UBS Group AG Boosts Position in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• UBS Group AG increased its stake in Arcutis by 10.0% to 3,243,432 shares (2.65% ownership) valued at about $94.2 million, and several other institutions (notably Jennison Associates) also built or increased positions.
• Arcutis beat expectations for the quarter, reporting $0.13 EPS vs. $0.03 est. and revenue of $129.5 million versus $110.8 million expected.
• Insiders sold about 159,546 shares worth $4.03 million over the last quarter even as analysts maintain a consensus "Moderate Buy" rating with a $34 average price target (five Buys, two Holds, one Sell).

UBS Group AG lifted its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 10.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,243,432 shares of the company's stock after acquiring an additional 294,994 shares during the period. UBS Group AG owned 2.65% of Arcutis Biotherapeutics worth $94,189,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Zevenbergen Capital Investments LLC acquired a new position in Arcutis Biotherapeutics during the fourth quarter worth about $12,140,000. Nordea Investment Management AB purchased a new position in Arcutis Biotherapeutics in the 4th quarter worth about $5,850,000. Ally Bridge Group NY LLC purchased a new position in Arcutis Biotherapeutics in the 3rd quarter worth about $4,396,000. Jennison Associates LLC increased its stake in Arcutis Biotherapeutics by 10.3% in the 3rd quarter. Jennison Associates LLC now owns 12,254,119 shares of the company's stock worth $230,990,000 after purchasing an additional 1,144,714 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Arcutis Biotherapeutics in the 3rd quarter worth about $1,630,000.

Arcutis Biotherapeutics Trading Up 0.6%

NASDAQ:ARQT opened at $23.35 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.17 and a quick ratio of 2.99. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $12.42 and a fifty-two week high of $31.77. The stock's 50-day moving average is $23.86 and its two-hundred day moving average is $25.70. The stock has a market cap of $2.92 billion, a PE ratio of -166.77 and a beta of 1.58.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its earnings results on Wednesday, February 25th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.10. Arcutis Biotherapeutics had a negative return on equity of 10.26% and a negative net margin of 4.29%.The company had revenue of $129.50 million for the quarter, compared to analysts' expectations of $110.79 million. As a group, equities research analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.18 earnings per share for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Larry Todd Edwards sold 3,687 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $25.18, for a total transaction of $92,838.66. Following the transaction, the insider owned 175,178 shares of the company's stock, valued at $4,410,982.04. The trade was a 2.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Todd Watanabe sold 37,349 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $25.18, for a total value of $940,447.82. Following the transaction, the insider directly owned 785,957 shares in the company, valued at approximately $19,790,397.26. This trade represents a 4.54% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 159,546 shares of company stock worth $4,032,162. Company insiders own 9.40% of the company's stock.

Analyst Upgrades and Downgrades

ARQT has been the topic of a number of analyst reports. Mizuho dropped their price target on Arcutis Biotherapeutics from $37.00 to $35.00 and set an "outperform" rating on the stock in a research note on Monday, March 2nd. HC Wainwright lifted their price target on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Weiss Ratings reissued a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research note on Friday, March 27th. Wall Street Zen cut Arcutis Biotherapeutics from a "strong-buy" rating to a "buy" rating in a research note on Saturday, February 14th. Finally, Needham & Company LLC lifted their price target on Arcutis Biotherapeutics from $31.00 to $36.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $34.00.

Arcutis Biotherapeutics Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.