Arcutis Biotherapeutics, Inc. $ARQT Shares Acquired by Eversept Partners LP

Key Points

• Eversept Partners LP increased its Arcutis Biotherapeutics stake by 32.7% in the first quarter, acquiring 141,946 additional shares and bringing its holdings to 576,580 shares valued at approximately $13.6 million.
• Analyst sentiment is generally positive, with five Buy, two Hold and one Sell rating producing a consensus “Moderate Buy” and an average price target of $34.00.
• Arcutis shares opened at $27.84, while the company reported quarterly revenue of $105.4 million but missed earnings expectations with an adjusted loss of $0.09 per share versus the expected $0.02 loss.

Eversept Partners LP increased its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 32.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 576,580 shares of the company's stock after buying an additional 141,946 shares during the quarter. Eversept Partners LP owned about 0.46% of Arcutis Biotherapeutics worth $13,584,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. increased its stake in Arcutis Biotherapeutics by 325.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company's stock worth $32,000 after acquiring an additional 833 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Arcutis Biotherapeutics during the 4th quarter worth about $35,000. EverSource Wealth Advisors LLC grew its holdings in shares of Arcutis Biotherapeutics by 124.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company's stock worth $37,000 after purchasing an additional 698 shares during the period. NewEdge Advisors LLC increased its position in Arcutis Biotherapeutics by 209.0% during the 4th quarter. NewEdge Advisors LLC now owns 1,545 shares of the company's stock worth $45,000 after purchasing an additional 1,045 shares in the last quarter. Finally, Truvestments Capital LLC increased its position in Arcutis Biotherapeutics by 114.2% during the 4th quarter. Truvestments Capital LLC now owns 3,012 shares of the company's stock worth $87,000 after purchasing an additional 1,606 shares in the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ARQT shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research report on Wednesday, June 24th. Wall Street Zen raised shares of Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research report on Sunday, July 12th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $36.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, May 7th. 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 stock. Based on data from MarketBeat.com, Arcutis Biotherapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.00.

Arcutis Biotherapeutics Stock Performance

Arcutis Biotherapeutics stock opened at $27.84 on Tuesday. The firm has a market capitalization of $3.48 billion, a PE ratio of -927.69 and a beta of 1.48. Arcutis Biotherapeutics, Inc. has a one year low of $13.69 and a one year high of $31.77. The stock's 50 day moving average price is $24.97 and its 200 day moving average price is $24.71. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.46 and a current ratio of 2.68.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. The firm had revenue of $105.40 million during the quarter, compared to analyst estimates of $103.67 million. As a group, sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post 0.16 EPS for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, CFO Latha Vairavan sold 1,341 shares of the firm's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $23.61, for a total transaction of $31,661.01. Following the completion of the sale, the chief financial officer directly owned 86,413 shares in the company, valued at $2,040,210.93. This trade represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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. Also, insider Todd Watanabe sold 3,172 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $23.61, for a total value of $74,890.92. Following the sale, the insider directly owned 720,755 shares in the company, valued at approximately $17,017,025.55. The trade was a 0.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 90 days, insiders sold 30,931 shares of company stock worth $730,086. 9.40% of the stock is currently owned by insiders.

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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