First Trust Advisors LP Has $8.28 Million Stock Holdings in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• First Trust Advisors cut its Arcutis Biotherapeutics stake by 13.2% in the first quarter, selling 53,437 shares and retaining 351,217 shares worth approximately $8.28 million.
• Other major institutional investors, including Suvretta Capital, Vanguard, Polar Capital, State Street and Morgan Stanley, increased their positions in Arcutis during the fourth quarter.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $34.00, despite Arcutis missing quarterly EPS estimates while slightly exceeding revenue expectations.

First Trust Advisors LP trimmed its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 13.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 351,217 shares of the company's stock after selling 53,437 shares during the period. First Trust Advisors LP owned 0.28% of Arcutis Biotherapeutics worth $8,275,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Suvretta Capital Management LLC raised its holdings in shares of Arcutis Biotherapeutics by 14.2% during the 4th quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company's stock valued at $347,435,000 after purchasing an additional 1,486,000 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Arcutis Biotherapeutics by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company's stock worth $210,654,000 after purchasing an additional 107,846 shares in the last quarter. Polar Capital Holdings Plc increased its position in Arcutis Biotherapeutics by 4.9% during the fourth quarter. Polar Capital Holdings Plc now owns 5,556,169 shares of the company's stock worth $161,351,000 after buying an additional 257,415 shares during the last quarter. State Street Corp increased its position in Arcutis Biotherapeutics by 18.2% during the fourth quarter. State Street Corp now owns 5,488,301 shares of the company's stock worth $159,380,000 after buying an additional 846,986 shares during the last quarter. Finally, Morgan Stanley raised its holdings in Arcutis Biotherapeutics by 1.5% during the fourth quarter. Morgan Stanley now owns 4,340,239 shares of the company's stock valued at $126,041,000 after buying an additional 63,845 shares in the last quarter.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Todd Watanabe sold 3,172 shares of the firm's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $23.61, for a total value of $74,890.92. Following the sale, the insider owned 720,755 shares in the company, valued at approximately $17,017,025.55. This trade represents a 0.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 8,256 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $23.31, for a total transaction of $192,447.36. Following the completion of the sale, the insider directly owned 126,689 shares of the company's stock, valued at approximately $2,953,120.59. This trade represents a 6.12% decrease in their ownership of the stock. 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 three months, insiders have sold 23,787 shares of company stock worth $565,846. Insiders own 9.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research report on Wednesday, June 24th. Needham & Company LLC reissued a "buy" rating and set a $36.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, May 7th. Finally, Wall Street Zen raised Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research note on Sunday, July 12th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $34.00.

Arcutis Biotherapeutics Stock Performance

NASDAQ:ARQT opened at $26.86 on Friday. The firm has a market capitalization of $3.36 billion, a PE ratio of -895.03 and a beta of 1.48. Arcutis Biotherapeutics, Inc. has a 1 year low of $13.69 and a 1 year high of $31.77. The company has a current ratio of 2.68, a quick ratio of 2.46 and a debt-to-equity ratio of 0.54. The firm's fifty day simple moving average is $25.55 and its 200 day simple moving average is $24.70.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its 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). The firm had revenue of $105.40 million for the quarter, compared to analyst estimates of $103.67 million. Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%. On average, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.16 EPS for the current year.

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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