Ieq Capital LLC Purchases New Position in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Ieq Capital LLC acquired 22,082 shares of Arcutis Biotherapeutics, valued at approximately $345,000, as reported in its recent 13F filing.
• Several hedge funds have increased their stakes in Arcutis, with Suvretta Capital Management LLC raising its position by 6.3% to own over 11 million shares.
• Arcutis Biotherapeutics reported a loss of $0.13 per share in its latest earnings, beating analyst estimates, and its stock currently holds a consensus rating of "Moderate Buy."

Ieq Capital LLC bought a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 22,082 shares of the company's stock, valued at approximately $345,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GF Fund Management CO. LTD. bought a new position in Arcutis Biotherapeutics in the fourth quarter worth $34,000. Amalgamated Bank lifted its position in Arcutis Biotherapeutics by 39.4% in the first quarter. Amalgamated Bank now owns 3,723 shares of the company's stock worth $58,000 after purchasing an additional 1,053 shares during the period. KBC Group NV bought a new position in Arcutis Biotherapeutics in the first quarter worth $84,000. Nkcfo LLC bought a new position in Arcutis Biotherapeutics in the first quarter worth $109,000. Finally, Baader Bank Aktiengesellschaft bought a new position in Arcutis Biotherapeutics in the first quarter worth $156,000.

Wall Street Analysts Forecast Growth

ARQT has been the subject of several research reports. The Goldman Sachs Group initiated coverage on Arcutis Biotherapeutics in a research report on Friday, July 25th. They issued a "neutral" rating and a $18.00 target price for the company. Wall Street Zen raised Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Needham & Company LLC lifted their price objective on Arcutis Biotherapeutics from $20.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, Cowen reissued a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Arcutis Biotherapeutics has an average rating of "Moderate Buy" and a consensus price target of $19.80.

Insider Transactions at Arcutis Biotherapeutics

In related news, insider Masaru Matsuda sold 36,130 shares of Arcutis Biotherapeutics stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $16.16, for a total value of $583,860.80. Following the completion of the sale, the insider directly owned 161,234 shares in the company, valued at $2,605,541.44. This trade represents a 18.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $15.64, for a total value of $156,400.00. Following the completion of the sale, the director owned 100,206 shares of the company's stock, valued at approximately $1,567,221.84. The trade was a 9.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 133,771 shares of company stock valued at $2,044,513 in the last three months. Company insiders own 9.40% of the company's stock.

Arcutis Biotherapeutics Trading Up 0.7%

ARQT stock traded up $0.12 during midday trading on Thursday, reaching $17.69. The stock had a trading volume of 1,274,707 shares, compared to its average volume of 1,558,196. The business has a fifty day simple moving average of $15.40 and a two-hundred day simple moving average of $14.66. The company has a quick ratio of 3.04, a current ratio of 3.20 and a debt-to-equity ratio of 0.77. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of -23.59 and a beta of 1.93. Arcutis Biotherapeutics, Inc. has a twelve month low of $8.03 and a twelve month high of $18.15.

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

Arcutis Biotherapeutics Company 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.