Pictet Asset Management Holding SA Buys 74,528 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Pictet Asset Management Holding SA raised its stake in Arcutis by 566.4% in Q4, buying 74,528 shares to hold 87,687 shares worth $2.51 million (about 0.07% of the company).
• Arcutis beat quarterly estimates—$0.13 EPS vs $0.03 expected and $129.5M revenue vs $110.79M—yet remains unprofitable with a negative net margin and a negative P/E of -167.77.
• Several institutions (Jennison, Vanguard, Polar Capital, UBS, State Street) also increased positions while insiders sold 82,028 shares last quarter; analysts’ consensus is a Moderate Buy with an average target of $34.

Pictet Asset Management Holding SA lifted its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 566.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 87,687 shares of the company's stock after purchasing an additional 74,528 shares during the period. Pictet Asset Management Holding SA owned 0.07% of Arcutis Biotherapeutics worth $2,511,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Jennison Associates LLC raised its stake in shares of Arcutis Biotherapeutics by 10.3% during the 3rd quarter. Jennison Associates LLC now owns 12,254,119 shares of the company's stock worth $230,990,000 after purchasing an additional 1,144,714 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Arcutis Biotherapeutics by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company's stock worth $210,654,000 after purchasing an additional 107,846 shares in the last quarter. Polar Capital Holdings Plc raised its stake in shares of Arcutis Biotherapeutics by 5.8% during the 3rd quarter. Polar Capital Holdings Plc now owns 5,298,754 shares of the company's stock worth $99,882,000 after purchasing an additional 292,279 shares in the last quarter. State Street Corp raised its stake in shares of Arcutis Biotherapeutics by 1.2% during the 2nd quarter. State Street Corp now owns 4,526,937 shares of the company's stock worth $63,468,000 after purchasing an additional 52,734 shares in the last quarter. Finally, UBS Group AG raised its stake in shares of Arcutis Biotherapeutics by 10.0% during the 4th quarter. UBS Group AG now owns 3,243,432 shares of the company's stock worth $94,189,000 after purchasing an additional 294,994 shares in the last quarter.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ ARQT opened at $23.49 on Tuesday. 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's fifty day moving average price is $23.86 and its two-hundred day moving average price is $25.74. Arcutis Biotherapeutics, Inc. has a one year low of $12.42 and a one year high of $31.77. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of -167.77 and a beta of 1.58.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $129.50 million for the quarter, compared to analyst estimates of $110.79 million. On average, equities analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.18 EPS for the current year.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 8,733 shares of the company's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $25.30, for a total value of $220,944.90. Following the transaction, the insider directly owned 136,932 shares of the company's stock, valued at $3,464,379.60. This represents a 6.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Larry Todd Edwards sold 3,687 shares of the company's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $25.18, for a total value of $92,838.66. Following the completion of the transaction, the insider directly owned 175,178 shares in the company, valued at approximately $4,410,982.04. This represents a 2.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 82,028 shares of company stock worth $2,068,893. 9.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ARQT has been the topic of a number of recent analyst reports. Mizuho decreased their target price on Arcutis Biotherapeutics from $37.00 to $35.00 and set an "outperform" rating on the stock in a report on Monday, March 2nd. Wall Street Zen lowered Arcutis Biotherapeutics from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 14th. TD Cowen boosted their target price on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Guggenheim boosted their target price on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the stock a "buy" rating in a report on Friday, February 27th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a report on Friday, March 27th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock 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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