Readystate Asset Management LP Acquires Shares of 60,200 Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Readystate Asset Management LP acquired a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 60,200 shares of the company's stock, valued at approximately $942,000. Readystate Asset Management LP owned approximately 0.05% of Arcutis Biotherapeutics as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Summit Investment Advisors Inc. boosted its holdings in Arcutis Biotherapeutics by 8.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company's stock worth $157,000 after acquiring an additional 837 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of 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 buying an additional 1,053 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Arcutis Biotherapeutics in the 4th quarter worth about $34,000. LVW Advisors LLC boosted its holdings in shares of Arcutis Biotherapeutics by 21.2% in the 1st quarter. LVW Advisors LLC now owns 14,466 shares of the company's stock worth $226,000 after buying an additional 2,530 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in shares of Arcutis Biotherapeutics by 1.6% in the 4th quarter. Swiss National Bank now owns 206,900 shares of the company's stock worth $2,882,000 after buying an additional 3,300 shares during the last quarter.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Patrick J. Heron acquired 2,646 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were acquired at an average cost of $13.08 per share, with a total value of $34,609.68. Following the acquisition, the director directly owned 27,448 shares of the company's stock, valued at approximately $359,019.84. The trade was a 10.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Larry Todd Edwards sold 7,451 shares of the 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 owned 183,104 shares in the company, valued at $2,576,273.28. The trade was a 3.91% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders purchased 7,434 shares of company stock worth $99,277 and sold 57,041 shares worth $827,063. Insiders own 9.40% of the company's stock.

Analyst Upgrades and Downgrades

ARQT has been the topic of several research reports. Needham & Company LLC reissued a "buy" rating and issued a $20.00 price target on shares of Arcutis Biotherapeutics in a research report on Friday, May 23rd. HC Wainwright reiterated a "buy" rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Finally, Guggenheim reiterated a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.80.

Arcutis Biotherapeutics Stock Up 0.7%

Shares of NASDAQ:ARQT traded up $0.11 on Thursday, hitting $15.02. 1,205,658 shares of the company traded hands, compared to its average volume of 2,176,635. Arcutis Biotherapeutics, Inc. has a 52 week low of $7.86 and a 52 week high of $17.75. The company has a quick ratio of 3.37, a current ratio of 3.55 and a debt-to-equity ratio of 0.75. The stock has a 50 day simple moving average of $14.08 and a 200-day simple moving average of $14.08. The company has a market cap of $1.79 billion, a PE ratio of -14.44 and a beta of 1.77.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.01. The company had revenue of $65.85 million for the quarter, compared to analysts' expectations of $64.80 million. Arcutis Biotherapeutics had a negative return on equity of 80.66% and a negative net margin of 60.95%. As a group, research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

About Arcutis Biotherapeutics

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.