The Manufacturers Life Insurance Company bought a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 811,752 shares of the company's stock, valued at approximately $21,284,000. The Manufacturers Life Insurance Company owned approximately 0.65% of Arcutis Biotherapeutics as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also recently bought and sold shares of the stock. BlackRock Inc. bought a new position in Arcutis Biotherapeutics in the second quarter valued at approximately $276,502,000. Suvretta Capital Management LLC raised its stake in shares of Arcutis Biotherapeutics by 14.2% during the 4th quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company's stock worth $347,435,000 after purchasing an additional 1,486,000 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Arcutis Biotherapeutics by 1,228.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,166,348 shares of the company's stock valued at $33,872,000 after buying an additional 1,078,546 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Arcutis Biotherapeutics in the 4th quarter valued at approximately $26,136,000. Finally, State Street Corp grew its stake in shares of Arcutis Biotherapeutics by 18.2% in the fourth quarter. State Street Corp now owns 5,488,301 shares of the company's stock valued at $159,380,000 after buying an additional 846,986 shares in the last quarter.
Insider Activity at Arcutis Biotherapeutics
In related news, insider Patrick Burnett sold 6,700 shares of Arcutis Biotherapeutics stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $26.08, for a total transaction of $174,736.00. Following the completion of the sale, the insider owned 119,289 shares of the company's stock, valued at approximately $3,111,057.12. The trade was a 5.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Howard G. Welgus sold 4,730 shares of the company's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $26.18, for a total transaction of $123,831.40. Following the completion of the transaction, the director owned 36,475 shares in the company, valued at approximately $954,915.50. This trade represents a 11.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 37,039 shares of company stock worth $954,813 in the last quarter. 9.40% of the stock is owned by corporate insiders.
Arcutis Biotherapeutics Stock Down 1.1%
ARQT opened at $24.87 on Friday. The stock's fifty day simple moving average is $26.69 and its 200 day simple moving average is $24.64. Arcutis Biotherapeutics, Inc. has a 1-year low of $15.10 and a 1-year high of $31.77. The stock has a market cap of $3.13 billion, a PE ratio of 118.43 and a beta of 1.49. The company has a current ratio of 2.92, a quick ratio of 2.67 and a debt-to-equity ratio of 0.46.
Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.05. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. The firm had revenue of $129.86 million during the quarter, compared to analysts' expectations of $118.85 million. As a group, research analysts expect that Arcutis Biotherapeutics, Inc. will post 0.4 earnings per share for the current year.
Analyst Ratings Changes
A number of research analysts have recently commented on the stock. Morgan Stanley lifted their price objective on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Weiss Ratings raised shares of Arcutis Biotherapeutics from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 20th. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Guggenheim raised their target price on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Finally, Needham & Company LLC lifted their price target on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $35.57.
View Our Latest Analysis on Arcutis Biotherapeutics
Arcutis Biotherapeutics Profile
(
Free Report)
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.
See Also
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