Rafferty Asset Management LLC Sells 49,970 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Rafferty Asset Management LLC has reduced its stake in Arcutis Biotherapeutics by 23.8%, now owning 160,367 shares worth approximately $2.5 million.
• Insider Todd Watanabe sold 11,547 shares of Arcutis Biotherapeutics, while another insider, Patrick Burnett, sold 2,438 shares; both transactions indicate decreased ownership stakes.
• Analysts have given a buy rating to Arcutis Biotherapeutics, with an average price target of $19.80 following a positive earnings report.

Rafferty Asset Management LLC cut its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 23.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 160,367 shares of the company's stock after selling 49,970 shares during the quarter. Rafferty Asset Management LLC owned about 0.13% of Arcutis Biotherapeutics worth $2,508,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ARQT. GF Fund Management CO. LTD. bought a new position in Arcutis Biotherapeutics in the 4th quarter worth $34,000. Amalgamated Bank raised its holdings in Arcutis Biotherapeutics by 39.4% in the 1st quarter. Amalgamated Bank now owns 3,723 shares of the company's stock worth $58,000 after purchasing an additional 1,053 shares in the last quarter. KBC Group NV bought a new position in Arcutis Biotherapeutics in the 1st quarter worth $84,000. Nkcfo LLC bought a new position in Arcutis Biotherapeutics in the 1st quarter worth $109,000. Finally, Baader Bank Aktiengesellschaft purchased a new stake in shares of Arcutis Biotherapeutics in the 1st quarter worth about $156,000.

Insider Activity

In other news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $15.64, for a total value of $156,400.00. Following the completion of the sale, the director directly owned 100,206 shares in the company, valued at $1,567,221.84. The trade was a 9.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Masaru Matsuda sold 6,330 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $14.33, for a total transaction of $90,708.90. Following the completion of the sale, the insider owned 197,364 shares of the company's stock, valued at $2,828,226.12. This represents a 3.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 87,512 shares of company stock valued at $1,283,000. Company insiders own 9.40% of the company's stock.

Analyst Ratings Changes

ARQT has been the topic of a number of recent research reports. The Goldman Sachs Group initiated coverage on shares of Arcutis Biotherapeutics in a research report on Friday, July 25th. They issued a "neutral" rating and a $18.00 target price on the stock. Needham & Company LLC upped their target price on shares of Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Wall Street Zen raised shares of Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Cowen reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday, August 7th. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $19.80.

Arcutis Biotherapeutics Stock Up 3.2%

ARQT stock traded up $0.51 during trading on Friday, hitting $16.72. 843,529 shares of the stock traded hands, compared to its average volume of 2,079,615. Arcutis Biotherapeutics, Inc. has a 1 year low of $8.03 and a 1 year high of $17.75. The firm's 50 day moving average is $15.02 and its two-hundred day moving average is $14.50. The stock has a market cap of $2.00 billion, a price-to-earnings ratio of -22.27 and a beta of 1.93. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.20 and a quick ratio of 3.04.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate 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 company had revenue of $81.50 million for the quarter, compared to the consensus estimate of $72.70 million. On average, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Arcutis Biotherapeutics Profile

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.