AMI Asset Management Corp Has $1.81 Million Stock Position in Arcutis Biotherapeutics, Inc. $ARQT

AMI Asset Management Corp lessened its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 15.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 96,091 shares of the company’s stock after selling 17,791 shares during the quarter. AMI Asset Management Corp’s holdings in Arcutis Biotherapeutics were worth $1,811,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. PNC Financial Services Group Inc. increased its holdings in Arcutis Biotherapeutics by 10.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock valued at $124,000 after buying an additional 820 shares during the period. Creative Planning boosted its position in shares of Arcutis Biotherapeutics by 8.2% during the 2nd quarter. Creative Planning now owns 19,575 shares of the company’s stock worth $274,000 after acquiring an additional 1,477 shares in the last quarter. Oxford Asset Management LLP boosted its position in shares of Arcutis Biotherapeutics by 9.1% during the 2nd quarter. Oxford Asset Management LLP now owns 23,271 shares of the company’s stock worth $326,000 after acquiring an additional 1,947 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Arcutis Biotherapeutics by 3.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,417 shares of the company’s stock valued at $1,118,000 after purchasing an additional 2,063 shares in the last quarter. Finally, Silverleafe Capital Partners LLC raised its position in Arcutis Biotherapeutics by 14.7% during the third quarter. Silverleafe Capital Partners LLC now owns 16,628 shares of the company’s stock valued at $313,000 after purchasing an additional 2,128 shares in the last quarter.

Analysts Set New Price Targets

ARQT has been the topic of a number of research analyst reports. Wall Street Zen raised Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 14th. The Goldman Sachs Group raised their price objective on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. Needham & Company LLC boosted their target price on Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Arcutis Biotherapeutics in a research note on Wednesday, October 29th. Finally, Mizuho lifted their price target on shares of Arcutis Biotherapeutics from $32.00 to $37.00 and gave the company an “outperform” rating in a report on Friday, November 28th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $29.00.

Insider Activity at Arcutis Biotherapeutics

In related news, insider Todd Watanabe sold 48,945 shares of the company’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $30.36, for a total transaction of $1,485,970.20. Following the sale, the insider owned 740,537 shares in the company, valued at $22,482,703.32. This represents a 6.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick Burnett sold 11,500 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $28.94, for a total value of $332,810.00. Following the completion of the sale, the insider owned 98,307 shares of the company’s stock, valued at approximately $2,845,004.58. The trade was a 10.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 339,229 shares of company stock worth $8,638,027 over the last quarter. 9.40% of the stock is owned by company insiders.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $29.02 on Friday. Arcutis Biotherapeutics, Inc. has a twelve month low of $11.13 and a twelve month high of $31.77. The firm has a fifty day simple moving average of $26.72 and a 200 day simple moving average of $19.75. The company has a market capitalization of $3.55 billion, a PE ratio of -80.61 and a beta of 1.69. The company has a quick ratio of 3.28, a current ratio of 3.50 and a debt-to-equity ratio of 0.68.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. The business had revenue of $99.22 million for the quarter, compared to analysts’ expectations of $86.69 million. On average, sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Arcutis Biotherapeutics Profile

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.