Essex Investment Management Co. LLC Boosts Stock Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Key Points

• Essex Investment Management Co. LLC increased its stake in Arcutis Biotherapeutics by 33.5%, acquiring a total of 190,638 shares worth approximately $2.98 million.
• Analysts have set a consensus target price of $19.40 for Arcutis Biotherapeutics, with a majority providing buy ratings.
• In the most recent quarter, Arcutis Biotherapeutics reported revenue of $65.85 million and earnings per share of ($0.20), exceeding analyst expectations.

Essex Investment Management Co. LLC lifted its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 33.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 190,638 shares of the company's stock after acquiring an additional 47,815 shares during the quarter. Essex Investment Management Co. LLC owned approximately 0.16% of Arcutis Biotherapeutics worth $2,982,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Nkcfo LLC bought a new position in Arcutis Biotherapeutics in the first quarter worth $109,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Arcutis Biotherapeutics by 3.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,697 shares of the company's stock worth $464,000 after purchasing an additional 917 shares in the last quarter. Royce & Associates LP bought a new position in Arcutis Biotherapeutics in the first quarter worth $4,185,000. Legato Capital Management LLC raised its holdings in Arcutis Biotherapeutics by 32.6% in the first quarter. Legato Capital Management LLC now owns 56,717 shares of the company's stock worth $887,000 after purchasing an additional 13,946 shares in the last quarter. Finally, Readystate Asset Management LP bought a new position in Arcutis Biotherapeutics in the first quarter worth $942,000.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Needham & Company LLC reiterated a "buy" rating and issued a $20.00 price objective on shares of Arcutis Biotherapeutics in a report on Friday, May 23rd. Guggenheim restated a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. The Goldman Sachs Group started coverage on Arcutis Biotherapeutics in a report on Friday, July 25th. They set a "neutral" rating and a $18.00 price target for the company. Finally, HC Wainwright restated a "buy" rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $19.40.

Arcutis Biotherapeutics Stock Down 2.4%

Shares of NASDAQ:ARQT traded down $0.35 on Friday, hitting $14.23. 1,009,960 shares of the company traded hands, compared to its average volume of 2,141,397. Arcutis Biotherapeutics, Inc. has a 52 week low of $7.86 and a 52 week high of $17.75. The company has a quick ratio of 3.37, a current ratio of 3.55 and a debt-to-equity ratio of 0.75. The stock has a 50 day simple moving average of $14.17 and a 200-day simple moving average of $14.08. The company has a market cap of $1.70 billion, a PE ratio of -13.67 and a beta of 1.77.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.01. Arcutis Biotherapeutics had a negative return on equity of 80.66% and a negative net margin of 60.95%. The company had revenue of $65.85 million for the quarter, compared to analysts' expectations of $64.80 million. As a group, research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Larry Todd Edwards sold 7,451 shares of the firm's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $14.07, for a total value of $104,835.57. Following the transaction, the insider directly owned 183,104 shares of the company's stock, valued at approximately $2,576,273.28. This trade represents a 3.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Howard G. Welgus sold 10,139 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $13.37, for a total value of $135,558.43. Following the completion of the transaction, the director directly owned 109,414 shares in the company, valued at $1,462,865.18. The trade was a 8.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders purchased 7,434 shares of company stock valued at $99,277 and sold 52,011 shares valued at $750,607. Insiders own 9.40% of the company's stock.

About Arcutis Biotherapeutics

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.