American Century Companies Inc. Increases Stock Holdings in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• American Century Companies Inc. has increased its stake in Arcutis Biotherapeutics, Inc. to about $25.85 million, owning approximately 1.39% of the company after a 1.3% increase in shares during the first quarter.
• Insider transactions show that Patrick Burnett and Todd Watanabe sold shares recently, with the ownership of insiders now standing at 9.40% of the company.
• Arcutis Biotherapeutics reported a quarterly revenue of $81.5 million and earnings per share of ($0.13), which exceeded the consensus estimate of ($0.18) by $0.05.

American Century Companies Inc. increased its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,652,492 shares of the company's stock after purchasing an additional 21,266 shares during the period. American Century Companies Inc. owned approximately 1.39% of Arcutis Biotherapeutics worth $25,845,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Suvretta Capital Management LLC increased its position in shares of Arcutis Biotherapeutics by 6.3% in the fourth quarter. Suvretta Capital Management LLC now owns 11,399,138 shares of the company's stock worth $158,790,000 after purchasing an additional 677,627 shares during the last quarter. Polar Capital Holdings Plc increased its position in shares of Arcutis Biotherapeutics by 7.2% in the fourth quarter. Polar Capital Holdings Plc now owns 7,377,381 shares of the company's stock worth $102,767,000 after purchasing an additional 493,009 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Arcutis Biotherapeutics by 5.9% in the first quarter. Vanguard Group Inc. now owns 6,818,078 shares of the company's stock worth $106,635,000 after purchasing an additional 377,363 shares during the last quarter. Gilder Gagnon Howe & Co. LLC grew its position in Arcutis Biotherapeutics by 9.8% during 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 acquiring an additional 349,153 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. grew its position in Arcutis Biotherapeutics by 44.0% during 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 acquiring an additional 768,553 shares during the last quarter.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Todd Watanabe sold 11,547 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $14.33, for a total value of $165,468.51. Following the transaction, the insider owned 901,569 shares in the company, valued at approximately $12,919,483.77. This trade represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Masaru Matsuda sold 6,330 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $14.33, for a total transaction of $90,708.90. Following the completion of the transaction, the insider owned 197,364 shares in the company, valued at $2,828,226.12. This represents a 3.11% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have purchased 4,914 shares of company stock valued at $64,853 and have sold 77,512 shares valued at $1,126,600. Company insiders own 9.40% of the company's stock.

Analysts Set New Price Targets

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

Arcutis Biotherapeutics Trading Down 2.7%

Shares of Arcutis Biotherapeutics stock traded down $0.42 on Thursday, hitting $15.23. The stock had a trading volume of 360,096 shares, compared to its average volume of 2,096,033. The company has a quick ratio of 3.04, a current ratio of 3.20 and a debt-to-equity ratio of 0.77. Arcutis Biotherapeutics, Inc. has a one year low of $8.03 and a one year high of $17.75. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of -20.31 and a beta of 1.84. The stock's 50-day simple moving average is $14.84 and its two-hundred day simple moving average is $14.37.

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

About Arcutis Biotherapeutics

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.