Invst LLC Makes New Investment in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Invst LLC has acquired 20,652 shares of Arcutis Biotherapeutics, Inc. for approximately $323,000 during the first quarter, marking a growing interest from institutional investors in the company.
• Insider transactions reveal that executives sold a total of 133,771 shares worth over $2 million in the last three months, indicating a notable reduction in their ownership stakes.
• Arcutis Biotherapeutics reported a quarterly revenue of $81.50 million, exceeding analysts' expectations, and has received positive ratings from several analysts with an average price target of $19.80.

Invst LLC acquired a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 20,652 shares of the company's stock, valued at approximately $323,000.

Several other institutional investors also recently modified their holdings of ARQT. Amalgamated Bank lifted its holdings in Arcutis Biotherapeutics by 39.4% in the first quarter. Amalgamated Bank now owns 3,723 shares of the company's stock valued at $58,000 after buying an additional 1,053 shares during the period. BNP Paribas Financial Markets acquired a new stake in shares of Arcutis Biotherapeutics in the 4th quarter worth about $1,112,000. New York State Common Retirement Fund raised its holdings in shares of Arcutis Biotherapeutics by 93.4% in the 1st quarter. New York State Common Retirement Fund now owns 48,670 shares of the company's stock worth $761,000 after acquiring an additional 23,503 shares during the last quarter. Ieq Capital LLC purchased a new stake in Arcutis Biotherapeutics in the 1st quarter valued at about $345,000. Finally, Fred Alger Management LLC purchased a new stake in Arcutis Biotherapeutics in the 1st quarter valued at about $568,000.

Analyst Ratings Changes

Several equities research analysts have commented on ARQT shares. The Goldman Sachs Group started coverage on shares of Arcutis Biotherapeutics in a research note on Friday, July 25th. They issued a "neutral" rating and a $18.00 price objective for the company. Needham & Company LLC increased their price objective on shares of Arcutis Biotherapeutics from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Cowen reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, Arcutis Biotherapeutics has an average rating of "Moderate Buy" and an average price target of $19.80.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 10,000 shares of the firm's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $15.64, for a total transaction of $156,400.00. Following the sale, the director owned 100,206 shares in the company, valued at approximately $1,567,221.84. This trade represents a 9.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Patrick Burnett sold 2,438 shares of Arcutis Biotherapeutics stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $15.57, for a total transaction of $37,959.66. Following the completion of the transaction, the insider owned 104,811 shares in the company, valued at approximately $1,631,907.27. The trade was a 2.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 123,632 shares of company stock worth $1,908,955. Corporate insiders own 9.40% of the company's stock.

Arcutis Biotherapeutics Price Performance

NASDAQ ARQT traded up $0.39 on Thursday, hitting $17.53. The stock had a trading volume of 180,495 shares, compared to its average volume of 2,067,282. Arcutis Biotherapeutics, Inc. has a 52-week low of $8.03 and a 52-week high of $18.15. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.04 and a current ratio of 3.20. The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of -23.36 and a beta of 1.93. The firm has a 50-day moving average of $15.66 and a 200-day moving average of $14.78.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.05. The firm had revenue of $81.50 million for the quarter, compared to analysts' expectations of $72.70 million. Arcutis Biotherapeutics had a negative net margin of 35.40% and a negative return on equity of 62.62%. Equities analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Arcutis Biotherapeutics 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.