Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. trimmed its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 22.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,309,319 shares of the company's stock after selling 941,099 shares during the quarter. Franklin Resources Inc. owned approximately 2.83% of Arcutis Biotherapeutics worth $46,099,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Jennison Associates LLC raised its position in shares of Arcutis Biotherapeutics by 5.8% in the fourth quarter. Jennison Associates LLC now owns 12,339,792 shares of the company's stock worth $171,893,000 after acquiring an additional 676,295 shares during the period. State Street Corp raised its holdings in Arcutis Biotherapeutics by 9.9% in the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company's stock worth $52,467,000 after purchasing an additional 506,788 shares during the period. Geode Capital Management LLC boosted its position in Arcutis Biotherapeutics by 2.0% during the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company's stock worth $22,977,000 after purchasing an additional 48,868 shares in the last quarter. American Century Companies Inc. increased its position in shares of Arcutis Biotherapeutics by 11.4% in the fourth quarter. American Century Companies Inc. now owns 1,631,226 shares of the company's stock valued at $22,723,000 after buying an additional 166,915 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Arcutis Biotherapeutics by 0.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,296,911 shares of the company's stock worth $12,061,000 after buying an additional 11,833 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ARQT. Guggenheim reissued a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Mizuho raised their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an "outperform" rating in a research note on Wednesday, February 26th. Jefferies Financial Group boosted their price objective on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a "buy" rating in a research note on Tuesday, March 11th. HC Wainwright reaffirmed a "buy" rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. Finally, The Goldman Sachs Group lifted their target price on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.80.

Arcutis Biotherapeutics Trading Down 11.3 %

Shares of NASDAQ ARQT traded down $1.65 during trading on Thursday, hitting $12.92. 738,026 shares of the company were exchanged, compared to its average volume of 2,402,554. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. Arcutis Biotherapeutics, Inc. has a 12-month low of $6.99 and a 12-month high of $17.75. The company has a fifty day moving average price of $14.23 and a 200-day moving average price of $12.55. The firm has a market capitalization of $1.53 billion, a PE ratio of -7.23 and a beta of 1.67.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.28) by $0.19. The business had revenue of $71.36 million during the quarter, compared to the consensus estimate of $60.52 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. As a group, equities research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Todd Franklin Watanabe sold 1,500 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $17.52, for a total transaction of $26,280.00. Following the completion of the transaction, the insider now directly owns 927,414 shares of the company's stock, valued at approximately $16,248,293.28. The trade was a 0.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $184,119.68. Following the completion of the sale, the insider now directly owns 121,936 shares in the company, valued at approximately $1,833,917.44. This trade represents a 9.12 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,099 shares of company stock worth $631,256. 9.50% of the stock is currently 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.