Wealth Enhancement Advisory Services LLC Invests $291,000 in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 20,912 shares of the company's stock, valued at approximately $291,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of ARQT. Rhumbline Advisers raised its stake in Arcutis Biotherapeutics by 2.8% during the 4th quarter. Rhumbline Advisers now owns 168,052 shares of the company's stock worth $2,341,000 after acquiring an additional 4,598 shares during the period. Venturi Wealth Management LLC bought a new stake in shares of Arcutis Biotherapeutics during the 4th quarter valued at $46,000. Charles Schwab Investment Management Inc. raised its position in shares of Arcutis Biotherapeutics by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 878,804 shares of the company's stock valued at $12,242,000 after purchasing an additional 18,958 shares during the period. Keybank National Association OH lifted its stake in shares of Arcutis Biotherapeutics by 22.8% during the 4th quarter. Keybank National Association OH now owns 52,204 shares of the company's stock valued at $727,000 after buying an additional 9,680 shares in the last quarter. Finally, Aigen Investment Management LP bought a new position in Arcutis Biotherapeutics in the 4th quarter worth $191,000.

Arcutis Biotherapeutics Trading Down 1.0%

Shares of ARQT traded down $0.14 during mid-day trading on Tuesday, hitting $13.26. 1,627,002 shares of the stock were exchanged, compared to its average volume of 2,252,576. The company has a quick ratio of 3.37, a current ratio of 3.55 and a debt-to-equity ratio of 0.75. Arcutis Biotherapeutics, Inc. has a 52-week low of $7.64 and a 52-week high of $17.75. The firm has a 50-day moving average of $13.89 and a two-hundred day moving average of $13.96.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.01. Arcutis Biotherapeutics had a negative net margin of 60.95% and a negative return on equity of 80.66%. The company had revenue of $65.85 million for the quarter, compared to the consensus estimate of $64.80 million. Analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other news, insider Todd Franklin Watanabe sold 1,500 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $17.52, for a total value of $26,280.00. Following the sale, the insider now owns 927,414 shares of the company's stock, valued at approximately $16,248,293.28. This represents a 0.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Patrick J. Heron purchased 1,890 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were purchased at an average cost of $13.32 per share, with a total value of $25,174.80. Following the completion of the purchase, the director now owns 24,424 shares in the company, valued at $325,327.68. This trade represents a 8.39% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 4,788 shares of company stock valued at $64,667 and sold 19,652 shares valued at $284,982. 9.40% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have recently commented on ARQT. HC Wainwright restated a "buy" rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Jefferies Financial Group upped their price target on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a "buy" rating in a research note on Tuesday, March 11th. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a report on Friday, May 23rd. The Goldman Sachs Group boosted their target price on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a "neutral" rating in a report on Thursday, February 27th. Finally, Guggenheim reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $18.80.

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.