Scientech Research LLC Takes $863,000 Position in Arcutis Biotherapeutics, Inc. $ARQT

Scientech Research LLC purchased a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 55,205 shares of the company's stock, valued at approximately $863,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Arcutis Biotherapeutics by 3.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,697 shares of the company's stock valued at $464,000 after purchasing an additional 917 shares during the period. Amalgamated Bank grew its holdings in Arcutis Biotherapeutics by 39.4% in the 1st 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. Tocqueville Asset Management L.P. boosted its holdings in Arcutis Biotherapeutics by 14.1% in the first quarter. Tocqueville Asset Management L.P. now owns 16,200 shares of the company's stock valued at $253,000 after acquiring an additional 2,000 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Arcutis Biotherapeutics by 3.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,417 shares of the company's stock valued at $1,118,000 after purchasing an additional 2,063 shares in the last quarter. Finally, GF Fund Management CO. LTD. purchased a new position in Arcutis Biotherapeutics in the fourth quarter valued at about $34,000.

Analysts Set New Price Targets

Several analysts have weighed in on ARQT shares. The Goldman Sachs Group assumed coverage on shares of Arcutis Biotherapeutics in a research note on Friday, July 25th. They set 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. Cowen reissued a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, August 7th. Finally, Needham & Company LLC lifted their target price 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. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Arcutis Biotherapeutics has an average rating of "Moderate Buy" and a consensus target price of $19.80.

Arcutis Biotherapeutics Stock Performance

ARQT stock traded up $0.12 during trading hours on Thursday, reaching $17.69. The stock had a trading volume of 1,274,707 shares, compared to its average volume of 2,090,660. The stock has a 50-day simple moving average of $15.32 and a 200 day simple moving average of $14.63. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $8.03 and a fifty-two week high of $18.15. The stock has a market capitalization of $2.12 billion, a PE ratio of -23.59 and a beta of 1.93. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.20 and a quick ratio of 3.04.

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

Insiders Place Their Bets

In related news, insider Patrick Burnett sold 23,000 shares of the stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $15.05, for a total transaction of $346,150.00. Following the completion of the sale, the insider owned 115,468 shares in the company, valued at $1,737,793.40. This represents a 16.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd Watanabe sold 11,547 shares of the firm's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $14.33, for a total transaction of $165,468.51. Following the transaction, the insider owned 901,569 shares of the company's stock, valued at $12,919,483.77. This trade represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 133,771 shares of company stock valued at $2,044,513 in the last 90 days. 9.40% of the stock is currently owned by company 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.