Paradigm Biocapital Advisors LP Invests $22.92 Million in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Paradigm Biocapital Advisors LP has acquired a new stake in Arcutis Biotherapeutics, purchasing 1,465,334 shares valued at approximately $22.9 million, making it the firm’s 23rd largest holding.
• Analysts have positive outlooks on Arcutis Biotherapeutics, with several firms issuing "buy" ratings and increasing price targets, indicating a potential for growth in the stock.
• In the latest earnings report, Arcutis Biotherapeutics reported revenue of $81.5 million, surpassing analyst estimates and reflecting strong performance despite a negative net margin.

Paradigm Biocapital Advisors LP acquired a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,465,334 shares of the company's stock, valued at approximately $22,918,000. Arcutis Biotherapeutics comprises 1.1% of Paradigm Biocapital Advisors LP's investment portfolio, making the stock its 23rd biggest holding. Paradigm Biocapital Advisors LP owned about 1.23% of Arcutis Biotherapeutics as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. GF Fund Management CO. LTD. purchased a new position in Arcutis Biotherapeutics during the fourth quarter worth approximately $34,000. Amalgamated Bank lifted its holdings in shares of Arcutis Biotherapeutics by 39.4% in the 1st quarter. Amalgamated Bank now owns 3,723 shares of the company's stock valued at $58,000 after purchasing an additional 1,053 shares during the last quarter. KBC Group NV purchased a new stake in shares of Arcutis Biotherapeutics in the 1st quarter valued at about $84,000. Nkcfo LLC acquired a new position in Arcutis Biotherapeutics in the 1st quarter valued at about $109,000. Finally, Baader Bank Aktiengesellschaft acquired a new position in Arcutis Biotherapeutics during the 1st quarter worth approximately $156,000.

Insiders Place Their Bets

In other news, Director Patrick J. Heron acquired 2,646 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was bought at an average price of $13.08 per share, with a total value of $34,609.68. Following the transaction, the director directly owned 27,448 shares in the company, valued at approximately $359,019.84. The trade was a 10.67% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Patrick Burnett sold 23,000 shares of Arcutis Biotherapeutics stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $15.05, for a total transaction of $346,150.00. Following the completion of the sale, the insider owned 115,468 shares of the company's stock, valued at $1,737,793.40. This trade represents a 16.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 87,512 shares of company stock valued at $1,283,000 in the last quarter. Company insiders own 9.40% of the company's stock.

Arcutis Biotherapeutics Stock Performance

Arcutis Biotherapeutics stock traded up $0.66 on Friday, reaching $16.87. 1,144,529 shares of the stock were exchanged, compared to its average volume of 2,081,325. The firm has a fifty day moving average price of $15.02 and a two-hundred day moving average price of $14.50. The stock has a market cap of $2.02 billion, a PE ratio of -22.68 and a beta of 1.93. The company has a current ratio of 3.20, a quick ratio of 3.04 and a debt-to-equity ratio of 0.77. Arcutis Biotherapeutics, Inc. has a twelve month low of $8.03 and a twelve month high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.18) by $0.05. Arcutis Biotherapeutics had a negative net margin of 35.40% and a negative return on equity of 62.62%. The business had revenue of $81.50 million for the quarter, compared to analysts' expectations of $72.70 million. Sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently issued reports on ARQT. Cowen reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, August 7th. Wall Street Zen upgraded Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. The Goldman Sachs Group started coverage on shares of Arcutis Biotherapeutics in a report on Friday, July 25th. They issued a "neutral" rating and a $18.00 target price on the stock. Finally, Needham & Company LLC lifted their price target on Arcutis Biotherapeutics from $20.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Arcutis Biotherapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $19.80.

About Arcutis Biotherapeutics

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.