Arcutis Biotherapeutics, Inc. $ARQT is Montanova Capital LLC's 3rd Largest Position

Key Points

• Montanova Capital increased its Arcutis Biotherapeutics stake by 0.9% to 12.437 million shares, making ARQT its third-largest holding and representing about 5.4% of its portfolio.
• Arcutis reported quarterly EPS of $0.11 and revenue of $129.86 million, exceeding analyst expectations of $0.06 EPS and $118.85 million revenue.
• Analyst sentiment remains positive, with six Buy ratings and three Holds, an average “Moderate Buy” rating, and an average price target of $35.57 versus the stock’s reported $23.97 price.

Montanova Capital LLC boosted its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 0.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,437,000 shares of the company's stock after purchasing an additional 110,000 shares during the period. Arcutis Biotherapeutics makes up about 5.4% of Montanova Capital LLC's investment portfolio, making the stock its 3rd biggest holding. Montanova Capital LLC owned approximately 9.89% of Arcutis Biotherapeutics worth $326,098,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Headlands Technologies LLC purchased a new stake in shares of Arcutis Biotherapeutics in the second quarter worth about $401,000. Two Sigma Securities LLC purchased a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter valued at about $331,000. Navellier & Associates Inc. lifted its position in Arcutis Biotherapeutics by 43.2% during the 2nd quarter. Navellier & Associates Inc. now owns 19,696 shares of the company's stock worth $516,000 after acquiring an additional 5,943 shares in the last quarter. Hsbc Holdings PLC acquired a new position in Arcutis Biotherapeutics during the 2nd quarter worth approximately $432,000. Finally, Bamco Inc. NY purchased a new position in Arcutis Biotherapeutics in the 2nd quarter worth approximately $32,857,000.

Arcutis Biotherapeutics Trading Up 0.8%

NASDAQ ARQT opened at $23.97 on Tuesday. The company has a market capitalization of $3.01 billion, a price-to-earnings ratio of 114.15 and a beta of 1.49. 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, Inc. has a 12 month low of $15.10 and a 12 month high of $31.77. The company's fifty day moving average price is $26.59 and its two-hundred day moving average price is $24.60.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.05. The company had revenue of $129.86 million during the quarter, compared to the consensus estimate of $118.85 million. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. As a group, research analysts predict that Arcutis Biotherapeutics, Inc. will post 0.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Terrie Curran sold 38,200 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $25.03, for a total value of $956,146.00. Following the completion of the transaction, the director owned 23,526 shares in the company, valued at approximately $588,855.78. This trade represents a 61.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Howard G. Welgus sold 4,730 shares of Arcutis Biotherapeutics stock in a transaction on Monday, August 17th. The stock was sold at an average price of $26.18, for a total transaction of $123,831.40. Following the completion of the transaction, the director directly owned 36,475 shares of the company's stock, valued at approximately $954,915.50. This represents a 11.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 75,239 shares of company stock valued at $1,910,959. 9.40% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have issued reports on ARQT shares. Morgan Stanley increased their price objective on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Needham & Company LLC upped their target price on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Guggenheim lifted their price target on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Weiss Ratings raised shares of Arcutis Biotherapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 20th. Finally, Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $35.57.

About Arcutis Biotherapeutics

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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