34,300 Shares in Arcutis Biotherapeutics, Inc. $ARQT Purchased by Handelsbanken Fonder AB

Handelsbanken Fonder AB bought a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the 4th quarter, Holdings Channel reports. The firm bought 34,300 shares of the company’s stock, valued at approximately $996,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Profund Advisors LLC grew its position in Arcutis Biotherapeutics by 97.1% during the fourth quarter. Profund Advisors LLC now owns 64,171 shares of the company’s stock worth $1,864,000 after buying an additional 31,615 shares during the period. ProShare Advisors LLC grew its position in Arcutis Biotherapeutics by 13.0% during the fourth quarter. ProShare Advisors LLC now owns 25,525 shares of the company’s stock worth $741,000 after buying an additional 2,941 shares during the period. DNB Asset Management AS grew its position in Arcutis Biotherapeutics by 3.0% during the fourth quarter. DNB Asset Management AS now owns 27,786 shares of the company’s stock worth $807,000 after buying an additional 802 shares during the period. Independent Advisor Alliance grew its position in Arcutis Biotherapeutics by 25.1% during the fourth quarter. Independent Advisor Alliance now owns 25,303 shares of the company’s stock worth $735,000 after buying an additional 5,069 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Arcutis Biotherapeutics during the fourth quarter worth about $414,000.

Analysts Set New Price Targets

Several research analysts have weighed in on ARQT shares. Needham & Company LLC restated a “buy” rating and set a $36.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, May 7th. Wall Street Zen lowered shares of Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Friday, March 27th. Guggenheim upped their target price on shares of Arcutis Biotherapeutics from $34.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Finally, Mizuho lowered their target price on shares of Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating on the stock in a research report on Monday, March 2nd. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $34.00.

Insiders Place Their Bets

In other news, CFO Latha Vairavan sold 1,341 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $23.61, for a total value of $31,661.01. Following the sale, the chief financial officer directly owned 86,413 shares in the company, valued at $2,040,210.93. This represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Larry Todd Edwards sold 3,687 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $25.18, for a total transaction of $92,838.66. Following the completion of the sale, the insider owned 175,178 shares in the company, valued at $4,410,982.04. This represents a 2.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 93,488 shares of company stock valued at $2,309,329. Corporate insiders own 9.40% of the company’s stock.

Arcutis Biotherapeutics Stock Up 1.2%

ARQT stock opened at $21.11 on Wednesday. The company’s 50 day simple moving average is $22.64 and its 200-day simple moving average is $25.61. The firm has a market capitalization of $2.64 billion, a PE ratio of -703.43 and a beta of 1.58. Arcutis Biotherapeutics, Inc. has a 12 month low of $12.72 and a 12 month high of $31.77. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.68 and a quick ratio of 2.46.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The business had revenue of $105.40 million during the quarter, compared to analyst estimates of $103.68 million. Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. Equities analysts expect that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current fiscal 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.