68,261 Shares in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Bought by Virtu Financial LLC

Key Points

• Virtu Financial LLC has acquired a new stake in Arcutis Biotherapeutics, purchasing 68,261 shares valued at approximately $1,068,000, representing around 0.06% of the company.
• Multiple hedge funds, including Point72 Asset Management and Millennium Management, significantly increased their positions in Arcutis Biotherapeutics during the last quarter, reflecting growing institutional interest.
• Arcutis Biotherapeutics reported a revenue of $81.50 million for the last quarter, exceeding analyst expectations and showcasing its ongoing financial growth.

Virtu Financial LLC acquired a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 68,261 shares of the company's stock, valued at approximately $1,068,000. Virtu Financial LLC owned 0.06% of Arcutis Biotherapeutics at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. GF Fund Management CO. LTD. bought a new stake in Arcutis Biotherapeutics during the fourth quarter worth approximately $34,000. Amalgamated Bank boosted its holdings in Arcutis Biotherapeutics by 39.4% during the first quarter. Amalgamated Bank now owns 3,723 shares of the company's stock worth $58,000 after buying an additional 1,053 shares in the last quarter. KBC Group NV bought a new stake in Arcutis Biotherapeutics during the first quarter worth approximately $84,000. Nkcfo LLC bought a new stake in Arcutis Biotherapeutics during the first quarter worth approximately $109,000. Finally, Baader Bank Aktiengesellschaft acquired a new position in Arcutis Biotherapeutics in the 1st quarter worth approximately $156,000.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Cowen reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, August 7th. Needham & Company LLC raised their price objective on shares of Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. The Goldman Sachs Group assumed coverage on shares of Arcutis Biotherapeutics in a research note on Friday, July 25th. They issued a "neutral" rating and a $18.00 price objective for the company. Finally, Wall Street Zen raised shares of Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $19.80.

Arcutis Biotherapeutics Stock Up 5.7%

Shares of NASDAQ:ARQT traded up $0.91 during trading on Friday, reaching $16.89. 2,007,423 shares of the company traded hands, compared to its average volume of 1,786,660. The firm has a fifty day simple moving average of $14.48 and a 200 day simple moving average of $14.20. The firm has a market cap of $2.03 billion, a P/E ratio of -22.52 and a beta of 1.84. Arcutis Biotherapeutics, Inc. has a 1-year low of $8.03 and a 1-year high of $17.75. The company has a quick ratio of 3.04, a current ratio of 3.20 and a debt-to-equity ratio of 0.77.

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

Insider Activity at Arcutis Biotherapeutics

In other news, insider Todd Watanabe sold 11,547 shares of the firm's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $14.33, for a total transaction of $165,468.51. Following the transaction, the insider owned 901,569 shares in the company, valued at approximately $12,919,483.77. This trade represents a 1.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Patrick J. Heron purchased 2,646 shares of the business's stock in a transaction dated Friday, June 13th. The shares were acquired at an average price of $13.08 per share, for a total transaction of $34,609.68. Following the acquisition, the director directly owned 27,448 shares in the company, valued at $359,019.84. This represents a 10.67% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 7,434 shares of company stock worth $99,277 and have sold 82,575 shares worth $1,190,000. Corporate insiders own 9.40% of the company's stock.

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.