Polar Capital Holdings Plc Increases Holdings in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Polar Capital Holdings increased its stake in Arcutis Biotherapeutics by 4.9% in the fourth quarter, adding 257,415 shares to bring its total to 5.56 million shares worth about $161.4 million.
• Several other institutional investors also adjusted positions in ARQT, while analysts remain mixed: the stock currently carries a Moderate Buy consensus with an average price target of $34.
• Arcutis reported quarterly earnings of -$0.09 per share, missing expectations, though revenue of $105.4 million slightly topped estimates; insiders also sold shares recently under pre-arranged trading plans.

Polar Capital Holdings Plc raised its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 4.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,556,169 shares of the company's stock after buying an additional 257,415 shares during the quarter. Polar Capital Holdings Plc owned approximately 4.54% of Arcutis Biotherapeutics worth $161,351,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Zevenbergen Capital Investments LLC purchased a new stake in shares of Arcutis Biotherapeutics during the 4th quarter valued at approximately $12,140,000. UBS Group AG grew its position in Arcutis Biotherapeutics by 10.0% in the fourth quarter. UBS Group AG now owns 3,243,432 shares of the company's stock worth $94,189,000 after acquiring an additional 294,994 shares during the period. Nordea Investment Management AB acquired a new stake in Arcutis Biotherapeutics during the fourth quarter worth $5,850,000. Ally Bridge Group NY LLC purchased a new stake in Arcutis Biotherapeutics in the third quarter valued at $4,396,000. Finally, Tudor Investment Corp ET AL purchased a new stake in Arcutis Biotherapeutics in the third quarter valued at $1,319,000.

Analyst Ratings Changes

A number of research firms have recently weighed in on ARQT. Mizuho lowered their price target on Arcutis Biotherapeutics from $37.00 to $35.00 and set an "outperform" rating for the company in a report on Monday, March 2nd. Wall Street Zen lowered shares of Arcutis Biotherapeutics from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Weiss Ratings reissued a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research note on Friday, March 27th. TD Cowen lifted their target price on shares of Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a "buy" rating in a report on Thursday, February 26th. Finally, Guggenheim raised their price target on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $34.00.

Insider Buying and Selling

In other news, insider Masaru Matsuda sold 8,256 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $23.31, for a total value of $192,447.36. Following the completion of the transaction, the insider owned 126,689 shares in the company, valued at approximately $2,953,120.59. This trade represents a 6.12% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Todd Watanabe sold 3,172 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $23.61, for a total transaction of $74,890.92. Following the completion of the sale, the insider directly owned 720,755 shares in the company, valued at approximately $17,017,025.55. This trade represents a 0.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 31,254 shares of company stock valued at $732,019 in the last three months. 9.40% of the stock is currently owned by insiders.

Arcutis Biotherapeutics Price Performance

Shares of ARQT opened at $25.67 on Wednesday. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $12.97 and a fifty-two week high of $31.77. The firm's 50 day moving average price is $22.63 and its 200 day moving average price is $25.18. The company has a market cap of $3.21 billion, a P/E ratio of -855.38 and a beta of 1.51. The company has a quick ratio of 2.46, a current ratio of 2.68 and a debt-to-equity ratio of 0.54.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The business had revenue of $105.40 million during the quarter, compared to analysts' expectations of $103.68 million. Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. On average, research analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current fiscal year.

Arcutis Biotherapeutics 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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