Royce & Associates LP Purchases Shares of 267,612 Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Key Points

• Royce & Associates LP made a new investment of approximately $4.19 million in Arcutis Biotherapeutics, acquiring 267,612 shares during the first quarter.
• Arcutis Biotherapeutics reported a loss of ($0.20) earnings per share, exceeding expectations, along with revenue of $65.85 million in its latest earnings report.
• Research analysts have optimistic outlooks for Arcutis Biotherapeutics, with multiple firms reiterating a "buy" rating and forecasts for a price target around $19.40.

Royce & Associates LP acquired a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 267,612 shares of the company's stock, valued at approximately $4,185,000. Royce & Associates LP owned about 0.22% of Arcutis Biotherapeutics as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Teacher Retirement System of Texas increased its holdings in shares of Arcutis Biotherapeutics by 19.5% during the 4th quarter. Teacher Retirement System of Texas now owns 31,216 shares of the company's stock worth $435,000 after buying an additional 5,087 shares during the last quarter. American Century Companies Inc. lifted its holdings in Arcutis Biotherapeutics by 11.4% in the 4th quarter. American Century Companies Inc. now owns 1,631,226 shares of the company's stock worth $22,723,000 after purchasing an additional 166,915 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Arcutis Biotherapeutics in the fourth quarter valued at $337,000. Prudential Financial Inc. grew its holdings in shares of Arcutis Biotherapeutics by 3.5% during the fourth quarter. Prudential Financial Inc. now owns 592,565 shares of the company's stock worth $8,254,000 after purchasing an additional 19,950 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $7,422,000.

Insider Transactions at Arcutis Biotherapeutics

In other news, Director Patrick J. Heron purchased 2,646 shares of the business's stock in a transaction dated Friday, June 13th. The stock was acquired at an average price of $13.08 per share, for a total transaction 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. This represents a 10.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Larry Todd Edwards sold 7,451 shares of Arcutis Biotherapeutics 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 completion of the transaction, the insider owned 183,104 shares of the company's stock, valued at approximately $2,576,273.28. This trade represents a 3.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders acquired 7,434 shares of company stock worth $99,277 and sold 57,041 shares worth $827,063. 9.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Guggenheim restated a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. HC Wainwright reiterated a "buy" rating and issued a $19.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. The Goldman Sachs Group began coverage on Arcutis Biotherapeutics in a research note on Friday, July 25th. They issued a "neutral" rating and a $18.00 target price on the stock. Finally, Needham & Company LLC reissued a "buy" rating and issued a $20.00 price target on shares of Arcutis Biotherapeutics in a report on Friday, May 23rd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.40.

Arcutis Biotherapeutics Price Performance

Shares of Arcutis Biotherapeutics stock traded down $0.14 during trading hours on Thursday, reaching $14.44. The company's stock had a trading volume of 353,323 shares, compared to its average volume of 2,143,895. The stock has a market cap of $1.72 billion, a P/E ratio of -13.89 and a beta of 1.77. The firm has a 50 day moving average price of $14.14 and a 200-day moving average price of $14.07. Arcutis Biotherapeutics, Inc. has a one year low of $7.86 and a one year high of $17.75. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.55 and a quick ratio of 3.37.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.01. Arcutis Biotherapeutics had a negative net margin of 60.95% and a negative return on equity of 80.66%. The business had revenue of $65.85 million during the quarter, compared to the consensus estimate of $64.80 million. On average, analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS 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.