900,000 Shares in Arcutis Biotherapeutics, Inc. $ARQT Acquired by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 900,000 shares of the company’s stock, valued at approximately $26,136,000. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.73% of Arcutis Biotherapeutics at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Entropy Technologies LP grew its position in Arcutis Biotherapeutics by 7.0% during the fourth quarter. Entropy Technologies LP now owns 12,144 shares of the company’s stock worth $353,000 after buying an additional 792 shares in the last quarter. Barclays PLC grew its position in Arcutis Biotherapeutics by 1.7% during the fourth quarter. Barclays PLC now owns 331,578 shares of the company’s stock worth $9,629,000 after buying an additional 5,610 shares in the last quarter. FORA Capital LLC acquired a new stake in Arcutis Biotherapeutics during the fourth quarter worth approximately $489,000. Marshall Wace LLP grew its position in Arcutis Biotherapeutics by 2,382.1% during the fourth quarter. Marshall Wace LLP now owns 454,233 shares of the company’s stock worth $13,191,000 after buying an additional 435,933 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Arcutis Biotherapeutics by 124.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 125,979 shares of the company’s stock worth $3,590,000 after buying an additional 69,956 shares in the last quarter.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 8,256 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $23.31, for a total value of $192,447.36. Following the completion of the transaction, the insider directly owned 126,689 shares in the company, valued at approximately $2,953,120.59. This represents a 6.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 Howard G. Welgus sold 10,000 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $23.88, for a total value of $238,800.00. Following the completion of the transaction, the director owned 39,744 shares of the company’s stock, valued at $949,086.72. The trade was a 20.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 31,254 shares of company stock valued at $732,019 over the last quarter. 9.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ARQT has been the topic of a number of analyst reports. TD Cowen increased their price target on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Needham & Company LLC restated a “buy” rating and set a $36.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Guggenheim upped their target price on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. HC Wainwright upped their target price on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Friday, March 27th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Arcutis Biotherapeutics has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Arcutis Biotherapeutics Stock Up 4.9%

NASDAQ ARQT opened at $25.58 on Tuesday. The business has a fifty day moving average price of $22.58 and a two-hundred day moving average price of $25.22. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.68 and a quick ratio of 2.46. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $12.97 and a fifty-two week high of $31.77. The stock has a market capitalization of $3.20 billion, a PE ratio of -852.38 and a beta of 1.52.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its 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 return on equity of 1.41% and a negative net margin of 0.57%.The business had revenue of $105.40 million for the quarter, compared to the consensus estimate of $103.68 million. Equities analysts expect that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current fiscal year.

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.