Phocas Financial Corp. Decreases Stake in Arcutis Biotherapeutics, Inc. $ARQT

Phocas Financial Corp. reduced its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 39.3% during the fourth quarter, HoldingsChannel reports. The fund owned 64,499 shares of the company’s stock after selling 41,808 shares during the quarter. Phocas Financial Corp.’s holdings in Arcutis Biotherapeutics were worth $1,873,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in the business. Johnson Investment Counsel Inc. bought a new position in Arcutis Biotherapeutics during the third quarter worth about $30,000. Jones Financial Companies Lllp raised its position in shares of Arcutis Biotherapeutics by 1,291.1% in the third quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock valued at $124,000 after purchasing an additional 6,559 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter valued at approximately $145,000. Russell Investments Group Ltd. lifted its stake in shares of Arcutis Biotherapeutics by 4,562.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 11,190 shares of the company’s stock valued at $157,000 after buying an additional 10,950 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Arcutis Biotherapeutics by 38.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 11,653 shares of the company’s stock worth $163,000 after buying an additional 3,234 shares during the period.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Mizuho reduced their price objective on shares of Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating for the company in a research note on Monday, March 2nd. Wall Street Zen lowered Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 14th. Zacks Research cut Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Needham & Company LLC boosted their price objective on Arcutis Biotherapeutics from $31.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Friday, March 27th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Arcutis Biotherapeutics Stock Performance

NASDAQ ARQT opened at $23.63 on Monday. The company’s 50 day simple moving average is $24.81 and its two-hundred day simple moving average is $25.11. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.17 and a quick ratio of 2.99. Arcutis Biotherapeutics, Inc. has a 1 year low of $11.86 and a 1 year high of $31.77. The stock has a market capitalization of $2.93 billion, a PE ratio of -168.77 and a beta of 1.76.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.10. The firm had revenue of $129.50 million during the quarter, compared to analyst estimates of $110.79 million. Arcutis Biotherapeutics had a negative net margin of 4.29% and a negative return on equity of 10.26%. Analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In related news, insider Masaru Matsuda sold 8,733 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $25.30, for a total transaction of $220,944.90. Following the completion of the transaction, the insider directly owned 136,932 shares in the company, valued at $3,464,379.60. The trade was a 6.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $23.88, for a total value of $238,800.00. Following the completion of the transaction, the director owned 39,744 shares in the company, valued at $949,086.72. This represents a 20.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 159,546 shares of company stock valued at $4,032,162 in the last ninety days. 9.40% of the stock is currently owned by corporate insiders.

Arcutis Biotherapeutics Company 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.