Jennison Associates LLC Has $196.25 Million Position in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Jennison Associates cut its stake in Arcutis by 44.9% in the fourth quarter, selling 5,496,113 shares and now holding 6,758,006 shares — about $196.25 million or 5.52% of the company.
• Insiders sold 159,546 shares (~$4.03 million) in the last quarter, including CFO Latha Vairavan and Larry Todd Edwards, leaving company insiders with a 9.40% ownership stake.
• Arcutis beat expectations for the quarter with revenue of $129.5M (vs. $110.79M est.) and EPS of $0.13 (vs. $0.03 est.), and analysts maintain a consensus "Moderate Buy" rating with an average target of $34.

Jennison Associates LLC lowered its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 44.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,758,006 shares of the company's stock after selling 5,496,113 shares during the period. Jennison Associates LLC owned about 5.52% of Arcutis Biotherapeutics worth $196,252,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ARQT. Johnson Investment Counsel Inc. acquired a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter valued at $30,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Arcutis Biotherapeutics by 28.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,952 shares of the company's stock valued at $173,000 after purchasing an additional 1,316 shares in the last quarter. Jones Financial Companies Lllp boosted its stake 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 valued at $124,000 after purchasing an additional 6,559 shares in the last quarter. Whalen Wealth Management Inc. acquired a new stake in shares of Arcutis Biotherapeutics in the 4th quarter valued at $233,000. Finally, Cookson Peirce & Co. Inc. bought a new position in shares of Arcutis Biotherapeutics in the third quarter valued at about $188,000.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, CFO Latha Vairavan sold 2,853 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $25.18, for a total transaction of $71,838.54. Following the completion of the sale, the chief financial officer directly owned 87,754 shares of the company's stock, valued at approximately $2,209,645.72. This represents a 3.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Larry Todd Edwards sold 3,687 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $25.18, for a total value of $92,838.66. Following the sale, the insider directly owned 175,178 shares of the company's stock, valued at approximately $4,410,982.04. The trade was a 2.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 159,546 shares of company stock worth $4,032,162 in the last quarter. Company insiders own 9.40% of the company's stock.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock opened at $22.66 on Thursday. The stock has a 50-day moving average of $23.96 and a 200-day moving average of $25.69. Arcutis Biotherapeutics, Inc. has a one year low of $12.42 and a one year high of $31.77. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.17 and a quick ratio of 2.99. The stock has a market cap of $2.83 billion, a PE ratio of -161.17 and a beta of 1.76.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its earnings results on Wednesday, February 25th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.10. Arcutis Biotherapeutics had a negative return on equity of 10.26% and a negative net margin of 4.29%.The business had revenue of $129.50 million during the quarter, compared to analysts' expectations of $110.79 million. As a group, sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post 0.18 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Mizuho cut their price target on Arcutis Biotherapeutics from $37.00 to $35.00 and set an "outperform" rating for the company in a report on Monday, March 2nd. Needham & Company LLC lifted their price target on Arcutis Biotherapeutics from $31.00 to $36.00 and gave the company a "buy" rating in a report on Thursday, February 26th. Guggenheim lifted their price target on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a "buy" rating in a report on Friday, February 27th. TD Cowen lifted their price target on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a "buy" rating in a report on Thursday, February 26th. Finally, HC Wainwright boosted their price objective on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price 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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