Thoroughbred Financial Services LLC Invests $937,000 in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Thoroughbred Financial Services LLC acquired a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 59,940 shares of the company's stock, valued at approximately $937,000. Thoroughbred Financial Services LLC owned approximately 0.05% of Arcutis Biotherapeutics at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $7,422,000. Wells Fargo & Company MN boosted its holdings in shares of Arcutis Biotherapeutics by 46.6% in the 4th quarter. Wells Fargo & Company MN now owns 52,455 shares of the company's stock valued at $731,000 after buying an additional 16,682 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Arcutis Biotherapeutics in the 4th quarter valued at about $245,000. Invesco Ltd. lifted its position in Arcutis Biotherapeutics by 20.1% in the 4th quarter. Invesco Ltd. now owns 1,126,668 shares of the company's stock valued at $15,694,000 after purchasing an additional 188,184 shares during the last quarter. Finally, Summit Investment Advisors Inc. lifted its position in Arcutis Biotherapeutics by 8.0% in the 4th quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company's stock valued at $157,000 after purchasing an additional 837 shares during the last quarter.

Insider Activity

In related news, insider Patrick Burnett sold 23,000 shares of the company's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $15.05, for a total transaction of $346,150.00. Following the completion of the transaction, the insider directly owned 115,468 shares in the company, valued at $1,737,793.40. This represents a 16.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Howard G. Welgus sold 10,139 shares of the stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $13.37, for a total transaction of $135,558.43. Following the completion of the transaction, the director owned 109,414 shares of the company's stock, valued at approximately $1,462,865.18. This represents a 8.48% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 7,434 shares of company stock worth $99,277 and sold 78,728 shares worth $1,136,027. 9.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on ARQT. The Goldman Sachs Group began coverage on shares of Arcutis Biotherapeutics in a research report on Friday, July 25th. They issued a "neutral" rating and a $18.00 price objective on the stock. Needham & Company LLC upped their price target on shares of Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Thursday. Cowen reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday. Finally, Wall Street Zen raised shares of Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research note on Saturday. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $19.80.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ ARQT traded up $0.65 during trading hours on Friday, hitting $14.77. 2,613,114 shares of the stock were exchanged, compared to its average volume of 1,619,377. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.20 and a quick ratio of 3.37. The company's 50 day moving average is $14.29 and its 200 day moving average is $14.15. The firm has a market capitalization of $1.76 billion, a P/E ratio of -19.69 and a beta of 1.84. Arcutis Biotherapeutics, Inc. has a one year low of $8.03 and a one year high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.05. The firm had revenue of $81.50 million during the quarter, compared to analysts' expectations of $72.70 million. Arcutis Biotherapeutics had a negative net margin of 35.40% and a negative return on equity of 62.62%. On average, research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

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.