Cercano Management LLC Buys New Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Cercano Management LLC purchased a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the fourth quarter, Holdings Channel.com reports. The fund purchased 1,255,365 shares of the company’s stock, valued at approximately $17,487,000.

A number of other institutional investors also recently made changes to their positions in the stock. Summit Investment Advisors Inc. boosted its stake in shares of Arcutis Biotherapeutics by 8.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company’s stock worth $157,000 after acquiring an additional 837 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in Arcutis Biotherapeutics by 10.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 24,818 shares of the company’s stock worth $346,000 after purchasing an additional 2,336 shares during the last quarter. Venturi Wealth Management LLC acquired a new position in Arcutis Biotherapeutics during the fourth quarter valued at approximately $46,000. Swiss National Bank raised its position in shares of Arcutis Biotherapeutics by 1.6% in the fourth quarter. Swiss National Bank now owns 206,900 shares of the company’s stock valued at $2,882,000 after purchasing an additional 3,300 shares during the period. Finally, MetLife Investment Management LLC lifted its stake in shares of Arcutis Biotherapeutics by 6.2% in the fourth quarter. MetLife Investment Management LLC now owns 65,471 shares of the company’s stock worth $912,000 after buying an additional 3,813 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ARQT. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a research note on Wednesday, April 9th. HC Wainwright reissued a “buy” rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Mizuho increased their target price on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. The Goldman Sachs Group lifted their price target on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Thursday, February 27th. Finally, Jefferies Financial Group increased their price objective on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, March 11th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.80.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $13.00, for a total value of $130,000.00. Following the sale, the director now owns 131,944 shares of the company’s stock, valued at $1,715,272. The trade was a 7.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Patrick Burnett sold 2,819 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $13.03, for a total transaction of $36,731.57. Following the transaction, the insider now owns 167,043 shares of the company’s stock, valued at approximately $2,176,570.29. This represents a 1.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,791 shares of company stock valued at $474,719 in the last 90 days. 9.50% of the stock is currently owned by company insiders.

Arcutis Biotherapeutics Stock Up 1.1 %

ARQT stock opened at $15.41 on Tuesday. Arcutis Biotherapeutics, Inc. has a twelve month low of $6.99 and a twelve month high of $17.75. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The company has a market cap of $1.84 billion, a PE ratio of -8.61 and a beta of 1.87. The business’s 50-day simple moving average is $14.73 and its 200 day simple moving average is $13.12.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.19. The company had revenue of $71.36 million for the quarter, compared to analyst estimates of $60.52 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. On average, research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Arcutis Biotherapeutics 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.