103,141 Shares in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Acquired by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. purchased a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 103,141 shares of the company's stock, valued at approximately $1,437,000. Balyasny Asset Management L.P. owned about 0.09% of Arcutis Biotherapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the stock. Summit Investment Advisors Inc. lifted its position in shares of Arcutis Biotherapeutics by 8.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company's stock worth $157,000 after purchasing an additional 837 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Arcutis Biotherapeutics by 10.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 24,818 shares of the company's stock worth $346,000 after purchasing an additional 2,336 shares during the last quarter. Venturi Wealth Management LLC bought a new position in shares of Arcutis Biotherapeutics during the fourth quarter worth about $46,000. Swiss National Bank raised its stake in Arcutis Biotherapeutics by 1.6% during the fourth quarter. Swiss National Bank now owns 206,900 shares of the company's stock worth $2,882,000 after acquiring an additional 3,300 shares during the period. Finally, MetLife Investment Management LLC raised its stake in Arcutis Biotherapeutics by 6.2% during the fourth quarter. MetLife Investment Management LLC now owns 65,471 shares of the company's stock worth $912,000 after acquiring an additional 3,813 shares during the period.

Wall Street Analyst Weigh In

ARQT has been the topic of several research reports. Mizuho increased their price objective 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. The Goldman Sachs Group increased their price objective on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Thursday, February 27th. Guggenheim reiterated a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. HC Wainwright reiterated a "buy" rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. Finally, Needham & Company LLC reiterated a "buy" rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday, April 9th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Arcutis Biotherapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $18.80.

Insider Activity at Arcutis Biotherapeutics

In related news, insider Patrick Burnett sold 2,819 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $13.03, for a total transaction of $36,731.57. Following the transaction, the insider now owns 167,043 shares in the company, valued at $2,176,570.29. This trade represents a 1.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Masaru Matsuda sold 5,030 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $15.20, for a total transaction of $76,456.00. Following the transaction, the insider now owns 204,399 shares in the company, valued at $3,106,864.80. This represents a 2.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,662 shares of company stock worth $527,326 over the last quarter. 9.40% of the stock is currently owned by company insiders.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ:ARQT traded up $0.53 during trading hours on Monday, hitting $14.64. The stock had a trading volume of 1,374,856 shares, compared to its average volume of 2,303,088. The stock's fifty day simple moving average is $14.68 and its 200 day simple moving average is $13.50. Arcutis Biotherapeutics, Inc. has a 1-year low of $6.99 and a 1-year high of $17.75. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -8.18 and a beta of 1.87. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46.

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

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.