Jennison Associates LLC Sells 1,777,236 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Jennison Associates LLC trimmed its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 26.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,980,770 shares of the company’s stock after selling 1,777,236 shares during the period. Jennison Associates LLC owned about 3.98% of Arcutis Biotherapeutics worth $117,347,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ARQT. AQR Capital Management LLC grew its position in shares of Arcutis Biotherapeutics by 21.4% in the 1st quarter. AQR Capital Management LLC now owns 248,196 shares of the company’s stock valued at $3,882,000 after buying an additional 43,716 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Arcutis Biotherapeutics by 3.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,417 shares of the company’s stock worth $1,118,000 after acquiring an additional 2,063 shares during the period. Creative Planning lifted its stake in shares of Arcutis Biotherapeutics by 8.2% in the second quarter. Creative Planning now owns 19,575 shares of the company’s stock worth $274,000 after acquiring an additional 1,477 shares during the period. JPMorgan Chase & Co. boosted its holdings in Arcutis Biotherapeutics by 1.0% in the second quarter. JPMorgan Chase & Co. now owns 548,789 shares of the company’s stock valued at $7,694,000 after acquiring an additional 5,407 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in Arcutis Biotherapeutics by 4,562.5% in the second quarter. Russell Investments Group Ltd. now owns 11,190 shares of the company’s stock valued at $157,000 after acquiring an additional 10,950 shares during the last quarter.

Analysts Set New Price Targets

ARQT has been the subject of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Wednesday, June 24th. Needham & Company LLC reaffirmed a “buy” rating and issued a $36.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Finally, Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Arcutis Biotherapeutics has an average rating of “Moderate Buy” and a consensus target price of $34.00.

Arcutis Biotherapeutics Stock Up 2.7%

Shares of NASDAQ:ARQT opened at $28.49 on Friday. Arcutis Biotherapeutics, Inc. has a 1 year low of $13.69 and a 1 year high of $31.77. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.68 and a quick ratio of 2.46. The business’s 50-day moving average is $24.17 and its 200-day moving average is $24.79. The company has a market capitalization of $3.56 billion, a price-to-earnings ratio of -949.35 and a beta of 1.48.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its earnings results on Wednesday, May 6th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The business had revenue of $105.40 million for the quarter, compared to analyst estimates of $103.67 million. Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%. Equities research analysts predict that Arcutis Biotherapeutics, Inc. will post 0.16 earnings per share for the current year.

Insider Activity

In other news, CFO Latha Vairavan sold 1,341 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $23.61, for a total transaction of $31,661.01. Following the completion of the sale, the chief financial officer owned 86,413 shares of the company’s stock, valued at $2,040,210.93. This trade represents a 1.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 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, insider Masaru Matsuda sold 8,256 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $23.31, for a total transaction of $192,447.36. Following the sale, the insider directly owned 126,689 shares of the company’s stock, valued at approximately $2,953,120.59. This trade represents a 6.12% decrease in their position. The SEC filing for this sale provides additional information. 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. In the last three months, insiders sold 30,931 shares of company stock worth $730,086. Company insiders own 9.40% of the company’s stock.

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.