Polar Capital Holdings Plc Raises Stock Holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Polar Capital Holdings Plc increased its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 7.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,377,381 shares of the company’s stock after purchasing an additional 493,009 shares during the quarter. Polar Capital Holdings Plc owned approximately 6.30% of Arcutis Biotherapeutics worth $102,767,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insiders Place Their Bets

In other news, insider Patrick Burnett sold 3,871 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $13.59, for a total transaction of $52,606.89. Following the sale, the insider now owns 115,468 shares in the company, valued at $1,569,210.12. This trade represents a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.00, for a total transaction of $130,000.00. Following the transaction, the director now directly owns 131,944 shares in the company, valued at approximately $1,715,272. The trade was a 7.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 36,662 shares of company stock worth $527,326 over the last quarter. 9.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on ARQT. Jefferies Financial Group raised their target price on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, March 11th. The Goldman Sachs Group lifted their price target on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Thursday, February 27th. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, April 9th. Finally, HC Wainwright reiterated a “buy” rating and issued a $19.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. One research 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

Arcutis Biotherapeutics Trading Down 1.6%

Shares of ARQT stock opened at $13.60 on Thursday. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $6.99 and a fifty-two week high of $17.75. The firm’s 50 day moving average price is $14.73 and its two-hundred day moving average price is $13.32. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -7.60 and a beta of 1.87.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.01. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The business had revenue of $65.85 million for the quarter, compared to analyst estimates of $64.80 million. On average, analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS 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.