Cormorant Asset Management LP Has $14.52 Million Stock Position in Arcutis Biotherapeutics, Inc. $ARQT

Cormorant Asset Management LP decreased its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 35.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 500,000 shares of the company’s stock after selling 275,000 shares during the quarter. Arcutis Biotherapeutics makes up about 0.7% of Cormorant Asset Management LP’s holdings, making the stock its 24th biggest position. Cormorant Asset Management LP’s holdings in Arcutis Biotherapeutics were worth $14,520,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in the company. SBI Securities Co. Ltd. raised its stake 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 in the last quarter. Global Retirement Partners LLC acquired a new stake in Arcutis Biotherapeutics in the 4th quarter worth $35,000. EverSource Wealth Advisors LLC grew its position in 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 buying an additional 698 shares in the last quarter. Truvestments Capital LLC raised its stake in shares of Arcutis Biotherapeutics by 114.2% in the fourth quarter. Truvestments Capital LLC now owns 3,012 shares of the company’s stock valued at $87,000 after purchasing an additional 1,606 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Arcutis Biotherapeutics by 28.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,952 shares of the company’s stock worth $173,000 after acquiring an additional 1,316 shares during the period.

Arcutis Biotherapeutics Stock Up 2.1%

ARQT opened at $26.22 on Thursday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.46 and a current ratio of 2.68. The company has a market capitalization of $3.28 billion, a P/E ratio of -873.71 and a beta of 1.51. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $13.06 and a fifty-two week high of $31.77. The stock has a fifty day moving average of $22.68 and a 200-day moving average of $25.15.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released 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). The company had revenue of $105.40 million for the quarter, compared to analyst estimates of $103.68 million. Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%. On average, equities analysts expect that Arcutis Biotherapeutics, Inc. will post 0.15 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ARQT shares. Wall Street Zen cut Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Needham & Company LLC reissued a “buy” rating and issued a $36.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Mizuho decreased their price objective on shares of Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating for the company in a report on Monday, March 2nd. Guggenheim lifted 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. Finally, HC Wainwright boosted their price objective on shares of Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $34.00.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, Director Sue-Jean Lin sold 4,946 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $24.38, for a total value of $120,583.48. Following the completion of the sale, the director directly owned 27,567 shares in the company, valued at approximately $672,083.46. The trade was a 15.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Latha Vairavan sold 1,341 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $23.61, for a total transaction of $31,661.01. Following the transaction, the chief financial officer directly owned 86,413 shares in the company, valued at $2,040,210.93. This trade represents a 1.53% 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. Insiders have sold a total of 40,931 shares of company stock valued at $968,886 over the last three months. Insiders own 9.40% of the company’s stock.

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.