Arcutis Biotherapeutics, Inc. $ARQT Stock Holdings Lessened by Cormorant Asset Management LP

Key Points

• Cormorant Asset Management LP reduced its stake in Arcutis Biotherapeutics by 26.0%, now holding approximately 1.35 million shares valued at around $21.1 million.
• Arcutis Biotherapeutics shares saw a 4.0% increase on Thursday, with a current market price of $15.94, up from a one-year low of $8.03.
• The company reported quarterly earnings of ($0.13) EPS, surpassing analysts' expectations, with revenue reaching $81.50 million against a $72.70 million estimate.

Cormorant Asset Management LP decreased its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 26.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,350,000 shares of the company's stock after selling 475,000 shares during the period. Arcutis Biotherapeutics accounts for approximately 1.6% of Cormorant Asset Management LP's portfolio, making the stock its 18th largest holding. Cormorant Asset Management LP owned approximately 1.13% of Arcutis Biotherapeutics worth $21,114,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. Amalgamated Bank increased its position in Arcutis Biotherapeutics by 39.4% during the first quarter. Amalgamated Bank now owns 3,723 shares of the company's stock worth $58,000 after purchasing an additional 1,053 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in Arcutis Biotherapeutics during the fourth quarter worth approximately $1,112,000. New York State Common Retirement Fund increased its position in Arcutis Biotherapeutics by 93.4% during the first quarter. New York State Common Retirement Fund now owns 48,670 shares of the company's stock worth $761,000 after purchasing an additional 23,503 shares during the last quarter. Cerity Partners LLC acquired a new position in Arcutis Biotherapeutics during the first quarter worth approximately $303,000. Finally, Vontobel Holding Ltd. acquired a new position in Arcutis Biotherapeutics during the first quarter worth approximately $209,000.

Arcutis Biotherapeutics Stock Up 3.0%

ARQT traded up $0.52 during trading hours on Tuesday, reaching $17.85. 1,691,772 shares of the stock traded hands, compared to its average volume of 2,086,770. The firm's fifty day simple moving average is $15.16 and its two-hundred day simple moving average is $14.58. The company has a market cap of $2.14 billion, a price-to-earnings ratio of -23.83 and a beta of 1.93. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $8.03 and a fifty-two week high of $18.07. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.20 and a quick ratio of 3.04.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.05. The company 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%. As a group, analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 23,000 shares of the firm's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $15.05, for a total transaction of $346,150.00. Following the completion of the transaction, the insider directly owned 115,468 shares of the company's stock, valued at $1,737,793.40. This trade represents a 16.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Masaru Matsuda sold 36,130 shares of the firm's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $16.16, for a total transaction of $583,860.80. Following the transaction, the insider directly owned 161,234 shares of the company's stock, valued at approximately $2,605,541.44. This represents a 18.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 123,642 shares of company stock worth $1,866,861 over the last 90 days. Company insiders own 9.40% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ARQT shares. The Goldman Sachs Group began coverage on shares of Arcutis Biotherapeutics in a research report on Friday, July 25th. They set a "neutral" rating and a $18.00 price target for the company. Wall Street Zen raised shares of Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Cowen reissued a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday, August 7th. Finally, Needham & Company LLC increased their price objective on shares of Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $19.80.

Arcutis Biotherapeutics Company Profile

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.