Arcutis Biotherapeutics, Inc. $ARQT Shares Purchased by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management Holding SA increased its stake in Arcutis Biotherapeutics by 57.5% in the first quarter, buying an additional 50,425 shares and bringing its total to 138,112 shares worth about $2.98 million.
• Several other large institutional investors also added to or maintained sizable positions, including Suvretta Capital Management, Vanguard, Polar Capital, State Street, and Morgan Stanley.
• Insiders have recently sold shares, while analysts remain mixed: the stock carries a Moderate Buy consensus with a $34 price target, though one firm cut its rating to Hold and another reiterated a Sell.

Pictet Asset Management Holding SA boosted its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 57.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 138,112 shares of the company's stock after buying an additional 50,425 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.11% of Arcutis Biotherapeutics worth $2,984,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Suvretta Capital Management LLC lifted its holdings in Arcutis Biotherapeutics by 14.2% during the 4th quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company's stock worth $347,435,000 after buying an additional 1,486,000 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Arcutis Biotherapeutics by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company's stock valued at $210,654,000 after acquiring an additional 107,846 shares during the last quarter. Polar Capital Holdings Plc raised its position in shares of Arcutis Biotherapeutics by 4.9% during the 4th quarter. Polar Capital Holdings Plc now owns 5,556,169 shares of the company's stock worth $161,351,000 after acquiring an additional 257,415 shares in the last quarter. State Street Corp lifted its stake in Arcutis Biotherapeutics by 18.2% during the fourth quarter. State Street Corp now owns 5,488,301 shares of the company's stock worth $159,380,000 after purchasing an additional 846,986 shares during the last quarter. Finally, Morgan Stanley lifted its stake in Arcutis Biotherapeutics by 1.5% during the fourth quarter. Morgan Stanley now owns 4,340,239 shares of the company's stock worth $126,041,000 after purchasing an additional 63,845 shares during the last quarter.

Insider Activity

In other news, CFO Latha Vairavan sold 1,341 shares of the stock in a transaction dated Monday, May 4th. The shares were 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 owned 86,413 shares in the company, valued at approximately $2,040,210.93. This represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 Masaru Matsuda sold 8,256 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $23.31, for a total transaction of $192,447.36. Following the sale, the insider owned 126,689 shares of the company's stock, valued at $2,953,120.59. This trade represents a 6.12% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold 30,931 shares of company stock worth $730,086 over the last 90 days. 9.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Wall Street Zen lowered shares of Arcutis Biotherapeutics from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Weiss Ratings restated a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research report on Wednesday, June 24th. Finally, Needham & Company LLC restated a "buy" rating and issued a $36.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, May 7th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Arcutis Biotherapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.00.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $25.81 on Friday. The company has a current ratio of 2.68, a quick ratio of 2.46 and a debt-to-equity ratio of 0.54. Arcutis Biotherapeutics, Inc. has a twelve month low of $13.06 and a twelve month high of $31.77. The stock has a 50 day moving average of $23.20 and a two-hundred day moving average of $24.87. The stock has a market cap of $3.23 billion, a P/E ratio of -860.05 and a beta of 1.48.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.07). The business had revenue of $105.40 million for the quarter, compared to analysts' expectations of $103.67 million. Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%. On average, research analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current year.

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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