Price T Rowe Associates Inc. MD Cuts Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Price T Rowe Associates Inc. MD cut its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 29.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,349 shares of the company's stock after selling 17,799 shares during the quarter. Price T Rowe Associates Inc. MD's holdings in Arcutis Biotherapeutics were worth $590,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC bought a new stake in Arcutis Biotherapeutics in the fourth quarter worth $46,000. Cibc World Markets Corp bought a new position in Arcutis Biotherapeutics in the 4th quarter worth about $140,000. Summit Investment Advisors Inc. boosted its stake in Arcutis Biotherapeutics by 8.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company's stock worth $157,000 after purchasing an additional 837 shares in the last quarter. LVW Advisors LLC purchased a new stake in Arcutis Biotherapeutics during the 4th quarter valued at about $166,000. Finally, Aigen Investment Management LP bought a new stake in Arcutis Biotherapeutics during the 4th quarter valued at about $191,000.

Wall Street Analyst Weigh In

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

Arcutis Biotherapeutics Stock Performance

ARQT traded up $0.48 during mid-day trading on Friday, reaching $14.11. 1,817,496 shares of the company traded hands, compared to its average volume of 2,319,111. The stock has a market capitalization of $1.68 billion, a P/E ratio of -7.88 and a beta of 1.87. Arcutis Biotherapeutics, Inc. has a 52-week low of $6.99 and a 52-week high of $17.75. 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 company's fifty day moving average price is $14.72 and its 200-day moving average price is $13.35.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share for the quarter, beating analysts' consensus estimates of ($0.21) by $0.01. The company had revenue of $65.85 million for the quarter, compared to the consensus estimate of $64.80 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. On average, sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Insiders Place Their Bets

In other news, insider Todd Franklin Watanabe sold 1,500 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $17.52, for a total value of $26,280.00. Following the completion of the sale, the insider now directly owns 927,414 shares of the company's stock, valued at $16,248,293.28. This represents a 0.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.00, for a total value of $130,000.00. Following the completion of the sale, the director now owns 131,944 shares of the company's stock, valued at $1,715,272. The trade was a 7.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,662 shares of company stock worth $527,326 over the last quarter. 9.40% of the stock is currently owned by corporate insiders.

Arcutis Biotherapeutics 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.