Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Stake Boosted by New York State Common Retirement Fund

Key Points

• The New York State Common Retirement Fund increased its stake in Arcutis Biotherapeutics by 93.4%, owning a total of 48,670 shares valued at $761,000 following an additional purchase of 23,503 shares.
• Analysts generally remain optimistic, with several firms maintaining a "buy" rating and setting target prices between $18.00 and $20.00 for the stock, resulting in an average target price of $19.40.
• Recent insider transactions indicate sales by two executives, totaling 57,041 shares sold over the last 90 days, alongside the purchase of 7,434 shares by insiders, reflecting ongoing confidence among company leaders.

New York State Common Retirement Fund grew its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 93.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 48,670 shares of the company's stock after acquiring an additional 23,503 shares during the period. New York State Common Retirement Fund's holdings in Arcutis Biotherapeutics were worth $761,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. GF Fund Management CO. LTD. acquired a new stake in shares of Arcutis Biotherapeutics in the 4th quarter valued at $34,000. Amalgamated Bank lifted 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 valued at $58,000 after purchasing an additional 1,053 shares during the last quarter. KBC Group NV acquired a new stake in shares of Arcutis Biotherapeutics in the 1st quarter valued at $84,000. Cibc World Markets Corp acquired a new stake in shares of Arcutis Biotherapeutics in the 4th quarter valued at $140,000. Finally, Summit Investment Advisors Inc. lifted its stake in shares of Arcutis Biotherapeutics by 8.0% in the 4th 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 last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ARQT shares. Guggenheim reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. Needham & Company LLC reissued a "buy" rating and set a $20.00 target price on shares of Arcutis Biotherapeutics in a research report on Friday, May 23rd. HC Wainwright reissued a "buy" rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Finally, The Goldman Sachs Group began coverage on shares of Arcutis Biotherapeutics in a research report on Friday. They set a "neutral" rating and a $18.00 target price for the company. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $19.40.

Insider Activity at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 5,030 shares of the business's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $15.20, for a total transaction of $76,456.00. Following the transaction, the insider owned 204,399 shares in the company, valued at approximately $3,106,864.80. The trade was a 2.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Larry Todd Edwards sold 7,451 shares of the company's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $14.07, for a total transaction of $104,835.57. Following the completion of the sale, the insider directly owned 183,104 shares in the company, valued at approximately $2,576,273.28. The trade was a 3.91% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 7,434 shares of company stock worth $99,277 and have sold 57,041 shares worth $827,063. 9.40% of the stock is owned by company insiders.

Arcutis Biotherapeutics Stock Down 1.1%

Arcutis Biotherapeutics stock opened at $14.86 on Friday. The firm has a market cap of $1.77 billion, a price-to-earnings ratio of -14.29 and a beta of 1.77. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.55 and a quick ratio of 3.37. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $7.86 and a fifty-two week high of $17.75. The firm has a fifty day moving average price of $14.12 and a two-hundred day moving average price of $14.08.

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.