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Phocas Financial Corp. Makes New $1.63 Million Investment in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Arcutis Biotherapeutics logo with Medical background

Key Points

  • Phocas Financial Corp. invested approximately $1.63 million in Arcutis Biotherapeutics by purchasing nearly 104,000 shares in the first quarter.
  • Several institutional investors, including Suvretta Capital Management LLC and Millennium Management LLC, have significantly increased their stakes in Arcutis, indicating a growing interest in the company.
  • Analysts have given Arcutis Biotherapeutics an average rating of "Moderate Buy" with a consensus target price of $19.40, reflecting optimism about the company's future performance.
  • MarketBeat previews top five stocks to own in September.

Phocas Financial Corp. bought a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 103,999 shares of the company's stock, valued at approximately $1,627,000. Phocas Financial Corp. owned approximately 0.09% of Arcutis Biotherapeutics as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ARQT. Suvretta Capital Management LLC increased its stake in shares of Arcutis Biotherapeutics by 6.3% during the 4th quarter. Suvretta Capital Management LLC now owns 11,399,138 shares of the company's stock worth $158,790,000 after purchasing an additional 677,627 shares during the last quarter. Polar Capital Holdings Plc increased its stake in shares of Arcutis Biotherapeutics by 7.2% during the 4th quarter. Polar Capital Holdings Plc now owns 7,377,381 shares of the company's stock worth $102,767,000 after purchasing an additional 493,009 shares during the last quarter. Gilder Gagnon Howe & Co. LLC increased its stake in shares of Arcutis Biotherapeutics by 9.8% during the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 3,902,991 shares of the company's stock worth $54,369,000 after purchasing an additional 349,153 shares during the last quarter. D. E. Shaw & Co. Inc. increased its stake in shares of Arcutis Biotherapeutics by 44.0% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,513,577 shares of the company's stock worth $35,014,000 after purchasing an additional 768,553 shares during the last quarter. Finally, Millennium Management LLC increased its stake in shares of Arcutis Biotherapeutics by 101.3% during the 4th quarter. Millennium Management LLC now owns 2,310,163 shares of the company's stock worth $32,181,000 after purchasing an additional 1,162,690 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ARQT. The Goldman Sachs Group initiated coverage on shares of Arcutis Biotherapeutics in a research note on Friday, July 25th. They set a "neutral" rating and a $18.00 price target on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a research note on Friday, May 23rd. One research analyst has rated the stock with a hold rating and five have assigned 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 $19.40.

Get Our Latest Research Report on Arcutis Biotherapeutics

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Larry Todd Edwards sold 7,451 shares of the firm's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $14.07, for a total value of $104,835.57. Following the sale, the insider directly owned 183,104 shares in the company, valued at $2,576,273.28. This trade represents a 3.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Howard G. Welgus sold 10,139 shares of the firm's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $13.37, for a total transaction of $135,558.43. Following the completion of the sale, the director owned 109,414 shares in the company, valued at $1,462,865.18. This represents a 8.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 7,434 shares of company stock valued at $99,277 and have sold 52,011 shares valued at $750,607. Insiders own 9.40% of the company's stock.

Arcutis Biotherapeutics Stock Performance

NASDAQ:ARQT opened at $14.29 on Monday. Arcutis Biotherapeutics, Inc. has a 1 year low of $7.86 and a 1 year high of $17.75. The firm's fifty day simple moving average is $14.18 and its 200 day simple moving average is $14.10. The company has a current ratio of 3.55, a quick ratio of 3.37 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $1.70 billion, a PE ratio of -13.74 and a beta of 1.84.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 60.95% and a negative return on equity of 80.66%. On average, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Arcutis Biotherapeutics Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Arcutis Biotherapeutics (NASDAQ:ARQT)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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