Hillsdale Investment Management Inc. Invests $5.21 Million in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Hillsdale Investment Management opened a new position in Arcutis Biotherapeutics during the fourth quarter, buying 179,420 shares valued at about $5.21 million.
• Arcutis reported quarterly earnings of -$0.09 per share, missing analyst expectations, though revenue of $105.4 million came in slightly above estimates.
• Wall Street remains cautiously positive on ARQT, with a Moderate Buy consensus and an average price target of $34, despite some insider selling in recent months.

Hillsdale Investment Management Inc. bought a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 179,420 shares of the company's stock, valued at approximately $5,210,000. Hillsdale Investment Management Inc. owned 0.15% of Arcutis Biotherapeutics at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Johnson Investment Counsel Inc. purchased a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter worth about $30,000. SBI Securities Co. Ltd. grew its position in shares of Arcutis Biotherapeutics by 325.4% in 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 purchased a new stake in shares of Arcutis Biotherapeutics in the 4th quarter worth about $35,000. EverSource Wealth Advisors LLC grew its position in shares of Arcutis Biotherapeutics by 124.0% in 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 grew its position in shares of Arcutis Biotherapeutics by 1,291.1% in 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.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $21.46 on Friday. Arcutis Biotherapeutics, Inc. has a twelve month low of $12.72 and a twelve month high of $31.77. The firm has a market cap of $2.68 billion, a P/E ratio of -715.09 and a beta of 1.58. The company has a 50 day moving average of $22.57 and a 200 day moving average of $25.53. 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 quarterly earnings data 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). Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%.The firm had revenue of $105.40 million during the quarter, compared to analysts' expectations of $103.68 million. As a group, research analysts expect that Arcutis Biotherapeutics, Inc. will post 0.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ARQT has been the subject of a number of recent research reports. TD Cowen lifted their price objective on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. Mizuho cut their target price on Arcutis Biotherapeutics from $37.00 to $35.00 and set an "outperform" rating on the stock in a research note on Monday, March 2nd. Wall Street Zen cut Arcutis Biotherapeutics from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Guggenheim increased their target price on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the stock a "buy" rating in a research note on Friday, February 27th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $36.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Five 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $34.00.

Insider Buying and Selling

In related news, insider Larry Todd Edwards sold 3,687 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $25.18, for a total value of $92,838.66. Following the completion of the transaction, the insider directly owned 175,178 shares in the company, valued at $4,410,982.04. The trade was a 2.06% 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 Todd Watanabe sold 37,349 shares of the firm's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $25.18, for a total transaction of $940,447.82. Following the sale, the insider directly owned 785,957 shares in the company, valued at approximately $19,790,397.26. The trade was a 4.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 90,163 shares of company stock worth $2,216,396 over the last 90 days. 9.40% of the stock is currently owned by company insiders.

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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