Rafferty Asset Management LLC Trims Stock Holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Rafferty Asset Management LLC reduced its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 24.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 210,337 shares of the company's stock after selling 66,481 shares during the period. Rafferty Asset Management LLC owned approximately 0.18% of Arcutis Biotherapeutics worth $2,930,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Jennison Associates LLC grew its position in shares of Arcutis Biotherapeutics by 5.8% during the 4th quarter. Jennison Associates LLC now owns 12,339,792 shares of the company's stock valued at $171,893,000 after purchasing an additional 676,295 shares in the last quarter. Polar Capital Holdings Plc grew its position in Arcutis Biotherapeutics by 7.2% in the fourth quarter. Polar Capital Holdings Plc now owns 7,377,381 shares of the company's stock worth $102,767,000 after acquiring an additional 493,009 shares in the last quarter. Gilder Gagnon Howe & Co. LLC grew its position in Arcutis Biotherapeutics by 9.8% in the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 3,902,991 shares of the company's stock worth $54,369,000 after acquiring an additional 349,153 shares in the last quarter. D. E. Shaw & Co. Inc. grew its position in Arcutis Biotherapeutics by 44.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,513,577 shares of the company's stock worth $35,014,000 after acquiring an additional 768,553 shares in the last quarter. Finally, Millennium Management LLC grew its position in Arcutis Biotherapeutics by 101.3% in the fourth quarter. Millennium Management LLC now owns 2,310,163 shares of the company's stock worth $32,181,000 after acquiring an additional 1,162,690 shares in the last quarter.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. The Goldman Sachs Group boosted their price target on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Thursday, February 27th. Guggenheim reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. HC Wainwright reaffirmed a "buy" rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. Mizuho upped their price objective on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an "outperform" rating in a research note on Wednesday, February 26th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday, April 9th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $18.80.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $14.64 on Tuesday. Arcutis Biotherapeutics, Inc. has a 1 year low of $6.99 and a 1 year high of $17.75. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The company's 50-day moving average is $14.68 and its 200 day moving average is $13.50. The stock has a market capitalization of $1.75 billion, a P/E ratio of -8.18 and a beta of 1.87.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.01. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The company had revenue of $65.85 million for the quarter, compared to analysts' expectations of $64.80 million. On average, sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 5,030 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $15.20, for a total value of $76,456.00. Following the sale, the insider now owns 204,399 shares in the company, valued at approximately $3,106,864.80. This represents a 2.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Howard G. Welgus sold 10,000 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $13.00, for a total transaction of $130,000.00. Following the completion of the sale, the director now owns 131,944 shares in the company, valued at approximately $1,715,272. This trade represents a 7.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,662 shares of company stock worth $527,326 over the last 90 days. 9.40% of the stock is owned by company insiders.

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.

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