137,420 Shares in Arcutis Biotherapeutics, Inc. $ARQT Acquired by Castleark Management LLC

Key Points

• Castleark Management initiated a position in Arcutis Biotherapeutics by acquiring 137,420 shares worth approximately $3.6 million, representing about 0.11% of the company. Several other institutional investors also increased their holdings.
• Arcutis reported quarterly earnings of $0.11 per share, exceeding the $0.06 consensus estimate, while revenue of $129.86 million topped expectations of $118.85 million.
• Analyst sentiment remains positive: Needham, Guggenheim, and Morgan Stanley raised their price targets, and the stock carries a “Moderate Buy” consensus rating with an average target of $35.57 versus a recent price of $25.14.

Castleark Management LLC purchased a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 137,420 shares of the company's stock, valued at approximately $3,603,000. Castleark Management LLC owned about 0.11% of Arcutis Biotherapeutics at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ARQT. UBS Group AG boosted its position in shares of Arcutis Biotherapeutics by 10.0% during the 4th quarter. UBS Group AG now owns 3,243,432 shares of the company's stock worth $94,189,000 after purchasing an additional 294,994 shares during the period. Bank of America Corp DE raised its position in Arcutis Biotherapeutics by 32.7% in the first quarter. Bank of America Corp DE now owns 2,221,289 shares of the company's stock valued at $52,334,000 after purchasing an additional 547,835 shares during the period. Kornitzer Capital Management Inc. KS lifted its stake in Arcutis Biotherapeutics by 55.1% during the first quarter. Kornitzer Capital Management Inc. KS now owns 175,870 shares of the company's stock worth $4,143,000 after purchasing an additional 62,485 shares in the last quarter. Tejara Capital Ltd purchased a new position in shares of Arcutis Biotherapeutics during the second quarter worth $2,965,000. Finally, Vanguard Group Inc. boosted its position in shares of Arcutis Biotherapeutics by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company's stock worth $210,654,000 after buying an additional 107,846 shares during the period.

Arcutis Biotherapeutics Trading Up 1.1%

NASDAQ:ARQT opened at $25.14 on Thursday. The firm has a market cap of $3.16 billion, a PE ratio of 119.72 and a beta of 1.49. The stock has a fifty day moving average price of $26.72 and a 200 day moving average price of $24.65. Arcutis Biotherapeutics, Inc. has a 12-month low of $15.10 and a 12-month high of $31.77. The company has a current ratio of 2.92, a quick ratio of 2.67 and a debt-to-equity ratio of 0.46.

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling 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 shares were sold at an average price of $26.12, for a total transaction of $32,127.60. Following the sale, the insider directly owned 126,171 shares in the company, valued at approximately $3,295,586.52. This represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 firm's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $26.52, for a total transaction of $220,116.00. Following the completion of the sale, the insider directly 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. In the last 90 days, insiders sold 37,039 shares of company stock valued at $954,813. 9.40% of the stock is currently owned by company insiders.

Arcutis Biotherapeutics Profile

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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