118,156 Shares in Arcutis Biotherapeutics, Inc. $ARQT Acquired by 1492 Capital Management LLC

Key Points

• 1492 Capital Management LLC opened a new position in Arcutis Biotherapeutics, buying 118,156 shares valued at about $2.78 million in the first quarter.
• The company’s latest earnings showed a smaller-than-expected loss of $0.09 per share, while revenue came in at $105.4 million, slightly above analyst estimates.
• Wall Street remains cautiously positive on ARQT, with a Moderate Buy consensus and a $34 average price target, though some analysts recently cut ratings or trimmed targets.

1492 Capital Management LLC acquired a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 118,156 shares of the company's stock, valued at approximately $2,784,000. 1492 Capital Management LLC owned 0.10% of Arcutis Biotherapeutics at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ARQT. MFA Wealth Services bought a new stake in Arcutis Biotherapeutics in the first quarter valued at about $382,000. Pictet Asset Management Holding SA increased its position in shares of Arcutis Biotherapeutics by 57.5% during the first quarter. Pictet Asset Management Holding SA now owns 138,112 shares of the company's stock worth $2,984,000 after acquiring an additional 50,425 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Arcutis Biotherapeutics by 13.0% during the first quarter. SG Americas Securities LLC now owns 39,826 shares of the company's stock worth $938,000 after acquiring an additional 4,597 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of Arcutis Biotherapeutics by 32.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 51,585 shares of the company's stock worth $1,498,000 after acquiring an additional 12,646 shares during the period. Finally, Sit Investment Associates Inc. acquired a new stake in shares of Arcutis Biotherapeutics during the fourth quarter worth $376,000.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $27.00 on Friday. The business has a fifty day moving average price of $22.99 and a two-hundred day moving average price of $25.00. The stock has a market capitalization of $3.38 billion, a PE ratio of -899.70 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.68 and a quick ratio of 2.46. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $13.06 and a fifty-two week high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%.The company had revenue of $105.40 million for the quarter, compared to analyst estimates of $103.67 million. As a group, equities analysts predict that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ARQT shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research report on Wednesday. Wall Street Zen lowered Arcutis Biotherapeutics from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Needham & Company LLC restated a "buy" rating and issued a $36.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Finally, Mizuho reduced their price target on Arcutis Biotherapeutics from $37.00 to $35.00 and set an "outperform" rating for the company in a research report on Monday, March 2nd. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.00.

Insider Buying and Selling

In other news, insider Todd Watanabe sold 3,172 shares of Arcutis Biotherapeutics stock in a transaction on Monday, May 4th. The shares were sold at an average price of $23.61, for a total value of $74,890.92. Following the completion of the sale, the insider owned 720,755 shares in the company, valued at $17,017,025.55. The trade was a 0.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $23.88, for a total transaction of $238,800.00. Following the completion of the sale, the director owned 39,744 shares of the company's stock, valued at $949,086.72. This represents a 20.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 40,931 shares of company stock worth $968,886. 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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