GW&K Investment Management LLC Sells 163,461 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• GW&K Investment Management reduced its Arcutis Biotherapeutics stake by 13.9% in the fourth quarter, selling 163,461 shares and ending with 1,008,580 shares valued at about $29.3 million.
• Analysts remain generally positive on ARQT, with five Buy ratings, two Hold ratings, and one Sell rating; the consensus price target is $34.
• Arcutis recently reported quarterly revenue of $105.4 million, topping estimates, but EPS of -$0.09 missed expectations. Insider selling also continued, including trades by CEO Todd Watanabe and CFO Latha Vairavan.

GW&K Investment Management LLC lessened its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 13.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,008,580 shares of the company's stock after selling 163,461 shares during the quarter. GW&K Investment Management LLC owned 0.82% of Arcutis Biotherapeutics worth $29,289,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Johnson Investment Counsel Inc. bought a new stake in Arcutis Biotherapeutics in the 3rd quarter valued at $30,000. SBI Securities Co. Ltd. lifted its position in shares of Arcutis Biotherapeutics by 325.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company's stock worth $32,000 after buying an additional 833 shares during the period. Global Retirement Partners LLC bought a new position in shares of Arcutis Biotherapeutics during the 4th quarter worth approximately $35,000. EverSource Wealth Advisors LLC lifted its position in shares of Arcutis Biotherapeutics by 124.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company's stock worth $37,000 after buying an additional 698 shares during the period. Finally, Jones Financial Companies Lllp lifted its position in shares of Arcutis Biotherapeutics by 1,291.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company's stock worth $124,000 after buying an additional 6,559 shares during the period.

Analysts Set New Price Targets

Several equities analysts recently commented on ARQT shares. HC Wainwright raised their target price on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Needham & Company LLC restated a "buy" rating and set a $36.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, May 7th. Mizuho cut their target price on Arcutis Biotherapeutics from $37.00 to $35.00 and set an "outperform" rating for the company in a research report on Monday, March 2nd. Weiss Ratings restated a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research report on Friday, March 27th. Finally, Wall Street Zen downgraded Arcutis Biotherapeutics from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Arcutis Biotherapeutics currently has an average rating of "Moderate Buy" and an average price target of $34.00.

Arcutis Biotherapeutics Stock Performance

Arcutis Biotherapeutics stock opened at $23.23 on Thursday. The stock has a 50-day simple moving average of $22.52 and a 200 day simple moving average of $25.34. 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, Inc. has a 12-month low of $12.72 and a 12-month high of $31.77. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of -774.08 and a beta of 1.51.

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 (EPS) 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 during the quarter, compared to the consensus estimate of $103.68 million. On average, research analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Todd Watanabe sold 3,172 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $23.61, for a total value of $74,890.92. Following the transaction, the insider directly owned 720,755 shares in the company, valued at approximately $17,017,025.55. This trade represents a 0.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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, CFO Latha Vairavan sold 1,341 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $23.61, for a total value of $31,661.01. Following the completion of the transaction, the chief financial officer owned 86,413 shares in the company, valued at $2,040,210.93. The trade was a 1.53% 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 ninety days, insiders sold 31,254 shares of company stock valued at $732,019. 9.40% of the stock is owned by corporate insiders.

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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