118,156 Shares in Arcutis Biotherapeutics, Inc. $ARQT Purchased by 1492 Capital Management LLC

1492 Capital Management LLC purchased a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 118,156 shares of the company’s stock, valued at approximately $2,784,000.

A number of other hedge funds have also added to or reduced their stakes in ARQT. Suvretta Capital Management LLC boosted its stake in shares of Arcutis Biotherapeutics by 14.2% in the 4th quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock worth $347,435,000 after buying an additional 1,486,000 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Arcutis Biotherapeutics by 1,228.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,166,348 shares of the company’s stock worth $33,872,000 after purchasing an additional 1,078,546 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Arcutis Biotherapeutics in the 4th quarter worth about $26,136,000. State Street Corp boosted its holdings in shares of Arcutis Biotherapeutics by 18.2% in the 4th quarter. State Street Corp now owns 5,488,301 shares of the company’s stock worth $159,380,000 after buying an additional 846,986 shares during the last quarter. Finally, Voloridge Investment Management LLC bought a new position in Arcutis Biotherapeutics during the third quarter valued at about $15,711,000.

Arcutis Biotherapeutics Stock Up 1.2%

Shares of NASDAQ ARQT opened at $27.00 on Friday. The company has a quick ratio of 2.46, a current ratio of 2.68 and a debt-to-equity ratio of 0.54. The company has a market cap of $3.38 billion, a P/E ratio of -899.70 and a beta of 1.51. Arcutis Biotherapeutics, Inc. has a 52 week low of $13.06 and a 52 week high of $31.77. The business has a 50-day simple moving average of $22.99 and a two-hundred day simple moving average of $25.00.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. The company had revenue of $105.40 million for the quarter, compared to the consensus estimate of $103.67 million. Research analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Todd Watanabe sold 3,172 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $23.61, for a total value of $74,890.92. Following the completion of the transaction, the insider directly owned 720,755 shares of the company’s stock, valued at $17,017,025.55. This trade represents a 0.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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, Director Sue-Jean Lin sold 4,946 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $24.38, for a total transaction of $120,583.48. Following the completion of the transaction, the director directly owned 27,567 shares of the company’s stock, valued at approximately $672,083.46. The trade was a 15.21% 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 40,931 shares of company stock valued at $968,886 in the last quarter. 9.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ARQT has been the subject of a number of research analyst reports. Wall Street Zen downgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Wednesday. Needham & Company LLC restated a “buy” rating and set a $36.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Finally, Mizuho decreased their target price on Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating for the company in a research report on Monday, March 2nd. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

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.