10,545,466 Shares in Arcutis Biotherapeutics, Inc. $ARQT Bought by BlackRock Inc.

BlackRock Inc. acquired a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 10,545,466 shares of the company's stock, valued at approximately $276,502,000. BlackRock Inc. owned approximately 8.43% of Arcutis Biotherapeutics at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ARQT. SBI Securities Co. Ltd. boosted its holdings in shares of Arcutis Biotherapeutics by 325.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company's stock valued at $32,000 after buying an additional 833 shares in the last quarter. Global Retirement Partners LLC purchased a new position in shares of Arcutis Biotherapeutics in the 4th quarter worth approximately $35,000. EverSource Wealth Advisors LLC raised its stake in shares of Arcutis Biotherapeutics by 124.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company's stock worth $37,000 after acquiring an additional 698 shares in the last quarter. NewEdge Advisors LLC raised its stake in shares of Arcutis Biotherapeutics by 209.0% during the 4th quarter. NewEdge Advisors LLC now owns 1,545 shares of the company's stock worth $45,000 after acquiring an additional 1,045 shares in the last quarter. Finally, Truvestments Capital LLC lifted its position in Arcutis Biotherapeutics by 114.2% during the fourth quarter. Truvestments Capital LLC now owns 3,012 shares of the company's stock valued at $87,000 after acquiring an additional 1,606 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ARQT shares. Guggenheim raised their target price on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Weiss Ratings raised Arcutis Biotherapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 20th. Morgan Stanley increased their price objective on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Needham & Company LLC raised their price objective on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Finally, Wall Street Zen upgraded Arcutis Biotherapeutics from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Arcutis Biotherapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.57.

Arcutis Biotherapeutics Trading Up 1.1%

NASDAQ ARQT opened at $25.14 on Thursday. Arcutis Biotherapeutics, Inc. has a 12-month low of $15.10 and a 12-month high of $31.77. The company has a fifty day simple moving average of $26.72 and a two-hundred day simple moving average of $24.65. The company has a current ratio of 2.92, a quick ratio of 2.67 and a debt-to-equity ratio of 0.46. The stock has a market cap of $3.16 billion, a P/E ratio of 119.72 and a beta of 1.49.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.05. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%.The firm had revenue of $129.86 million for the quarter, compared to the consensus estimate of $118.85 million. On average, analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.4 earnings per share for the current year.

Insider Transactions at Arcutis Biotherapeutics

In related news, insider Masaru Matsuda sold 1,230 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $26.12, for a total value of $32,127.60. Following the sale, the insider owned 126,171 shares in the company, valued at $3,295,586.52. This represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Patrick Burnett sold 8,300 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $26.52, for a total transaction of $220,116.00. Following the completion of the transaction, the insider owned 119,289 shares in the company, valued at approximately $3,163,544.28. This trade represents a 6.51% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 37,039 shares of company stock valued at $954,813. 9.40% of the stock is owned by company insiders.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company's research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.

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