Castleark Management LLC Takes $8.99 Million Position in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Castleark Management LLC disclosed a new fourth-quarter stake in Arcutis Biotherapeutics, buying 309,430 shares valued at about $8.99 million. The position represented roughly 0.25% of the company.
• Arcutis Biotherapeutics shares were down 0.9% to $24.38, with the stock trading below its 52-week high of $31.77. The company has a market cap of about $3.05 billion and remains unprofitable on a reported earnings basis.
• On the operating side, Arcutis reported Q1 earnings of -$0.09 per share, missing analyst expectations, though revenue of $105.4 million came in slightly ahead of estimates. Analysts currently rate the stock a Moderate Buy with a consensus target price of $34.00.

Castleark Management LLC acquired a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 309,430 shares of the company's stock, valued at approximately $8,986,000. Castleark Management LLC owned about 0.25% of Arcutis Biotherapeutics as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Arcutis Biotherapeutics by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company's stock valued at $210,654,000 after buying an additional 107,846 shares in the last quarter. Polar Capital Holdings Plc raised its stake in shares of Arcutis Biotherapeutics by 5.8% in the 3rd quarter. Polar Capital Holdings Plc now owns 5,298,754 shares of the company's stock valued at $99,882,000 after buying an additional 292,279 shares in the last quarter. State Street Corp raised its stake in shares of Arcutis Biotherapeutics by 1.2% in the 2nd quarter. State Street Corp now owns 4,526,937 shares of the company's stock valued at $63,468,000 after buying an additional 52,734 shares in the last quarter. UBS Group AG raised its stake in shares of Arcutis Biotherapeutics by 10.0% in the 4th quarter. UBS Group AG now owns 3,243,432 shares of the company's stock valued at $94,189,000 after buying an additional 294,994 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Arcutis Biotherapeutics by 5.6% in the 4th quarter. Geode Capital Management LLC now owns 2,753,307 shares of the company's stock valued at $79,967,000 after buying an additional 146,842 shares in the last quarter.

Arcutis Biotherapeutics Trading Down 0.9%

ARQT stock opened at $24.38 on Friday. The business has a fifty day moving average price of $22.55 and a 200 day moving average price of $25.30. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $12.72 and a fifty-two week high of $31.77. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of -812.40 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.68 and a quick ratio of 2.46.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. The business had revenue of $105.40 million for the quarter, compared to analyst estimates of $103.68 million. Analysts expect that Arcutis Biotherapeutics, Inc. will post 0.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ARQT has been the subject of a number of recent research reports. Mizuho dropped their price objective on shares of Arcutis Biotherapeutics from $37.00 to $35.00 and set an "outperform" rating for the company in a research note on Monday, March 2nd. TD Cowen increased their price objective on shares of Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. Guggenheim increased their price objective on shares of Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a "buy" rating in a research note on Friday, February 27th. HC Wainwright increased their price objective on shares of Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research note on Friday, March 27th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Arcutis Biotherapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $34.00.

Insiders Place Their Bets

In related news, insider Masaru Matsuda sold 8,256 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $23.31, for a total value of $192,447.36. Following the completion of the sale, the insider owned 126,689 shares of the company's stock, valued at $2,953,120.59. This trade represents a 6.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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, CFO Latha Vairavan sold 1,341 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $23.61, for a total transaction of $31,661.01. Following the completion of the sale, the chief financial officer directly owned 86,413 shares of the company's stock, valued at approximately $2,040,210.93. This represents a 1.53% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 31,254 shares of company stock valued at $732,019. Company insiders own 9.40% of the company's stock.

Arcutis Biotherapeutics Company 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.

Want to see what other hedge funds are holding ARQT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.