Peregrine Capital Management LLC Purchases Shares of 306,272 Arcutis Biotherapeutics, Inc. $ARQT

Peregrine Capital Management LLC acquired a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 306,272 shares of the company’s stock, valued at approximately $7,216,000. Peregrine Capital Management LLC owned 0.24% of Arcutis Biotherapeutics as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in ARQT. Zevenbergen Capital Investments LLC acquired a new stake in Arcutis Biotherapeutics during the fourth quarter valued at approximately $12,140,000. UBS Group AG raised its holdings in shares of Arcutis Biotherapeutics by 10.0% in the 4th quarter. UBS Group AG now owns 3,243,432 shares of the company’s stock worth $94,189,000 after buying an additional 294,994 shares in the last quarter. Nordea Investment Management AB acquired a new position in shares of Arcutis Biotherapeutics in the 4th quarter worth approximately $5,850,000. Ally Bridge Group NY LLC bought a new position in shares of Arcutis Biotherapeutics during the 3rd quarter worth approximately $4,396,000. Finally, Tudor Investment Corp ET AL bought a new position in shares of Arcutis Biotherapeutics during the 3rd quarter worth approximately $1,319,000.

Arcutis Biotherapeutics Price Performance

Arcutis Biotherapeutics stock opened at $25.84 on Thursday. The business’s fifty day moving average is $23.11 and its two-hundred day moving average is $24.89. 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 firm has a market cap of $3.23 billion, a P/E ratio of -861.05 and a beta of 1.47. Arcutis Biotherapeutics, Inc. has a 52 week low of $13.06 and a 52 week high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The business had revenue of $105.40 million during the quarter, compared to the consensus estimate of $103.67 million. Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. Equities research analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Masaru Matsuda sold 8,256 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $23.31, for a total value of $192,447.36. Following the completion of the sale, the insider 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 sale was disclosed in a document filed with the SEC, which is available at 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, CFO Latha Vairavan sold 1,341 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $23.61, for a total transaction of $31,661.01. Following the completion of the transaction, 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 disclosure for this sale is available in the SEC filing. 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 30,931 shares of company stock valued at $730,086. Insiders own 9.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ARQT. Wall Street Zen cut Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Needham & Company LLC reissued a “buy” rating and set a $36.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, May 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Wednesday, June 24th. Five 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 stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.

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.