Cerity Partners LLC Takes Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Key Points

• Cerity Partners LLC has acquired a new position in Arcutis Biotherapeutics, purchasing 19,354 shares valued at approximately $303,000 during Q1.
• Multiple investors have increased their holdings significantly in the fourth quarter, with Millennium Management LLC growing its stake by 101.3%.
• Arcutis Biotherapeutics recently reported a quarterly revenue of $65.85 million and a smaller loss than expected, surpassing analysts' estimates for earnings per share.

Cerity Partners LLC bought a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 19,354 shares of the company's stock, valued at approximately $303,000.

Other hedge funds have also recently modified their holdings of the company. GF Fund Management CO. LTD. purchased a new stake in Arcutis Biotherapeutics during the fourth quarter valued at $34,000. Amalgamated Bank raised its stake in Arcutis Biotherapeutics by 39.4% during the first quarter. Amalgamated Bank now owns 3,723 shares of the company's stock valued at $58,000 after purchasing an additional 1,053 shares in the last quarter. KBC Group NV purchased a new stake in Arcutis Biotherapeutics during the first quarter valued at $84,000. Summit Investment Advisors Inc. raised its stake in Arcutis Biotherapeutics by 8.0% during the fourth 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 in the last quarter. Finally, Syon Capital LLC purchased a new stake in Arcutis Biotherapeutics during the fourth quarter valued at $189,000.

Arcutis Biotherapeutics Trading Down 1.2%

Shares of NASDAQ ARQT traded down $0.18 during mid-day trading on Thursday, reaching $14.41. The company had a trading volume of 254,013 shares, compared to its average volume of 2,142,910. The business's 50-day moving average is $14.14 and its 200-day moving average is $14.07. The company has a current ratio of 3.55, a quick ratio of 3.37 and a debt-to-equity ratio of 0.75. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of -13.84 and a beta of 1.77. Arcutis Biotherapeutics, Inc. has a 52 week low of $7.86 and a 52 week high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $65.85 million for the quarter, compared to analysts' expectations of $64.80 million. Equities analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,139 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $13.37, for a total transaction of $135,558.43. Following the transaction, the director directly owned 109,414 shares in the company, valued at $1,462,865.18. This represents a 8.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Masaru Matsuda sold 5,030 shares of the stock in a transaction dated Friday, May 2nd. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 7,434 shares of company stock worth $99,277 and sold 57,041 shares worth $827,063. Insiders own 9.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Guggenheim reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. Needham & Company LLC reiterated a "buy" rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a research report on Friday, May 23rd. The Goldman Sachs Group assumed coverage on shares of Arcutis Biotherapeutics in a research report on Friday, July 25th. They set a "neutral" rating and a $18.00 price objective on the stock. Finally, HC Wainwright reiterated a "buy" rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.40.

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.