Bank of America Corp DE Invests $78.33 Million in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Bank of America acquired 2.99 million shares of Arcutis Biotherapeutics in the second quarter, valued at approximately $78.3 million and representing a 2.38% stake.
• Analysts remain generally positive, with six Buy ratings and three Holds, a “Moderate Buy” consensus, and an average price target of $35.57. Morgan Stanley, Guggenheim, and Needham recently raised their targets to $38–$40.
• Arcutis exceeded quarterly expectations, reporting $0.11 in earnings per share versus the $0.06 estimate and $129.86 million in revenue versus $118.85 million expected, while shares opened at $25.34 after a reported 4.2% decline.

Bank of America Corp DE acquired a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 2,987,431 shares of the company's stock, valued at approximately $78,330,000. Bank of America Corp DE owned approximately 2.38% of Arcutis Biotherapeutics as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its position in Arcutis Biotherapeutics by 124.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company's stock valued at $37,000 after buying an additional 698 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Arcutis Biotherapeutics by 0.4% during the 1st quarter. Bank of New York Mellon Corp now owns 305,532 shares of the company's stock valued at $7,198,000 after purchasing an additional 1,104 shares in the last quarter. KBC Group NV raised its holdings in Arcutis Biotherapeutics by 43.2% during the first quarter. KBC Group NV now owns 4,376 shares of the company's stock worth $103,000 after buying an additional 1,321 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in Arcutis Biotherapeutics by 2.3% during the fourth quarter. Los Angeles Capital Management LLC now owns 64,503 shares of the company's stock worth $1,873,000 after buying an additional 1,478 shares during the last quarter. Finally, AMI Asset Management Corp raised its holdings in Arcutis Biotherapeutics by 3.2% during the first quarter. AMI Asset Management Corp now owns 50,863 shares of the company's stock worth $1,198,000 after buying an additional 1,601 shares during the last quarter.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. 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 report on Thursday, August 6th. Weiss Ratings downgraded Arcutis Biotherapeutics from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, September 8th. Guggenheim boosted their price objective on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Wall Street Zen raised Arcutis Biotherapeutics from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Finally, Needham & Company LLC raised their target price on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Arcutis Biotherapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $35.57.

Arcutis Biotherapeutics Trading Down 4.2%

Shares of ARQT stock opened at $25.34 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92. The company has a market capitalization of $3.19 billion, a price-to-earnings ratio of 120.69 and a beta of 1.50. Arcutis Biotherapeutics, Inc. has a 52-week low of $16.57 and a 52-week high of $31.77. The company has a 50-day simple moving average of $25.86 and a two-hundred day simple moving average of $24.37.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.05. The firm had revenue of $129.86 million for the quarter, compared to the consensus estimate of $118.85 million. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%. Research analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.42 EPS for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In related news, insider Todd Watanabe sold 4,375 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $26.12, for a total transaction of $114,275.00. Following the completion of the transaction, the insider owned 717,203 shares in the company, valued at approximately $18,733,342.36. This represents a 0.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 3,674 shares of the firm's stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $25.00, for a total transaction of $91,850.00. Following the sale, the insider owned 112,508 shares of the company's stock, valued at $2,812,700. This trade represents a 3.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 79,225 shares of company stock worth $2,015,966. 9.40% of the stock is owned by company insiders.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc is a biopharmaceutical company focused on developing and commercializing treatments for immune-mediated dermatological conditions. The company's research and development activities are centered on therapies intended to address significant unmet needs in inflammatory skin diseases.

Arcutis's primary commercial product is ZORYVE (roflumilast), a topical, nonsteroidal phosphodiesterase-4 inhibitor. The product is available in multiple formulations and strengths for certain patients with plaque psoriasis, seborrheic dermatitis and atopic dermatitis.

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