The Manufacturers Life Insurance Company Raises Holdings in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• The Manufacturers Life Insurance Company increased its Arcutis Biotherapeutics stake by 300% in the first quarter, adding 377,877 shares to own 503,856 shares valued at approximately $11.9 million.
• Analysts maintain a generally positive outlook, with five Buy, two Hold and one Sell ratings producing a “Moderate Buy” consensus and an average price target of $34.
• Arcutis reported quarterly revenue of $105.4 million, slightly above estimates, but its adjusted loss of $0.09 per share missed the $0.02 expected loss; two directors also sold shares under pre-arranged trading plans.

The Manufacturers Life Insurance Company boosted its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 300.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 503,856 shares of the company's stock after acquiring an additional 377,877 shares during the period. The Manufacturers Life Insurance Company owned about 0.40% of Arcutis Biotherapeutics worth $11,871,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. SBI Securities Co. Ltd. boosted its position in Arcutis Biotherapeutics by 325.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company's stock valued at $32,000 after acquiring an additional 833 shares in the last quarter. Global Retirement Partners LLC purchased a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at $35,000. EverSource Wealth Advisors LLC raised its position in shares of Arcutis Biotherapeutics by 124.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company's stock worth $37,000 after acquiring an additional 698 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of Arcutis Biotherapeutics by 209.0% in the 4th quarter. NewEdge Advisors LLC now owns 1,545 shares of the company's stock worth $45,000 after acquiring an additional 1,045 shares in the last quarter. Finally, Truvestments Capital LLC lifted its stake in shares of Arcutis Biotherapeutics by 114.2% during the 4th quarter. Truvestments Capital LLC now owns 3,012 shares of the company's stock worth $87,000 after purchasing an additional 1,606 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $36.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, May 7th. Wall Street Zen raised shares of Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research report on Sunday, July 12th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research note on Wednesday, June 24th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $34.00.

Insider Activity

In other news, Director Howard G. Welgus sold 4,096 shares of the company's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $24.41, for a total value of $99,983.36. Following the sale, the director directly owned 38,378 shares of the company's stock, valued at $936,806.98. This represents a 9.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sue-Jean Lin sold 4,946 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $24.38, for a total transaction of $120,583.48. Following the completion of the sale, the director owned 27,567 shares in the company, valued at $672,083.46. The trade was a 15.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 10,334 shares of company stock valued at $250,697. Company insiders own 9.40% of the company's stock.

Arcutis Biotherapeutics Stock Performance

ARQT opened at $26.86 on Monday. Arcutis Biotherapeutics, Inc. has a 52-week low of $13.69 and a 52-week high of $31.77. The company has a quick ratio of 2.46, a current ratio of 2.68 and a debt-to-equity ratio of 0.54. The company has a market cap of $3.36 billion, a P/E ratio of -895.03 and a beta of 1.48. The firm's 50-day moving average price is $25.55 and its 200-day moving average price is $24.69.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($0.09) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%.The company had revenue of $105.40 million during the quarter, compared to analyst estimates of $103.67 million. As a group, equities analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.16 EPS for the current fiscal year.

Arcutis Biotherapeutics Profile

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.

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