State of New Jersey Common Pension Fund D Buys New Shares in Arcutis Biotherapeutics, Inc. $ARQT

State of New Jersey Common Pension Fund D bought a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 36,833 shares of the company’s stock, valued at approximately $1,070,000.

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

Arcutis Biotherapeutics Trading Up 0.3%

Shares of Arcutis Biotherapeutics stock opened at $21.24 on Tuesday. The company has a market capitalization of $2.66 billion, a P/E ratio of -707.76 and a beta of 1.58. The stock has a fifty day simple moving average of $23.39 and a 200 day simple moving average of $25.78. Arcutis Biotherapeutics, Inc. has a 12-month low of $12.72 and a 12-month high of $31.77. The company has a current ratio of 2.68, a quick ratio of 2.46 and a debt-to-equity ratio of 0.54.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings data 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). The company had revenue of $105.40 million for the quarter, compared to the consensus estimate of $103.68 million. Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. On average, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently commented on ARQT. Guggenheim boosted their price objective on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a report on Friday, February 27th. Needham & Company LLC reissued a “buy” rating and issued a $36.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, May 7th. Wall Street Zen lowered shares of Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a research note on Saturday. HC Wainwright raised their price objective on shares of Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Finally, TD Cowen lifted their price objective on shares of Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $34.00.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 6,287 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $25.18, for a total value of $158,306.66. Following the completion of the sale, the insider directly owned 121,150 shares of the company’s stock, valued at approximately $3,050,557. This represents a 4.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $23.88, for a total transaction of $238,800.00. Following the completion of the sale, the director owned 39,744 shares of the company’s stock, valued at approximately $949,086.72. This trade represents a 20.10% decrease in their position. 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 sold 92,831 shares of company stock valued at $2,295,499 over the last three months. Insiders own 9.40% of the company’s stock.

About Arcutis Biotherapeutics

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.