AMI Asset Management Corp Sells 46,829 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• AMI Asset Management cut its stake in Arcutis by 48.7%, selling 46,829 shares in Q4 and leaving it with 49,262 shares valued at about $1.431 million per the latest SEC filing.
• Insider selling was significant: directors Howard G. Welgus and Patrick Burnett sold shares recently, and insiders disposed of 159,546 shares worth $4.03 million in the last quarter, leaving insiders owning 9.40% of the company.
• Wall Street sentiment is broadly positive with a consensus rating of Moderate Buy and an average price target of $34, and Arcutis recently beat quarterly estimates with $129.5M in revenue and $0.13 EPS.

AMI Asset Management Corp lessened its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 48.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 49,262 shares of the company's stock after selling 46,829 shares during the period. AMI Asset Management Corp's holdings in Arcutis Biotherapeutics were worth $1,431,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Johnson Investment Counsel Inc. bought a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter valued at about $30,000. Jones Financial Companies Lllp lifted its stake in shares of Arcutis Biotherapeutics by 1,291.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company's stock valued at $124,000 after purchasing an additional 6,559 shares during the period. Quantbot Technologies LP acquired a new position in shares of Arcutis Biotherapeutics in the 2nd quarter valued at about $145,000. Russell Investments Group Ltd. lifted its stake in shares of Arcutis Biotherapeutics by 4,562.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 11,190 shares of the company's stock valued at $157,000 after purchasing an additional 10,950 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in shares of Arcutis Biotherapeutics by 38.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 11,653 shares of the company's stock valued at $163,000 after purchasing an additional 3,234 shares during the period.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $25.05, for a total transaction of $250,500.00. Following the completion of the transaction, the director directly owned 59,744 shares of the company's stock, valued at approximately $1,496,587.20. This represents a 14.34% 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 link. Also, insider Patrick Burnett sold 9,794 shares of the stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $25.81, for a total value of $252,783.14. Following the transaction, the insider directly owned 80,651 shares of the company's stock, valued at approximately $2,081,602.31. This trade represents a 10.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 159,546 shares of company stock valued at $4,032,162 in the last quarter. Insiders own 9.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ARQT shares. TD Cowen boosted their price objective on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. Zacks Research downgraded Arcutis Biotherapeutics from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 29th. Guggenheim boosted their price objective on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the stock a "buy" rating in a report on Friday, February 27th. Wall Street Zen lowered Arcutis Biotherapeutics from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 14th. Finally, Mizuho decreased their price objective on Arcutis Biotherapeutics from $37.00 to $35.00 and set an "outperform" rating for the company in a report on Monday, March 2nd. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $34.00.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $24.12 on Tuesday. The stock has a fifty day simple moving average of $24.61 and a two-hundred day simple moving average of $25.40. Arcutis Biotherapeutics, Inc. has a 1-year low of $12.42 and a 1-year high of $31.77. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of -172.27 and a beta of 1.76. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.57.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.10. Arcutis Biotherapeutics had a negative return on equity of 10.26% and a negative net margin of 4.29%.The business had revenue of $129.50 million during the quarter, compared to analyst estimates of $110.79 million. Analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company's research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.

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