Penserra Capital Management LLC Takes $1.85 Million Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Penserra Capital Management LLC purchased a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 118,521 shares of the company's stock, valued at approximately $1,853,000. Penserra Capital Management LLC owned approximately 0.10% of Arcutis Biotherapeutics at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in ARQT. GF Fund Management CO. LTD. purchased a new position in shares of Arcutis Biotherapeutics in the fourth quarter worth $34,000. Amalgamated Bank increased its position in Arcutis Biotherapeutics by 39.4% in the first quarter. Amalgamated Bank now owns 3,723 shares of the company's stock worth $58,000 after purchasing an additional 1,053 shares during the last quarter. KBC Group NV bought a new stake in Arcutis Biotherapeutics in the first quarter worth $84,000. Cibc World Markets Corp bought a new stake in Arcutis Biotherapeutics in the fourth quarter worth $140,000. Finally, Summit Investment Advisors Inc. increased its position in Arcutis Biotherapeutics by 8.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company's stock worth $157,000 after purchasing an additional 837 shares during the last quarter.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ARQT. Needham & Company LLC restated a "buy" rating and issued a $20.00 price target on shares of Arcutis Biotherapeutics in a research report on Friday, May 23rd. HC Wainwright reiterated a "buy" rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Finally, Guggenheim restated a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Arcutis Biotherapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $18.80.

Insider Buying and Selling

In related news, Director Patrick J. Heron acquired 2,646 shares of the stock in a transaction dated Friday, June 13th. The stock was acquired at an average cost of $13.08 per share, with a total value of $34,609.68. Following the completion of the transaction, the director owned 27,448 shares in the company, valued at $359,019.84. This represents a 10.67% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Larry Todd Edwards sold 7,451 shares of the business's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $14.07, for a total value of $104,835.57. Following the transaction, the insider directly owned 183,104 shares of the company's stock, valued at approximately $2,576,273.28. This represents a 3.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 7,434 shares of company stock worth $99,277 and sold 28,291 shares worth $394,261. 9.40% of the stock is owned by insiders.

Arcutis Biotherapeutics Price Performance

Arcutis Biotherapeutics stock traded down $0.26 during trading on Friday, reaching $15.01. The company had a trading volume of 1,429,100 shares, compared to its average volume of 2,156,963. Arcutis Biotherapeutics, Inc. has a 1-year low of $7.86 and a 1-year 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 firm's 50-day simple moving average is $13.91 and its 200 day simple moving average is $14.05. The firm has a market capitalization of $1.79 billion, a PE ratio of -14.43 and a beta of 1.77.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.01. The business had revenue of $65.85 million for the quarter, compared to analyst estimates of $64.80 million. Arcutis Biotherapeutics had a negative return on equity of 80.66% and a negative net margin of 60.95%. As a group, equities research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

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.