Geode Capital Management LLC Has $79.97 Million Stock Holdings in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Geode Capital Management increased its stake in Arcutis Biotherapeutics by 5.6% in the fourth quarter, ending with 2.75 million shares valued at about $79.97 million.
• Arcutis reported quarterly earnings of -$0.09 per share, missing analyst expectations, though revenue of $105.4 million came in slightly above estimates.
• Analyst sentiment is mixed but generally constructive: the stock has a Moderate Buy consensus with a $34 average price target, even as some firms recently downgraded or reiterated cautious ratings.

Geode Capital Management LLC lifted its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 5.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,753,307 shares of the company's stock after purchasing an additional 146,842 shares during the period. Geode Capital Management LLC owned 2.25% of Arcutis Biotherapeutics worth $79,967,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of ARQT. Johnson Investment Counsel Inc. acquired a new position in shares of Arcutis Biotherapeutics during the 3rd quarter worth about $30,000. SBI Securities Co. Ltd. grew its stake in Arcutis Biotherapeutics by 325.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company's stock valued at $32,000 after buying an additional 833 shares during the last quarter. Global Retirement Partners LLC acquired a new position in Arcutis Biotherapeutics in the 4th quarter valued at about $35,000. EverSource Wealth Advisors LLC grew its stake 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 during the last quarter. Finally, Jones Financial Companies Lllp grew its stake in Arcutis Biotherapeutics by 1,291.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company's stock valued at $124,000 after buying an additional 6,559 shares during the last quarter.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $23.88, for a total transaction of $238,800.00. Following the transaction, the director owned 39,744 shares in the company, valued at $949,086.72. This represents a 20.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Todd Watanabe sold 3,172 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $23.61, for a total transaction of $74,890.92. Following the transaction, the insider owned 720,755 shares in the company, valued at approximately $17,017,025.55. The trade was a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. In the last quarter, insiders have sold 31,254 shares of company stock worth $732,019. 9.40% of the stock is currently owned by company insiders.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ:ARQT opened at $21.23 on Monday. The company's 50 day moving average price is $22.47 and its two-hundred day moving average price is $25.44. Arcutis Biotherapeutics, Inc. has a 12-month low of $12.72 and a 12-month high of $31.77. The firm has a market cap of $2.66 billion, a PE ratio of -707.43 and a beta of 1.52. The company has a quick ratio of 2.46, a current ratio of 2.68 and a debt-to-equity ratio of 0.54.

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

Wall Street Analyst Weigh In

A number of research analysts recently commented on ARQT shares. Wall Street Zen lowered shares of Arcutis Biotherapeutics from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research note on Friday, March 27th. Guggenheim upped their price target 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. Mizuho decreased their price target on shares of Arcutis Biotherapeutics from $37.00 to $35.00 and set an "outperform" rating on the stock in a research note on Monday, March 2nd. Finally, TD Cowen upped their price target 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. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Arcutis Biotherapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $34.00.

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.

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