Triumph Capital Management Takes Position in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Triumph Capital Management has acquired a stake in Arcutis Biotherapeutics, purchasing 29,244 shares valued at approximately $410,000 during the second quarter.
• Research analysts have given mixed ratings, with Needham & Company raising its price target from $20.00 to $22.00 while Goldman Sachs assigned a "neutral" rating with a $18.00 target price.
• Insider sales have been reported, including Patrick Burnett selling 23,000 shares and Howard G. Welgus selling 10,000 shares, indicating a decrease in ownership among key executives.

Triumph Capital Management acquired a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 29,244 shares of the company's stock, valued at approximately $410,000.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Arcutis Biotherapeutics by 5.9% during the first quarter. Vanguard Group Inc. now owns 6,818,078 shares of the company's stock valued at $106,635,000 after buying an additional 377,363 shares during the last quarter. American Century Companies Inc. raised its stake in Arcutis Biotherapeutics by 1.3% during the first quarter. American Century Companies Inc. now owns 1,652,492 shares of the company's stock valued at $25,845,000 after buying an additional 21,266 shares during the last quarter. Paradigm Biocapital Advisors LP purchased a new position in Arcutis Biotherapeutics during the first quarter valued at $22,918,000. Invesco Ltd. raised its stake in Arcutis Biotherapeutics by 18.0% during the first quarter. Invesco Ltd. now owns 1,328,954 shares of the company's stock valued at $20,785,000 after buying an additional 202,286 shares during the last quarter. Finally, Nuveen LLC purchased a new position in Arcutis Biotherapeutics during the first quarter valued at $12,759,000.

Insider Buying and Selling

In related news, insider Patrick Burnett sold 23,000 shares of Arcutis Biotherapeutics stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $15.05, for a total transaction of $346,150.00. Following the transaction, the insider directly owned 115,468 shares in the company, valued at approximately $1,737,793.40. The trade was a 16.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $15.64, for a total value of $156,400.00. Following the transaction, the director owned 100,206 shares in the company, valued at $1,567,221.84. This trade represents a 9.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 123,632 shares of company stock valued at $1,908,955 over the last three months. 9.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Needham & Company LLC lifted their price objective on Arcutis Biotherapeutics from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Cowen reiterated a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, August 7th. The Goldman Sachs Group started coverage on Arcutis Biotherapeutics in a report on Friday, July 25th. They issued a "neutral" rating and a $18.00 target price for the company. Finally, Wall Street Zen raised Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $19.80.

Arcutis Biotherapeutics Price Performance

NASDAQ ARQT opened at $16.97 on Wednesday. The company has a market capitalization of $2.03 billion, a PE ratio of -22.63 and a beta of 1.93. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.04 and a current ratio of 3.20. The business's fifty day moving average is $15.60 and its 200 day moving average is $14.76. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $8.03 and a fifty-two week high of $18.15.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.05. The company had revenue of $81.50 million for the quarter, compared to the consensus estimate of $72.70 million. Arcutis Biotherapeutics had a negative return on equity of 62.62% and a negative net margin of 35.40%. Sell-side analysts predict 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.

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