Legal & General Group Plc Invests $2.64 Million in Arcutis Biotherapeutics, Inc. $ARQT

Legal & General Group Plc bought a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 100,808 shares of the company’s stock, valued at approximately $2,643,000.

Other hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in Arcutis Biotherapeutics by 21.4% in the 1st quarter. AQR Capital Management LLC now owns 248,196 shares of the company’s stock valued at $3,882,000 after buying an additional 43,716 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Arcutis Biotherapeutics by 3.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,417 shares of the company’s stock worth $1,118,000 after acquiring an additional 2,063 shares during the period. Creative Planning boosted its position in shares of Arcutis Biotherapeutics by 8.2% in the second quarter. Creative Planning now owns 19,575 shares of the company’s stock worth $274,000 after acquiring an additional 1,477 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Arcutis Biotherapeutics by 1.0% in the second quarter. JPMorgan Chase & Co. now owns 548,789 shares of the company’s stock valued at $7,694,000 after purchasing an additional 5,407 shares during the period. Finally, Russell Investments Group Ltd. grew 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 valued at $157,000 after purchasing an additional 10,950 shares during the period.

Analyst Ratings Changes

Several equities analysts recently commented on ARQT shares. Wall Street Zen raised shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Guggenheim boosted their price objective on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Weiss Ratings raised shares of Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 20th. Needham & Company LLC upped their price objective on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Morgan Stanley increased their target price on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $35.57.

Arcutis Biotherapeutics Trading Up 1.0%

NASDAQ ARQT opened at $23.90 on Friday. The firm has a market capitalization of $3.00 billion, a price-to-earnings ratio of 113.81 and a beta of 1.50. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92. Arcutis Biotherapeutics, Inc. has a one year low of $16.21 and a one year high of $31.77. The company’s 50 day moving average price is $26.35 and its 200 day moving average price is $24.54.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.05. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. The company had revenue of $129.86 million during the quarter, compared to the consensus estimate of $118.85 million. On average, sell-side analysts predict that Arcutis Biotherapeutics, Inc. will post 0.4 EPS for the current year.

Insider Activity

In other Arcutis Biotherapeutics news, insider Todd Watanabe sold 4,375 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $26.12, for a total transaction of $114,275.00. Following the transaction, the insider owned 717,203 shares in the company, valued at $18,733,342.36. The trade was a 0.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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, insider Masaru Matsuda sold 1,230 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $26.12, for a total value of $32,127.60. Following the completion of the sale, the insider directly owned 126,171 shares of the company’s stock, valued at $3,295,586.52. The trade was a 0.97% 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. Insiders sold 75,239 shares of company stock worth $1,910,959 in the last quarter. 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.