Rafferty Asset Management LLC Reduces Stock Position in Arcutis Biotherapeutics, Inc. $ARQT

Rafferty Asset Management LLC lessened its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 23.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 160,367 shares of the company’s stock after selling 49,970 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.13% of Arcutis Biotherapeutics worth $2,508,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. GF Fund Management CO. LTD. purchased a new position in Arcutis Biotherapeutics in the fourth quarter valued at $34,000. Amalgamated Bank increased its holdings in Arcutis Biotherapeutics by 39.4% in the first quarter. Amalgamated Bank now owns 3,723 shares of the company’s stock valued at $58,000 after buying an additional 1,053 shares during the last quarter. KBC Group NV purchased a new position in Arcutis Biotherapeutics in the first quarter valued at $84,000. Nkcfo LLC purchased a new position in Arcutis Biotherapeutics in the first quarter valued at $109,000. Finally, Baader Bank Aktiengesellschaft purchased a new position in Arcutis Biotherapeutics in the first quarter valued at $156,000.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, insider Todd Watanabe sold 11,547 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $14.33, for a total transaction of $165,468.51. Following the completion of the sale, the insider owned 901,569 shares in the company, valued at approximately $12,919,483.77. This represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patrick Burnett sold 2,438 shares of the stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $15.57, for a total transaction of $37,959.66. Following the sale, the insider owned 104,811 shares of the company’s stock, valued at $1,631,907.27. This trade represents a 2.27% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 4,914 shares of company stock worth $64,853 and have sold 77,512 shares worth $1,126,600. Company insiders own 9.40% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on ARQT. Cowen reissued a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. The Goldman Sachs Group assumed coverage on Arcutis Biotherapeutics in a report on Friday, July 25th. They set a “neutral” rating and a $18.00 price objective on the stock. Wall Street Zen raised Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Finally, Needham & Company LLC raised their price objective on Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Arcutis Biotherapeutics currently has an average rating of “Moderate Buy” and an average price target of $19.80.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock opened at $15.52 on Friday. The stock’s 50-day moving average is $14.91 and its two-hundred day moving average is $14.43. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of -20.69 and a beta of 1.84. Arcutis Biotherapeutics, Inc. has a 1 year low of $8.03 and a 1 year high of $17.75. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.04 and a current ratio of 3.20.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.05. Arcutis Biotherapeutics had a negative net margin of 35.40% and a negative return on equity of 62.62%. The business had revenue of $81.50 million during the quarter, compared to the consensus estimate of $72.70 million. Analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

About Arcutis Biotherapeutics

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.