Driehaus Capital Management LLC Acquires New Shares in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Driehaus Capital Management LLC bought a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,096,769 shares of the company's stock, valued at approximately $15,278,000. Driehaus Capital Management LLC owned 0.94% of Arcutis Biotherapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in ARQT. Corton Capital Inc. acquired a new position in Arcutis Biotherapeutics during the 4th quarter worth approximately $222,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $1,786,000. Cercano Management LLC bought a new position in Arcutis Biotherapeutics during the fourth quarter worth about $17,487,000. Balyasny Asset Management L.P. acquired a new stake in shares of Arcutis Biotherapeutics during the 4th quarter worth approximately $1,437,000. Finally, Bayesian Capital Management LP bought a new stake in shares of Arcutis Biotherapeutics in the fourth quarter worth $245,000.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 12,242 shares of the firm's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $15.04, for a total transaction of $184,119.68. Following the completion of the sale, the insider now owns 121,936 shares of the company's stock, valued at $1,833,917.44. This trade represents a 9.12% 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, 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 value of $130,000.00. Following the transaction, the director now directly owns 131,944 shares in the company, valued at approximately $1,715,272. The trade was a 7.05% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,662 shares of company stock worth $527,326. Insiders own 9.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ARQT. Jefferies Financial Group raised their price objective on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a "buy" rating in a research note on Tuesday, March 11th. HC Wainwright restated a "buy" rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. The Goldman Sachs Group upped their target price 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. Mizuho lifted their price target on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an "outperform" rating in a research report on Wednesday, February 26th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $20.00 price objective on shares of Arcutis Biotherapeutics in a research report 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 company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $18.80.

Arcutis Biotherapeutics Trading Down 0.4%

NASDAQ ARQT traded down $0.06 on Wednesday, hitting $13.76. 905,053 shares of the stock were exchanged, compared to its average volume of 2,375,567. Arcutis Biotherapeutics, Inc. has a 52-week low of $6.99 and a 52-week high of $17.75. The firm has a market capitalization of $1.64 billion, a P/E ratio of -7.69 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 stock has a fifty day moving average price of $14.75 and a two-hundred day moving average price of $13.32.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly 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. The firm had revenue of $65.85 million during the quarter, compared to analyst estimates of $64.80 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. Research analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

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.