Bank of America Corp DE Trims Stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Bank of America Corp DE reduced its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 54.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 536,458 shares of the company's stock after selling 639,447 shares during the period. Bank of America Corp DE owned approximately 0.46% of Arcutis Biotherapeutics worth $7,473,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Jennison Associates LLC lifted its holdings in shares of Arcutis Biotherapeutics by 5.8% during the 4th quarter. Jennison Associates LLC now owns 12,339,792 shares of the company's stock worth $171,893,000 after acquiring an additional 676,295 shares during the last quarter. Gilder Gagnon Howe & Co. LLC lifted its stake in Arcutis Biotherapeutics by 9.8% in the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 3,902,991 shares of the company's stock worth $54,369,000 after purchasing an additional 349,153 shares during the last quarter. American Century Companies Inc. lifted its stake in Arcutis Biotherapeutics by 11.4% in the fourth quarter. American Century Companies Inc. now owns 1,631,226 shares of the company's stock worth $22,723,000 after purchasing an additional 166,915 shares during the last quarter. Invesco Ltd. lifted its stake in Arcutis Biotherapeutics by 20.1% in the fourth quarter. Invesco Ltd. now owns 1,126,668 shares of the company's stock worth $15,694,000 after purchasing an additional 188,184 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Arcutis Biotherapeutics by 5.8% in the fourth quarter. Northern Trust Corp now owns 991,056 shares of the company's stock worth $13,805,000 after purchasing an additional 54,541 shares during the last quarter.

Arcutis Biotherapeutics Stock Down 3.4%

Shares of ARQT stock traded down $0.47 during midday trading on Friday, reaching $13.21. 406,131 shares of the stock were exchanged, compared to its average volume of 2,278,138. Arcutis Biotherapeutics, Inc. has a 1 year low of $6.99 and a 1 year high of $17.75. The company's 50 day moving average is $14.32 and its two-hundred day moving average is $13.67. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The firm has a market cap of $1.57 billion, a PE ratio of -7.35 and a beta of 1.87.

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

Insiders Place Their Bets

In other news, insider Todd Franklin Watanabe sold 1,500 shares of the business's stock in a transaction that occurred 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 sale, the insider now directly owns 927,414 shares of the company's stock, valued at $16,248,293.28. The trade was a 0.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Patrick Burnett sold 12,242 shares of the business's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $15.04, for a total value of $184,119.68. Following the completion of the sale, the insider now directly owns 121,936 shares in the company, valued at approximately $1,833,917.44. This represents a 9.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,913 shares of company stock worth $656,966. Company insiders own 9.40% of the company's stock.

Wall Street Analyst Weigh In

ARQT has been the subject of several recent research reports. Mizuho boosted their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 26th. HC Wainwright restated a "buy" rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. The Goldman Sachs Group boosted their price objective on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Thursday, February 27th. Jefferies Financial Group boosted their price objective on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a "buy" rating in a research report on Tuesday, March 11th. Finally, Guggenheim restated a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $18.80.

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.