Bank of America Corp DE Acquires 547,835 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Bank of America increased its Arcutis Biotherapeutics stake by 32.7%, purchasing 547,835 shares to hold 2.22 million shares worth approximately $52.3 million, or 1.78% of the company.
• Analysts remain broadly positive, with six Buy ratings and three Holds; the consensus rating is Moderate Buy with a $35.57 price target. Morgan Stanley, Guggenheim and Needham recently raised their targets to $38, $38 and $40, respectively.
• Arcutis reported quarterly revenue of $129.86 million and EPS of $0.11, exceeding analyst expectations of $118.85 million and $0.06. Shares opened at $26.23, while insiders sold a combined 16,237 shares worth $408,214 over the past three months.

Bank of America Corp DE boosted its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 32.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,221,289 shares of the company's stock after buying an additional 547,835 shares during the quarter. Bank of America Corp DE owned approximately 1.78% of Arcutis Biotherapeutics worth $52,334,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Suvretta Capital Management LLC raised its stake in Arcutis Biotherapeutics by 14.2% during the fourth quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company's stock worth $347,435,000 after acquiring an additional 1,486,000 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Arcutis Biotherapeutics by 1,228.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,166,348 shares of the company's stock valued at $33,872,000 after purchasing an additional 1,078,546 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Arcutis Biotherapeutics during the 4th quarter valued at approximately $26,136,000. State Street Corp grew its holdings in shares of Arcutis Biotherapeutics by 18.2% during the 4th quarter. State Street Corp now owns 5,488,301 shares of the company's stock valued at $159,380,000 after purchasing an additional 846,986 shares during the last quarter. Finally, Voloridge Investment Management LLC acquired a new position in Arcutis Biotherapeutics during the 3rd quarter worth approximately $15,711,000.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ARQT. Wall Street Zen raised shares of Arcutis Biotherapeutics from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Morgan Stanley boosted their target price on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Guggenheim upped their price target on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Needham & Company LLC increased their price target on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Finally, Weiss Ratings upgraded Arcutis Biotherapeutics from a "sell (d-)" rating to a "hold (c-)" rating in a research note on Thursday, August 6th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $35.57.

Arcutis Biotherapeutics Stock Up 1.2%

Shares of ARQT opened at $26.23 on Wednesday. The company has a market capitalization of $3.30 billion, a PE ratio of 124.91 and a beta of 1.49. Arcutis Biotherapeutics, Inc. has a 12 month low of $14.08 and a 12 month high of $31.77. The stock's 50-day moving average price is $26.25 and its two-hundred day moving average price is $24.68. The company has a current ratio of 2.92, a quick ratio of 2.67 and a debt-to-equity ratio of 0.46.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.05. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%.The firm had revenue of $129.86 million for the quarter, compared to analyst estimates of $118.85 million. On average, analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.33 EPS for the current year.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 4,096 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $24.41, for a total transaction of $99,983.36. Following the completion of the sale, the director owned 38,378 shares of the company's stock, valued at approximately $936,806.98. This represents a 9.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction of $114,275.00. Following the transaction, the insider owned 717,203 shares of the company's stock, valued at approximately $18,733,342.36. The trade was a 0.61% 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. Over the last three months, insiders have sold 16,237 shares of company stock valued at $408,214. Insiders own 9.40% of the company's stock.

About Arcutis Biotherapeutics

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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