Corton Capital Inc. Takes $238,000 Position in Arcutis Biotherapeutics, Inc. $ARQT

Corton Capital Inc. acquired a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the second quarter, Holdings Channel.com reports. The firm acquired 16,943 shares of the company’s stock, valued at approximately $238,000.

Several other institutional investors have also recently made changes to their positions in ARQT. Amalgamated Bank lifted its position in Arcutis Biotherapeutics by 39.4% during the first quarter. Amalgamated Bank now owns 3,723 shares of the company’s stock valued at $58,000 after purchasing an additional 1,053 shares during the period. KBC Group NV purchased a new position in shares of Arcutis Biotherapeutics during the 1st quarter valued at about $84,000. Nkcfo LLC acquired a new position in shares of Arcutis Biotherapeutics in the 1st quarter valued at about $109,000. Allostery Investments LP acquired a new position in shares of Arcutis Biotherapeutics in the 1st quarter valued at about $117,000. Finally, Baader Bank Aktiengesellschaft purchased a new stake in shares of Arcutis Biotherapeutics in the first quarter worth about $156,000.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $24.76 on Tuesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.28 and a current ratio of 3.50. The firm has a fifty day moving average of $19.10 and a 200 day moving average of $16.05. The firm has a market cap of $3.03 billion, a PE ratio of -68.78 and a beta of 1.96. Arcutis Biotherapeutics, Inc. has a one year low of $8.29 and a one year high of $27.08.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Tuesday, October 28th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.16. The business had revenue of $99.22 million for the quarter, compared to analyst estimates of $86.69 million. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. As a group, research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ARQT. Mizuho set a $32.00 price target on Arcutis Biotherapeutics in a research report on Wednesday, October 29th. Zacks Research raised shares of Arcutis Biotherapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 29th. Cowen reissued a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. Weiss Ratings restated a “sell (e+)” rating on shares of Arcutis Biotherapeutics in a research report on Tuesday, October 14th. Finally, The Goldman Sachs Group upped their price objective on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $28.00.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, insider Larry Todd Edwards sold 4,504 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $20.04, for a total transaction of $90,260.16. Following the completion of the sale, the insider directly owned 178,897 shares in the company, valued at approximately $3,585,095.88. The trade was a 2.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Todd Watanabe sold 40,000 shares of the stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $25.03, for a total value of $1,001,200.00. Following the transaction, the insider directly owned 806,440 shares of the company’s stock, valued at $20,185,193.20. The trade was a 4.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 163,798 shares of company stock worth $3,203,361 in the last quarter. 9.40% of the stock is owned by insiders.

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.