Woodline Partners LP Invests $6.41 Million in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Woodline Partners LP acquired a new stake in Arcutis Biotherapeutics, purchasing 410,000 shares valued at approximately $6.4 million, representing about 0.34% ownership.
• Several analysts have issued optimistic ratings for Arcutis Biotherapeutics, with Needham & Company raising the price target from $20 to $22 and a consensus rating of "Moderate Buy" with a target price of $19.80.
• Insider selling activities occurred recently, with significant transactions from insiders Patrick Burnett and Masaru Matsuda, reducing their positions by 2.27% and 18.31%, respectively.

Woodline Partners LP bought a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 410,000 shares of the company's stock, valued at approximately $6,412,000. Woodline Partners LP owned approximately 0.34% of Arcutis Biotherapeutics as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of ARQT. Amalgamated Bank increased its position in Arcutis Biotherapeutics by 39.4% in the first quarter. Amalgamated Bank now owns 3,723 shares of the company's stock worth $58,000 after purchasing an additional 1,053 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in Arcutis Biotherapeutics in the fourth quarter worth $1,112,000. New York State Common Retirement Fund increased its position in Arcutis Biotherapeutics by 93.4% in the first quarter. New York State Common Retirement Fund now owns 48,670 shares of the company's stock worth $761,000 after purchasing an additional 23,503 shares during the last quarter. Ieq Capital LLC bought a new stake in Arcutis Biotherapeutics in the first quarter worth $345,000. Finally, Fred Alger Management LLC bought a new stake in Arcutis Biotherapeutics in the first quarter worth $568,000.

Analyst Upgrades and Downgrades

ARQT has been the topic of several research reports. Cowen restated a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday, August 7th. 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 price objective on the stock. Needham & Company LLC boosted their price objective on shares of Arcutis Biotherapeutics from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $19.80.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, insider Todd Watanabe sold 9,625 shares of the company's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $17.54, for a total value of $168,822.50. Following the completion of the sale, the insider directly owned 891,944 shares of the company's stock, valued at $15,644,697.76. This represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $15.64, for a total transaction of $156,400.00. Following the completion of the sale, the director directly owned 100,206 shares of the company's stock, valued at approximately $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 sold 123,632 shares of company stock valued at $1,908,955 in the last ninety days. 9.40% of the stock is owned by insiders.

Arcutis Biotherapeutics Trading Up 2.9%

Shares of NASDAQ ARQT traded up $0.50 during mid-day trading on Thursday, reaching $17.64. The company had a trading volume of 201,706 shares, compared to its average volume of 2,067,317. The business's 50-day moving average is $15.66 and its 200-day moving average is $14.78. The company has a current ratio of 3.20, a quick ratio of 3.04 and a debt-to-equity ratio of 0.77. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of -23.51 and a beta of 1.93. Arcutis Biotherapeutics, Inc. has a 52 week low of $8.03 and a 52 week high of $18.15.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $81.50 million during the quarter, compared to analyst estimates of $72.70 million. Equities analysts expect 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.