Cercano Management LLC Takes Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Cercano Management LLC purchased a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,255,365 shares of the company's stock, valued at approximately $17,487,000. Cercano Management LLC owned about 1.07% of Arcutis Biotherapeutics at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Fishman Jay A Ltd. MI boosted its stake in Arcutis Biotherapeutics by 28.3% during the 4th quarter. Fishman Jay A Ltd. MI now owns 536,400 shares of the company's stock valued at $7,472,000 after purchasing an additional 118,400 shares during the last quarter. Barclays PLC boosted its holdings in Arcutis Biotherapeutics by 45.8% during the 3rd quarter. Barclays PLC now owns 253,392 shares of the company's stock worth $2,356,000 after acquiring an additional 79,579 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Arcutis Biotherapeutics by 11.4% in the 4th quarter. American Century Companies Inc. now owns 1,631,226 shares of the company's stock worth $22,723,000 after acquiring an additional 166,915 shares in the last quarter. Jennison Associates LLC raised its holdings 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 valued at $171,893,000 after purchasing an additional 676,295 shares during the last quarter. Finally, Zweig DiMenna Associates LLC bought a new position in shares of Arcutis Biotherapeutics during the fourth quarter valued at about $578,000.

Arcutis Biotherapeutics Trading Up 0.1 %

NASDAQ:ARQT traded up $0.01 during midday trading on Friday, reaching $13.53. 1,987,330 shares of the stock traded hands, compared to its average volume of 2,383,276. The stock has a market capitalization of $1.61 billion, a P/E ratio of -7.56 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. The company has a fifty day moving average of $14.78 and a 200 day moving average of $13.20. Arcutis Biotherapeutics, Inc. has a 12 month low of $6.99 and a 12 month high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.01. The company had revenue of $65.85 million for the quarter, compared to analysts' expectations 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, research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ARQT shares. The Goldman Sachs Group boosted their target price on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Thursday, February 27th. Needham & Company LLC reiterated a "buy" rating and set a $20.00 target price on shares of Arcutis Biotherapeutics in a research note on Wednesday, April 9th. HC Wainwright restated a "buy" rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Mizuho increased their target price on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 26th. Finally, Jefferies Financial Group lifted their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a "buy" rating in a report on Tuesday, March 11th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $18.80.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 3,871 shares of the company's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $13.59, for a total transaction of $52,606.89. Following the transaction, the insider now owns 115,468 shares in the company, valued at approximately $1,569,210.12. This represents a 3.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $13.00, for a total transaction of $130,000.00. Following the completion of the transaction, the director now owns 131,944 shares of the company's stock, valued at approximately $1,715,272. The trade was a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 36,662 shares of company stock valued at $527,326. 9.50% of the stock is currently owned by company insiders.

About Arcutis Biotherapeutics

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.