First Trust Advisors LP Takes Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

First Trust Advisors LP purchased a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 263,137 shares of the company's stock, valued at approximately $3,665,000. First Trust Advisors LP owned about 0.22% of Arcutis Biotherapeutics at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. Simplify Asset Management Inc. acquired a new position in shares of Arcutis Biotherapeutics during the fourth quarter worth $10,340,000. Jennison Associates LLC boosted its stake in shares of Arcutis Biotherapeutics by 5.8% during the fourth quarter. Jennison Associates LLC now owns 12,339,792 shares of the company's stock valued at $171,893,000 after purchasing an additional 676,295 shares in the last quarter. Norges Bank acquired a new position in shares of Arcutis Biotherapeutics in the fourth quarter valued at approximately $7,422,000. Privium Fund Management B.V. acquired a new position in shares of Arcutis Biotherapeutics in the fourth quarter valued at approximately $4,537,000. Finally, Invesco Ltd. boosted its position in Arcutis Biotherapeutics by 20.1% during the 4th quarter. Invesco Ltd. now owns 1,126,668 shares of the company's stock worth $15,694,000 after buying an additional 188,184 shares during the period.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, insider Patrick Burnett sold 12,242 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $15.04, for a total value of $184,119.68. Following the completion of the transaction, the insider now directly owns 121,936 shares of the company's stock, valued at approximately $1,833,917.44. This trade represents a 9.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.00, for a total value of $130,000.00. Following the completion of the transaction, the director now directly owns 131,944 shares of the company's stock, valued at $1,715,272. The trade was a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,791 shares of company stock valued at $474,719 over the last three months. 9.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Needham & Company LLC reissued a "buy" rating and issued a $20.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday, April 9th. Jefferies Financial Group boosted their price objective on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a "buy" rating in a report on Tuesday, March 11th. HC Wainwright reissued a "buy" rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Guggenheim restated a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Finally, The Goldman Sachs Group increased their price target on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Arcutis Biotherapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $18.80.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ:ARQT traded down $0.83 during midday trading on Wednesday, reaching $13.49. The company had a trading volume of 3,584,232 shares, compared to its average volume of 2,378,524. Arcutis Biotherapeutics, Inc. has a 52-week low of $6.99 and a 52-week high of $17.75. The company's 50 day moving average price is $14.76 and its 200 day moving average price is $13.13. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The stock has a market cap of $1.61 billion, a P/E ratio of -7.52 and a beta of 1.87.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) EPS for the quarter, topping analysts' consensus estimates of ($0.21) by $0.01. The company had revenue of $65.85 million for the quarter, compared to analysts' expectations of $64.80 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. As a group, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Arcutis Biotherapeutics Company 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.