Charles Schwab Investment Management Inc. Sells 18,036 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Arcutis Biotherapeutics by 2.1%, selling 18,036 shares and now holding a total of 860,768 shares valued at approximately $13.46 million.
• Other large investors, such as Vanguard Group Inc., increased their stakes in Arcutis Biotherapeutics, with Vanguard now owning around 6.82 million shares valued at about $106.64 million.
• Arcutis Biotherapeutics reported earnings per share of ($0.13) for the last quarter, exceeding analysts’ expectations, and has been upgraded to a "buy" rating by multiple research firms.

Charles Schwab Investment Management Inc. lowered its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 2.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 860,768 shares of the company's stock after selling 18,036 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.72% of Arcutis Biotherapeutics worth $13,462,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Amalgamated Bank grew its position in shares of Arcutis Biotherapeutics by 39.4% in the 1st quarter. Amalgamated Bank now owns 3,723 shares of the company's stock worth $58,000 after acquiring an additional 1,053 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Arcutis Biotherapeutics in the 4th quarter worth $1,112,000. New York State Common Retirement Fund raised its stake in shares of Arcutis Biotherapeutics by 93.4% in the 1st quarter. New York State Common Retirement Fund now owns 48,670 shares of the company's stock worth $761,000 after buying an additional 23,503 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Arcutis Biotherapeutics by 46.6% in the 4th quarter. Wells Fargo & Company MN now owns 52,455 shares of the company's stock worth $731,000 after acquiring an additional 16,682 shares during the last quarter. Finally, Cerity Partners LLC acquired a new position in shares of Arcutis Biotherapeutics in the 1st quarter worth $303,000.

Insiders Place Their Bets

In other news, insider Todd Watanabe sold 11,547 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $14.33, for a total value of $165,468.51. Following the completion of the transaction, the insider directly owned 901,569 shares of the company's stock, valued at approximately $12,919,483.77. This represents a 1.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Patrick Burnett sold 23,000 shares of the stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $15.05, for a total value of $346,150.00. Following the completion of the transaction, the insider directly owned 115,468 shares of the company's stock, valued at approximately $1,737,793.40. The trade was a 16.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 4,914 shares of company stock worth $64,853 and sold 77,512 shares worth $1,126,600. 9.40% of the stock is currently owned by corporate insiders.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock traded up $0.03 during mid-day trading on Friday, reaching $15.52. The stock had a trading volume of 1,185,283 shares, compared to its average volume of 1,760,802. The firm's 50 day simple moving average is $14.91 and its 200 day simple moving average is $14.42. The company has a quick ratio of 3.04, a current ratio of 3.20 and a debt-to-equity ratio of 0.77. Arcutis Biotherapeutics, Inc. has a one year low of $8.03 and a one year high of $17.75. The firm has a market cap of $1.86 billion, a PE ratio of -20.69 and a beta of 1.84.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.18) by $0.05. Arcutis Biotherapeutics had a negative return on equity of 62.62% and a negative net margin of 35.40%.The business had revenue of $81.50 million during the quarter, compared to analysts' expectations of $72.70 million. On average, analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Cowen reiterated a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. Needham & Company LLC boosted their price target on Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. The Goldman Sachs Group initiated coverage on Arcutis Biotherapeutics in a research report on Friday, July 25th. They issued a "neutral" rating and a $18.00 price target for the company. Finally, Wall Street Zen raised Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $19.80.

About Arcutis Biotherapeutics

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.