total value of $201,250.00. Following the completion of the transaction, the insider now owns 209,793 shares in the company, valued at approximately $1,835,688.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction on Monday, July 1st. The stock was sold at an average price of $9.31, for a total value of $93,100.00. Following the sale, the director now owns 180,339 shares in the company, valued at $1,678,956.09. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,415 shares of company stock worth $378,950. Corporate insiders own 9.50% of the company’s stock.

Wall Street Analysts Forecast Growth

ARQT has been the subject of several research reports. Mizuho raised their price objective on shares of Arcutis Biotherapeutics from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Wednesday, May 15th. Needham & Company LLC lifted their price target on Arcutis Biotherapeutics from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $25.38.

Arcutis Biotherapeutics Stock Up 3.2 %

The company has a debt-to-equity ratio of 0.90, a current ratio of 9.89 and a quick ratio of 9.61. The firm has a 50-day moving average price of $8.60 and a 200-day moving average price of $7.87.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Tuesday, May 14th. The company reported ($0.32) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $49.57 million during the quarter. During the same quarter in the prior year, the firm posted ($1.31) earnings per share. Sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ARQT. Cape Investment Advisory Inc. bought a new position in Arcutis Biotherapeutics in the 4th quarter worth approximately $26,000. Cantor Fitzgerald L. P. purchased a new position in Arcutis Biotherapeutics during the fourth quarter valued at $33,000. Victory Capital Management Inc. purchased a new position in Arcutis Biotherapeutics during the fourth quarter valued at $34,000. China Universal Asset Management Co. Ltd. increased its holdings in Arcutis Biotherapeutics by 586.8% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,920 shares of the company’s stock valued at $35,000 after acquiring an additional 9,330 shares during the last quarter. Finally, Amalgamated Bank lifted its stake in Arcutis Biotherapeutics by 48.9% in the 4th quarter. Amalgamated Bank now owns 11,078 shares of the company’s stock worth $36,000 after purchasing an additional 3,639 shares in the last quarter.

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.