AMI Asset Management Corp Sells 94,839 Shares of Arcutis Biotherapeutics, Inc. $ARQT

AMI Asset Management Corp reduced its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 45.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,882 shares of the company's stock after selling 94,839 shares during the period. AMI Asset Management Corp owned 0.10% of Arcutis Biotherapeutics worth $1,597,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. LVW Advisors LLC increased its stake in shares of Arcutis Biotherapeutics by 21.4% during the second quarter. LVW Advisors LLC now owns 17,561 shares of the company's stock valued at $246,000 after purchasing an additional 3,095 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in shares of Arcutis Biotherapeutics during the second quarter valued at approximately $217,000. Triumph Capital Management bought a new position in shares of Arcutis Biotherapeutics during the second quarter valued at approximately $410,000. GK Wealth Management LLC increased its stake in shares of Arcutis Biotherapeutics by 28.2% during the second quarter. GK Wealth Management LLC now owns 18,801 shares of the company's stock valued at $264,000 after purchasing an additional 4,134 shares in the last quarter. Finally, Invst LLC bought a new position in shares of Arcutis Biotherapeutics during the first quarter valued at approximately $323,000.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group started 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 upgraded shares of Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Cowen reiterated a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, August 7th. Finally, Needham & Company LLC lifted their price target on shares of Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $19.80.

Insider Activity at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 36,130 shares of Arcutis Biotherapeutics stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $16.16, for a total transaction of $583,860.80. Following the completion of the sale, the insider directly owned 161,234 shares in the company, valued at approximately $2,605,541.44. The trade was a 18.31% 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 Todd Watanabe sold 11,547 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $14.33, for a total transaction of $165,468.51. Following the completion of the sale, the insider owned 901,569 shares in the company, valued at $12,919,483.77. The trade was a 1.26% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 123,632 shares of company stock worth $1,908,955. Corporate insiders own 9.40% of the company's stock.

Arcutis Biotherapeutics Price Performance

Shares of ARQT opened at $19.76 on Thursday. The company has a 50 day moving average price of $16.22 and a 200-day moving average price of $15.01. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $8.03 and a fifty-two week high of $20.10. The stock has a market capitalization of $2.37 billion, a PE ratio of -26.35 and a beta of 2.06. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.04 and a current ratio of 3.20.

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

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