865,862 Shares in Arcutis Biotherapeutics, Inc. $ARQT Bought by Simplify Asset Management Inc.

Key Points

• Simplify Asset Management acquired 865,862 Arcutis Biotherapeutics shares in the third quarter, valued at approximately $22.9 million and representing about 0.4% of its portfolio.
• 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.
• Analyst sentiment remains positive, with a “Moderate Buy” consensus and an average price target of $38.00, compared with shares trading at $31.45; insiders, however, sold 83,953 shares worth about $2.14 million in the latest quarter.

Simplify Asset Management Inc. acquired a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 865,862 shares of the company's stock, valued at approximately $22,885,000. Arcutis Biotherapeutics accounts for approximately 0.4% of Simplify Asset Management Inc.'s investment portfolio, making the stock its 14th largest holding.

Other large investors also recently modified their holdings of the company. Fishman Jay A Ltd. MI boosted its stake in Arcutis Biotherapeutics by 0.4% in the 3rd quarter. Fishman Jay A Ltd. MI now owns 597,115 shares of the company's stock valued at $15,782,000 after buying an additional 2,110 shares in the last quarter. Sterling Capital Management LLC grew its position in Arcutis Biotherapeutics by 839.3% in the third quarter. Sterling Capital Management LLC now owns 3,776 shares of the company's stock valued at $100,000 after acquiring an additional 3,374 shares during the period. Yousif Capital Management LLC acquired a new position in Arcutis Biotherapeutics during the third quarter worth $806,000. AMI Asset Management Corp raised its stake in Arcutis Biotherapeutics by 11.8% during the third quarter. AMI Asset Management Corp now owns 41,505 shares of the company's stock worth $1,097,000 after acquiring an additional 4,384 shares in the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in Arcutis Biotherapeutics during the third quarter worth $653,000.

Arcutis Biotherapeutics Stock Down 0.7%

Shares of ARQT opened at $31.45 on Thursday. The company has a market capitalization of $3.95 billion, a P/E ratio of 149.77 and a beta of 1.57. Arcutis Biotherapeutics, Inc. has a one year low of $19.30 and a one year high of $33.30. The business's 50 day simple moving average is $26.42 and its 200-day simple moving average is $25.23. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.92 and a quick ratio of 2.67.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.05. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%. The business had revenue of $129.86 million for the quarter, compared to analyst estimates of $118.85 million. As a group, sell-side analysts predict that Arcutis Biotherapeutics, Inc. will post 0.43 EPS for the current fiscal year.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 9,989 shares of the business's stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $25.03, for a total value of $250,024.67. Following the transaction, the insider owned 116,182 shares of the company's stock, valued at approximately $2,908,035.46. The trade was a 7.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Todd Watanabe sold 4,375 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $26.12, for a total value of $114,275.00. Following the sale, the insider owned 717,203 shares in the company, valued at $18,733,342.36. The trade was a 0.61% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 83,953 shares of company stock valued at $2,143,291. Insiders own 9.40% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on ARQT. Morgan Stanley lifted their price objective on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Cantor Fitzgerald initiated coverage on shares of Arcutis Biotherapeutics in a report on Thursday, October 15th. They issued an "overweight" rating and a $48.00 target price on the stock. Wall Street Zen cut shares of Arcutis Biotherapeutics from a "strong-buy" rating to a "buy" rating in a research report on Saturday, October 10th. Weiss Ratings downgraded shares of Arcutis Biotherapeutics from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday, October 14th. Finally, Needham & Company LLC lifted their price target on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $38.00.

Arcutis Biotherapeutics Profile

Arcutis Biotherapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and delivering treatments for dermatologic conditions. The company's portfolio is centered on therapies designed to address inflammatory skin diseases, with an emphasis on nonsteroidal topical medicines that may help patients manage chronic conditions.

Arcutis's lead product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor. ZORYVE has received U.S. Food and Drug Administration approvals for multiple dermatological uses, including plaque psoriasis, seborrheic dermatitis and atopic dermatitis, in different cream and foam formulations.

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