Wealth Enhancement Advisory Services LLC Purchases Shares of 15,666 Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Wealth Enhancement Advisory Services LLC has purchased 15,666 shares of Arcutis Biotherapeutics, Inc., valued at approximately $217,000, indicating institutional interest in the company.
• The stock has a consensus rating of "Moderate Buy" with an average target price of $19.80, despite a recent upgrade in target price from Needham & Company to $22.00.
• Arcutis Biotherapeutics reported earnings of ($0.13) per share, surpassing expectations, and had a revenue of $81.50 million for the quarter, which was above analyst estimates.

Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 15,666 shares of the company's stock, valued at approximately $217,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Amalgamated Bank lifted its position in Arcutis Biotherapeutics by 39.4% during the first quarter. Amalgamated Bank now owns 3,723 shares of the company's stock valued at $58,000 after buying an additional 1,053 shares in the last quarter. KBC Group NV acquired a new position in Arcutis Biotherapeutics during the first quarter valued at approximately $84,000. Nkcfo LLC acquired a new position in Arcutis Biotherapeutics during the first quarter valued at approximately $109,000. Allostery Investments LP acquired a new position in Arcutis Biotherapeutics during the first quarter valued at approximately $117,000. Finally, Baader Bank Aktiengesellschaft acquired a new position in Arcutis Biotherapeutics during the first quarter valued at approximately $156,000.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Needham & Company LLC boosted their target price on shares of Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of Arcutis Biotherapeutics in a research report on Saturday, September 27th. The Goldman Sachs Group assumed coverage on shares of Arcutis Biotherapeutics in a research report on Friday, July 25th. They set a "neutral" rating and a $18.00 target price on the stock. Wall Street Zen raised shares of Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Cowen reissued a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Arcutis Biotherapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.80.

Arcutis Biotherapeutics Stock Down 3.2%

ARQT stock opened at $20.05 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.20 and a quick ratio of 3.04. Arcutis Biotherapeutics, Inc. has a 1-year low of $8.03 and a 1-year high of $21.56. The firm has a fifty day moving average price of $17.02 and a two-hundred day moving average price of $15.20. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of -26.73 and a beta of 2.06.

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. Arcutis Biotherapeutics had a negative net margin of 35.40% and a negative return on equity of 62.62%. The firm had revenue of $81.50 million during the quarter, compared to analyst estimates of $72.70 million. Research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Insider Activity

In other Arcutis Biotherapeutics news, insider Larry Todd Edwards sold 4,504 shares of the business's stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $20.04, for a total transaction of $90,260.16. Following the completion of the sale, the insider owned 178,897 shares in the company, valued at $3,585,095.88. The trade was a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Todd Watanabe sold 20,739 shares of the business's stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $20.04, for a total transaction of $415,609.56. Following the sale, the insider owned 846,440 shares of the company's stock, valued at approximately $16,962,657.60. The trade was a 2.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 160,136 shares of company stock valued at $2,726,840 over the last quarter. 9.40% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.