Jupiter Asset Management Ltd. Lowers Holdings in Arcutis Biotherapeutics, Inc. $ARQT

Jupiter Asset Management Ltd. decreased its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 50.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 326,538 shares of the company’s stock after selling 332,793 shares during the quarter. Jupiter Asset Management Ltd. owned about 0.27% of Arcutis Biotherapeutics worth $9,483,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Geode Capital Management LLC boosted its position in shares of Arcutis Biotherapeutics by 5.6% during the fourth quarter. Geode Capital Management LLC now owns 2,753,307 shares of the company’s stock worth $79,967,000 after acquiring an additional 146,842 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Arcutis Biotherapeutics by 124.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock worth $37,000 after acquiring an additional 698 shares during the last quarter. Global Retirement Partners LLC bought a new position in shares of Arcutis Biotherapeutics during the fourth quarter worth $35,000. PSP Research LLC purchased a new stake in shares of Arcutis Biotherapeutics in the fourth quarter worth about $544,000. Finally, PNC Financial Services Group Inc. boosted its stake in Arcutis Biotherapeutics by 58.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 13,597 shares of the company’s stock valued at $395,000 after buying an additional 4,991 shares during the last quarter.

Analysts Set New Price Targets

Several research firms have weighed in on ARQT. Wall Street Zen cut Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. HC Wainwright raised their price target on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Friday, March 27th. Guggenheim increased their price objective on shares of Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Finally, TD Cowen lifted their price objective on shares of Arcutis Biotherapeutics from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $34.00.

Insider Transactions at Arcutis Biotherapeutics

In other news, CFO Latha Vairavan sold 1,341 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $23.61, for a total value of $31,661.01. Following the sale, the chief financial officer directly owned 86,413 shares in the company, valued at approximately $2,040,210.93. This represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 Todd Watanabe sold 3,172 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $23.61, for a total value of $74,890.92. Following the completion of the sale, the insider owned 720,755 shares in the company, valued at approximately $17,017,025.55. The trade was a 0.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 90 days, insiders sold 90,163 shares of company stock valued at $2,216,396. Company insiders own 9.40% of the company’s stock.

Arcutis Biotherapeutics Trading Up 0.1%

Shares of ARQT opened at $21.46 on Friday. Arcutis Biotherapeutics, Inc. has a twelve month low of $12.72 and a twelve month high of $31.77. The company has a market cap of $2.68 billion, a P/E ratio of -715.09 and a beta of 1.58. The company has a current ratio of 2.68, a quick ratio of 2.46 and a debt-to-equity ratio of 0.54. The company’s fifty day simple moving average is $22.57 and its 200-day simple moving average is $25.53.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced 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 net margin of 0.57% and a negative return on equity of 1.41%. The firm had revenue of $105.40 million during the quarter, compared to analysts’ expectations of $103.68 million. As a group, analysts expect that Arcutis Biotherapeutics, Inc. will post 0.15 EPS for the current 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.