Invesco Ltd. Boosts Stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Invesco Ltd. boosted its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 20.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,126,668 shares of the company's stock after purchasing an additional 188,184 shares during the quarter. Invesco Ltd. owned approximately 0.96% of Arcutis Biotherapeutics worth $15,694,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Simplify Asset Management Inc. bought a new position in Arcutis Biotherapeutics in the 4th quarter worth about $10,340,000. Jennison Associates LLC grew its stake in shares of Arcutis Biotherapeutics by 5.8% in the fourth quarter. Jennison Associates LLC now owns 12,339,792 shares of the company's stock worth $171,893,000 after acquiring an additional 676,295 shares during the period. Norges Bank bought a new stake in shares of Arcutis Biotherapeutics in the fourth quarter worth approximately $7,422,000. Privium Fund Management B.V. purchased a new position in shares of Arcutis Biotherapeutics during the fourth quarter valued at approximately $4,537,000. Finally, American Century Companies Inc. lifted its position in Arcutis Biotherapeutics by 11.4% during the fourth quarter. American Century Companies Inc. now owns 1,631,226 shares of the company's stock valued at $22,723,000 after purchasing an additional 166,915 shares during the period.

Arcutis Biotherapeutics Stock Performance

NASDAQ:ARQT traded down $0.09 during mid-day trading on Friday, hitting $14.63. 268,999 shares of the company traded hands, compared to its average volume of 2,386,478. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The stock's fifty day moving average price is $14.44 and its 200-day moving average price is $12.82. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of -8.17 and a beta of 1.67. Arcutis Biotherapeutics, Inc. has a one year low of $6.99 and a one year high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The company had revenue of $71.36 million during the quarter, compared to the consensus estimate of $60.52 million. Research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group boosted their target price on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a "neutral" rating in a research note on Thursday, February 27th. HC Wainwright reiterated a "buy" rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Guggenheim reissued a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, April 9th. Finally, Mizuho raised their price objective on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an "outperform" rating in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $18.80.

Insider Transactions at Arcutis Biotherapeutics

In related news, insider Todd Franklin Watanabe sold 1,500 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $17.52, for a total transaction of $26,280.00. Following the completion of the sale, the insider now owns 927,414 shares in the company, valued at approximately $16,248,293.28. This trade represents a 0.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Patrick Burnett sold 2,819 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $13.03, for a total value of $36,731.57. Following the completion of the transaction, the insider now directly owns 167,043 shares in the company, valued at approximately $2,176,570.29. This represents a 1.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,099 shares of company stock valued at $631,256 over the last three months. Corporate insiders own 9.50% of the company's stock.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.