Bamco Inc. NY Makes New Investment in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Bamco Inc. NY acquired 1.25 million shares of Arcutis Biotherapeutics during the second quarter, valued at approximately $32.9 million and representing about 1% of the company.
• Analysts remain broadly positive: Morgan Stanley, Guggenheim and Needham raised their price targets to $38–$40, while the stock carries a consensus “Moderate Buy” rating and an average target of $35.57.
• Arcutis exceeded quarterly expectations, reporting $0.11 in EPS versus a $0.06 estimate and revenue of $129.86 million versus $118.85 million expected. Shares opened at $25.14, with a market capitalization of about $3.16 billion.

Bamco Inc. NY acquired a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,253,120 shares of the company's stock, valued at approximately $32,857,000. Bamco Inc. NY owned approximately 1.00% of Arcutis Biotherapeutics at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. increased its position in shares of Arcutis Biotherapeutics by 325.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company's stock valued at $32,000 after buying an additional 833 shares in the last quarter. Global Retirement Partners LLC acquired a new position in Arcutis Biotherapeutics during the fourth quarter worth about $35,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Arcutis Biotherapeutics by 124.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company's stock valued at $37,000 after purchasing an additional 698 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Arcutis Biotherapeutics by 209.0% in the fourth quarter. NewEdge Advisors LLC now owns 1,545 shares of the company's stock valued at $45,000 after purchasing an additional 1,045 shares in the last quarter. Finally, Truvestments Capital LLC grew its position in shares of Arcutis Biotherapeutics by 114.2% in the fourth quarter. Truvestments Capital LLC now owns 3,012 shares of the company's stock valued at $87,000 after purchasing an additional 1,606 shares during the last quarter.

Insider Transactions at Arcutis Biotherapeutics

In related news, insider Todd Watanabe sold 4,375 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $26.12, for a total value of $114,275.00. Following the sale, the insider owned 717,203 shares of the company's stock, valued at approximately $18,733,342.36. This trade represents a 0.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Masaru Matsuda sold 1,230 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $26.12, for a total value of $32,127.60. Following the transaction, the insider owned 126,171 shares of the company's stock, valued at $3,295,586.52. This represents a 0.97% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 37,039 shares of company stock valued at $954,813 over the last ninety days. Insiders own 9.40% of the company's stock.

Analyst Ratings Changes

ARQT has been the subject of several analyst reports. Morgan Stanley boosted their target price on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Weiss Ratings upgraded Arcutis Biotherapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 20th. Guggenheim lifted their target price on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Needham & Company LLC boosted their price target on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Finally, Wall Street Zen raised shares of Arcutis Biotherapeutics from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $35.57.

Arcutis Biotherapeutics Stock Up 1.1%

Shares of NASDAQ:ARQT opened at $25.14 on Thursday. The company's fifty day moving average is $26.72 and its two-hundred day moving average is $24.65. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92. Arcutis Biotherapeutics, Inc. has a 1-year low of $15.10 and a 1-year high of $31.77. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of 119.72 and a beta of 1.49.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.06 by $0.05. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. The business had revenue of $129.86 million during the quarter, compared to analyst estimates of $118.85 million. Equities analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.4 EPS for the current year.

Arcutis Biotherapeutics Profile

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company's research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.

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