D. E. Shaw & Co. Inc. increased its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 44.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,513,577 shares of the company's stock after acquiring an additional 768,553 shares during the period. D. E. Shaw & Co. Inc. owned 2.15% of Arcutis Biotherapeutics worth $35,014,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. Venturi Wealth Management LLC bought a new position in Arcutis Biotherapeutics in the 4th quarter valued at $46,000. Cibc World Markets Corp bought a new position in Arcutis Biotherapeutics in the 4th quarter valued at $140,000. Summit Investment Advisors Inc. raised its position in Arcutis Biotherapeutics by 8.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company's stock valued at $157,000 after purchasing an additional 837 shares during the last quarter. LVW Advisors LLC bought a new position in Arcutis Biotherapeutics in the 4th quarter valued at $166,000. Finally, Syon Capital LLC bought a new position in Arcutis Biotherapeutics in the 4th quarter valued at $189,000.
Analyst Upgrades and Downgrades
ARQT has been the subject of several research analyst reports. Jefferies Financial Group lifted their price objective on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a "buy" rating in a research report on Tuesday, March 11th. Mizuho lifted their price objective on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an "outperform" rating in a research report on Wednesday, February 26th. HC Wainwright reiterated a "buy" rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. 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 report on Thursday, February 27th. Finally, Guggenheim reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Arcutis Biotherapeutics has an average rating of "Moderate Buy" and an average target price of $18.80.
Check Out Our Latest Analysis on ARQT
Arcutis Biotherapeutics Trading Down 1.6%
Shares of ARQT traded down $0.22 during trading hours on Wednesday, hitting $13.60. 2,076,445 shares of the stock traded hands, compared to its average volume of 2,370,915. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. 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 $1.62 billion, a PE ratio of -7.60 and a beta of 1.87. The business has a fifty day moving average of $14.73 and a 200-day moving average of $13.32.
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, beating analysts' consensus estimates of ($0.21) by $0.01. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The firm had revenue of $65.85 million during the quarter, compared to analysts' expectations of $64.80 million. Analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.
Insider Buying and Selling at Arcutis Biotherapeutics
In other news, insider Patrick Burnett sold 3,871 shares of the firm'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 value of $52,606.89. Following the completion of the sale, the insider now directly owns 115,468 shares of the company's stock, valued at $1,569,210.12. This trade represents a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Todd Franklin Watanabe sold 1,500 shares of the firm's stock in a transaction that occurred 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 approximately $16,248,293.28. The trade was a 0.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,662 shares of company stock valued at $527,326. Company insiders own 9.50% of the company's stock.
About Arcutis Biotherapeutics
(
Free Report)
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.
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