Jefferies Financial Group Inc. Sells 22,975 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Key Points

• Jefferies Financial Group Inc. reduced its stake in Arcutis Biotherapeutics by 20.9% during the first quarter, selling 22,975 shares and now holds approximately 0.07% of the company valued at $1.36 million.
• Point72 Asset Management L.P. significantly increased its holdings in Arcutis Biotherapeutics by 617.5%, acquiring over 1.5 million shares, while other hedge funds like Millennium Management LLC and D. E. Shaw & Co. also boosted their positions during the fourth quarter.
• Arcutis Biotherapeutics' stock price rose 5.5% on a recent trading day, reaching $15.32, amid analysts rating the stock with a consensus rating of "Moderate Buy" and a target price of $19.40.

Jefferies Financial Group Inc. decreased its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 20.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 86,925 shares of the company's stock after selling 22,975 shares during the quarter. Jefferies Financial Group Inc. owned about 0.07% of Arcutis Biotherapeutics worth $1,360,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Baader Bank Aktiengesellschaft bought a new stake in Arcutis Biotherapeutics in the first quarter worth about $156,000. XTX Topco Ltd acquired a new position in shares of Arcutis Biotherapeutics in the 1st quarter worth approximately $1,152,000. Federated Hermes Inc. raised its holdings in shares of Arcutis Biotherapeutics by 49.6% in the 1st quarter. Federated Hermes Inc. now owns 737,555 shares of the company's stock worth $11,535,000 after purchasing an additional 244,633 shares in the last quarter. Essex Investment Management Co. LLC boosted its holdings in Arcutis Biotherapeutics by 33.5% during the first quarter. Essex Investment Management Co. LLC now owns 190,638 shares of the company's stock worth $2,982,000 after buying an additional 47,815 shares in the last quarter. Finally, Nkcfo LLC acquired a new position in Arcutis Biotherapeutics in the first quarter worth approximately $109,000.

Insiders Place Their Bets

In related news, insider Todd Watanabe sold 11,547 shares of Arcutis Biotherapeutics stock in a transaction on Monday, August 4th. The shares were sold at an average price of $14.33, for a total value of $165,468.51. Following the transaction, the insider owned 901,569 shares in the company, valued at $12,919,483.77. This trade represents a 1.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Patrick Burnett sold 2,622 shares of the firm's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $14.33, for a total value of $37,573.26. Following the completion of the sale, the insider directly owned 112,846 shares in the company, valued at approximately $1,617,083.18. This represents a 2.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders acquired 7,434 shares of company stock valued at $99,277 and sold 82,599 shares valued at $1,188,633. Corporate insiders own 9.40% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ARQT shares. Needham & Company LLC reissued a "buy" rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a research note on Friday, May 23rd. 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. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Arcutis Biotherapeutics currently has an average rating of "Moderate Buy" and an average price target of $19.40.

Arcutis Biotherapeutics Stock Up 0.3%

Shares of NASDAQ ARQT traded up $0.04 during mid-day trading on Wednesday, reaching $15.36. The company had a trading volume of 1,896,248 shares, compared to its average volume of 2,136,665. The stock has a market capitalization of $1.83 billion, a PE ratio of -14.77 and a beta of 1.84. Arcutis Biotherapeutics, Inc. has a twelve month low of $8.03 and a twelve month high of $17.75. The company has a debt-to-equity ratio of 0.75, a quick ratio of 3.37 and a current ratio of 3.55. The stock's 50 day moving average is $14.21 and its 200-day moving average is $14.12.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.19) by $0.06. Arcutis Biotherapeutics had a negative net margin of 60.95% and a negative return on equity of 80.66%. As a group, equities analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Arcutis Biotherapeutics Company Profile

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.