150,814 Arcutis Biotherapeutics, Inc. $ARQT Shares Sold by Perpetual Ltd

Key Points

• Perpetual Ltd cut its Arcutis Biotherapeutics stake by 13.6% in the third quarter, selling 150,814 shares and retaining 958,843 shares valued at approximately $25.3 million.
• Analysts remain broadly positive, with seven Buy ratings and three Holds; the consensus rating is Moderate Buy and the average price target is $36.00.
• Arcutis reported quarterly revenue of $129.86 million and earnings of $0.11 per share, exceeding analyst estimates of $118.85 million and $0.06, respectively. Shares recently traded at $26.22, within a 52-week range of $19.30 to $31.77.

Perpetual Ltd decreased its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 13.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 958,843 shares of the company's stock after selling 150,814 shares during the period. Perpetual Ltd owned 0.76% of Arcutis Biotherapeutics worth $25,342,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ARQT. Toth Financial Advisory Corp acquired a new position in Arcutis Biotherapeutics in the 3rd quarter worth about $285,000. Tidal Investments LLC purchased a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter worth about $606,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter valued at about $84,000. Arizona State Retirement System lifted its holdings in shares of Arcutis Biotherapeutics by 1.7% during the 2nd quarter. Arizona State Retirement System now owns 30,802 shares of the company's stock valued at $808,000 after buying an additional 521 shares during the last quarter. Finally, Nykredit A S acquired a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter valued at about $63,000.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Jefferies Financial Group restated a "buy" rating and issued a $39.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday. Guggenheim raised their price objective on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Morgan Stanley lifted their target price on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Weiss Ratings raised shares of Arcutis Biotherapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, September 24th. Finally, Needham & Company LLC boosted their target price on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Arcutis Biotherapeutics has an average rating of "Moderate Buy" and a consensus price target of $36.00.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Terrie Curran sold 38,200 shares of the business's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $25.03, for a total transaction of $956,146.00. Following the completion of the transaction, the director owned 23,526 shares of the company's stock, valued at $588,855.78. The trade was a 61.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick Burnett sold 6,700 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $26.08, for a total transaction of $174,736.00. Following the sale, the insider owned 119,289 shares of the company's stock, valued at $3,111,057.12. This trade represents a 5.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 79,225 shares of company stock worth $2,015,966 in the last quarter. 9.40% of the stock is owned by corporate insiders.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ ARQT opened at $26.22 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of 124.86 and a beta of 1.57. The business's 50-day simple moving average is $25.34 and its 200-day simple moving average is $24.67. Arcutis Biotherapeutics, Inc. has a 52 week low of $19.30 and a 52 week high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its 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. 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 during the quarter, compared to analyst estimates of $118.85 million. As a group, equities research analysts expect that Arcutis Biotherapeutics, Inc. will post 0.42 earnings per share for the current fiscal year.

Arcutis Biotherapeutics Profile

Arcutis Biotherapeutics, Inc NASDAQ: ARQT is a biopharmaceutical company focused on developing and commercializing treatments for dermatologic conditions. The company concentrates on medical dermatology, with an emphasis on addressing diseases that can significantly affect patients' quality of life and for which additional treatment options are needed.

Arcutis's primary commercial product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor available in multiple formulations.

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