Algert Global LLC Purchases 40,090 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Algert Global LLC boosted its holdings in Arcutis Biotherapeutics by 49.6%, now owning approximately 120,880 shares valued at $1.89 million.
• Goldman Sachs initiated coverage with a "neutral" rating and a price target of $18.00, while Needham & Company increased its target from $20.00 to $22.00, indicating growth potential.
• Arcutis Biotherapeutics reported a quarterly earnings per share of ($0.13), surpassing expectations, with revenue of $81.5 million, compared to estimates of $72.7 million.

Algert Global LLC increased its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 49.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 120,880 shares of the company's stock after acquiring an additional 40,090 shares during the quarter. Algert Global LLC owned about 0.10% of Arcutis Biotherapeutics worth $1,891,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of ARQT. GF Fund Management CO. LTD. bought a new position in shares of Arcutis Biotherapeutics in the 4th quarter worth about $34,000. Amalgamated Bank increased its stake in shares of Arcutis Biotherapeutics by 39.4% in the 1st quarter. Amalgamated Bank now owns 3,723 shares of the company's stock worth $58,000 after acquiring an additional 1,053 shares in the last quarter. KBC Group NV bought a new position in shares of Arcutis Biotherapeutics in the 1st quarter worth about $84,000. Nkcfo LLC bought a new position in shares of Arcutis Biotherapeutics in the 1st quarter worth about $109,000. Finally, Baader Bank Aktiengesellschaft bought a new position in shares of Arcutis Biotherapeutics in the 1st quarter worth about $156,000.

Insider Buying and Selling

In other news, Director Howard G. Welgus sold 10,139 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $13.37, for a total value of $135,558.43. Following the transaction, the director owned 109,414 shares of the company's stock, valued at approximately $1,462,865.18. The trade was a 8.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Todd Watanabe sold 11,547 shares of the business's 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 transaction, the insider directly owned 901,569 shares in the company, valued at $12,919,483.77. This trade represents a 1.26% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 4,914 shares of company stock valued at $64,853 and have sold 77,512 shares valued at $1,126,600. 9.40% of the stock is owned by corporate insiders.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT traded down $0.18 on Wednesday, reaching $15.65. The company's stock had a trading volume of 893,256 shares, compared to its average volume of 1,782,204. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.20 and a quick ratio of 3.04. The stock has a market capitalization of $1.88 billion, a P/E ratio of -20.87 and a beta of 1.84. The stock's 50 day simple moving average is $14.84 and its two-hundred day simple moving average is $14.37. Arcutis Biotherapeutics, Inc. has a 12-month low of $8.03 and a 12-month high of $17.75.

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

Analyst Ratings Changes

Several research analysts recently issued reports on ARQT shares. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Needham & Company LLC increased 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. The Goldman Sachs Group started coverage on shares of Arcutis Biotherapeutics in a research note on Friday, July 25th. They issued a "neutral" rating and a $18.00 price target for the company. Finally, Cowen reiterated a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, August 7th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target 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.