Millennium Management LLC Purchases 1,162,690 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Millennium Management LLC grew its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 101.3% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,310,163 shares of the company's stock after buying an additional 1,162,690 shares during the period. Millennium Management LLC owned approximately 1.97% of Arcutis Biotherapeutics worth $32,181,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in ARQT. Venturi Wealth Management LLC bought a new position in Arcutis Biotherapeutics during the fourth quarter valued at about $46,000. Cibc World Markets Corp acquired a new stake in shares of Arcutis Biotherapeutics during the 4th quarter worth approximately $140,000. Summit Investment Advisors Inc. increased its position in shares of Arcutis Biotherapeutics by 8.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company's stock valued at $157,000 after purchasing an additional 837 shares during the period. LVW Advisors LLC acquired a new position in shares of Arcutis Biotherapeutics in the fourth quarter valued at $166,000. Finally, Syon Capital LLC acquired a new position in shares of Arcutis Biotherapeutics in the fourth quarter valued at $189,000.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ARQT shares. Guggenheim reissued a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Needham & Company LLC reiterated a "buy" rating and set a $20.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, April 9th. The Goldman Sachs Group increased their price target on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, February 27th. HC Wainwright reaffirmed a "buy" rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Finally, Mizuho upped their price objective on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an "outperform" rating in a research note on Wednesday, February 26th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Arcutis Biotherapeutics currently has an average rating of "Moderate Buy" and an average target price of $18.80.

Insider Activity

In related news, insider Patrick Burnett sold 2,819 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $13.03, for a total value of $36,731.57. Following the completion of the transaction, the insider now owns 167,043 shares in the company, valued at $2,176,570.29. The trade was a 1.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Todd Franklin Watanabe sold 1,500 shares of the company's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $17.52, for a total value of $26,280.00. Following the transaction, the insider now directly owns 927,414 shares in the company, valued at approximately $16,248,293.28. This represents a 0.16% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,113 shares of company stock worth $632,162. Insiders own 9.40% of the company's stock.

Arcutis Biotherapeutics Price Performance

Shares of ARQT traded down $0.10 during trading hours on Thursday, hitting $13.66. The stock had a trading volume of 3,099,626 shares, compared to its average volume of 2,304,358. The company's fifty day moving average is $14.66 and its two-hundred day moving average is $13.51. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. Arcutis Biotherapeutics, Inc. has a 52 week low of $6.99 and a 52 week high of $17.75. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -7.63 and a beta of 1.87.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) EPS for the quarter, beating analysts' consensus estimates of ($0.21) by $0.01. The firm had revenue of $65.85 million for the quarter, compared to analyst estimates of $64.80 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. On average, analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Arcutis Biotherapeutics 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.