Kornitzer Capital Management Inc. KS Takes Position in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Kornitzer Capital Management initiated a new position in Arcutis Biotherapeutics (NASDAQ:ARQT), buying 113,385 shares worth about $3.29 million, equal to roughly 0.09% of the company.
• Arcutis posted stronger-than-expected quarterly results—$0.13 EPS vs. $0.03 consensus and $129.5 million in revenue vs. $110.8 million expected—while still reporting a negative net margin and return on equity.
• Insiders have sold about 159,546 shares (~$4.03 million) over the past 90 days, reducing insider ownership to 9.40%, even as several analysts raised price targets and the consensus rating is a Moderate Buy with a $34 target.

Kornitzer Capital Management Inc. KS bought a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 113,385 shares of the company's stock, valued at approximately $3,293,000. Kornitzer Capital Management Inc. KS owned approximately 0.09% of Arcutis Biotherapeutics as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Johnson Investment Counsel Inc. bought a new position in shares of Arcutis Biotherapeutics in the third quarter valued at approximately $30,000. Jones Financial Companies Lllp lifted its holdings in shares of Arcutis Biotherapeutics by 1,291.1% in the third 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. Quantbot Technologies LP bought a new position in shares of Arcutis Biotherapeutics in the second quarter valued at approximately $145,000. Russell Investments Group Ltd. lifted its holdings in shares of Arcutis Biotherapeutics by 4,562.5% in the second quarter. Russell Investments Group Ltd. now owns 11,190 shares of the company's stock valued at $157,000 after purchasing an additional 10,950 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Arcutis Biotherapeutics by 38.4% in the second quarter. BNP Paribas Financial Markets now owns 11,653 shares of the company's stock valued at $163,000 after purchasing an additional 3,234 shares in the last quarter.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT opened at $23.35 on Friday. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of -166.77 and a beta of 1.58. The stock has a 50 day moving average of $23.86 and a 200 day moving average of $25.70. Arcutis Biotherapeutics, Inc. has a 12 month low of $12.42 and a 12 month high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.13 EPS for the quarter, beating 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 company had revenue of $129.50 million during the quarter, compared to the consensus estimate of $110.79 million. As a group, sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.18 earnings per share for the current year.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Larry Todd Edwards sold 3,687 shares of the firm's stock in a transaction 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 completion of the sale, the insider directly owned 175,178 shares of the company's stock, valued at $4,410,982.04. This trade represents a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Todd Watanabe sold 37,349 shares of the firm's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $25.18, for a total value of $940,447.82. Following the completion of the sale, the insider directly owned 785,957 shares of the company's stock, valued at $19,790,397.26. This represents a 4.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 159,546 shares of company stock valued at $4,032,162. Company insiders own 9.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ARQT. Guggenheim increased their price target on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a "buy" rating in a research report on Friday, February 27th. Needham & Company LLC increased their price target on Arcutis Biotherapeutics from $31.00 to $36.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research report on Friday, March 27th. TD Cowen increased their price target on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Finally, HC Wainwright increased their price target on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Arcutis Biotherapeutics currently has an average rating of "Moderate Buy" and a consensus 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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