26,520 Shares in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Purchased by Perpetual Ltd

Perpetual Ltd bought a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 26,520 shares of the company's stock, valued at approximately $415,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Suvretta Capital Management LLC grew its holdings in Arcutis Biotherapeutics by 6.3% during the fourth quarter. Suvretta Capital Management LLC now owns 11,399,138 shares of the company's stock worth $158,790,000 after acquiring an additional 677,627 shares during the period. Polar Capital Holdings Plc grew its holdings in Arcutis Biotherapeutics by 7.2% in the fourth quarter. Polar Capital Holdings Plc now owns 7,377,381 shares of the company's stock valued at $102,767,000 after purchasing an additional 493,009 shares during the period. Gilder Gagnon Howe & Co. LLC grew its holdings in Arcutis Biotherapeutics by 9.8% in the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 3,902,991 shares of the company's stock valued at $54,369,000 after purchasing an additional 349,153 shares during the period. D. E. Shaw & Co. Inc. grew its holdings in Arcutis Biotherapeutics by 44.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,513,577 shares of the company's stock valued at $35,014,000 after purchasing an additional 768,553 shares during the period. Finally, Millennium Management LLC grew its holdings in Arcutis Biotherapeutics by 101.3% in the fourth quarter. Millennium Management LLC now owns 2,310,163 shares of the company's stock valued at $32,181,000 after purchasing an additional 1,162,690 shares during the period.

Analysts Set New Price Targets

Several analysts have commented on the company. HC Wainwright reissued a "buy" rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Guggenheim reissued a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Jefferies Financial Group raised their price objective on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a "buy" rating in a report on Tuesday, March 11th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $20.00 price objective on shares of Arcutis Biotherapeutics in a report on Friday, May 23rd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Arcutis Biotherapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.80.

Arcutis Biotherapeutics Trading Down 4.6%

Shares of ARQT opened at $13.74 on Friday. Arcutis Biotherapeutics, Inc. has a 52-week low of $7.86 and a 52-week high of $17.75. The company has a quick ratio of 3.37, a current ratio of 3.55 and a debt-to-equity ratio of 0.75. The firm's fifty day moving average is $14.00 and its two-hundred day moving average is $14.04. The stock has a market cap of $1.64 billion, a PE ratio of -13.21 and a beta of 1.76.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.01. Arcutis Biotherapeutics had a negative net margin of 60.95% and a negative return on equity of 80.66%. The company had revenue of $65.85 million for the quarter, compared to analysts' expectations of $64.80 million. Research analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 3,871 shares of the business's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $13.59, for a total transaction of $52,606.89. Following the transaction, the insider now owns 115,468 shares of the company's stock, valued at approximately $1,569,210.12. The trade was a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Masaru Matsuda sold 5,030 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $15.20, for a total value of $76,456.00. Following the transaction, the insider now directly owns 204,399 shares in the company, valued at $3,106,864.80. This trade represents a 2.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 7,434 shares of company stock valued at $99,277 and have sold 28,291 shares valued at $394,261. 9.40% of the stock is currently owned by corporate insiders.

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.

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