MYDA Advisors LLC Reduces Stock Holdings in Arcutis Biotherapeutics, Inc. $ARQT

MYDA Advisors LLC reduced its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 53.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 265,000 shares of the company’s stock after selling 305,000 shares during the period. Arcutis Biotherapeutics comprises 1.5% of MYDA Advisors LLC’s holdings, making the stock its 14th biggest position. MYDA Advisors LLC owned about 0.22% of Arcutis Biotherapeutics worth $7,696,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Johnson Investment Counsel Inc. purchased a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter valued at $30,000. SBI Securities Co. Ltd. boosted its holdings in shares of Arcutis Biotherapeutics by 325.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock valued at $32,000 after acquiring an additional 833 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Arcutis Biotherapeutics in the 4th quarter valued at $35,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Arcutis Biotherapeutics by 124.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock valued at $37,000 after acquiring an additional 698 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Arcutis Biotherapeutics by 1,291.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock valued at $124,000 after acquiring an additional 6,559 shares during the last quarter.

Arcutis Biotherapeutics Stock Performance

ARQT opened at $24.38 on Monday. 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 firm has a fifty day moving average price of $22.55 and a 200 day moving average price of $25.26. Arcutis Biotherapeutics, Inc. has a 1 year low of $12.72 and a 1 year high of $31.77. The stock has a market cap of $3.05 billion, a P/E ratio of -812.40 and a beta of 1.52.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share (EPS) 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 analyst estimates of $103.68 million. Equities research analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on ARQT. Needham & Company LLC reaffirmed a “buy” rating and issued a $36.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, May 7th. Wall Street Zen cut shares of Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. TD Cowen boosted their target price on shares of Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Guggenheim boosted their target price on shares of Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Finally, HC Wainwright boosted their target price 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. Five equities research 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $34.00.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 8,256 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $23.31, for a total transaction of $192,447.36. Following the transaction, the insider directly owned 126,689 shares of the company’s stock, valued at $2,953,120.59. This trade represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 transaction of $238,800.00. Following the transaction, the director directly owned 39,744 shares in the company, valued at approximately $949,086.72. The trade was a 20.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 31,254 shares of company stock valued at $732,019. 9.40% of the stock is currently owned by company insiders.

Arcutis Biotherapeutics 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.