Freestone Grove Partners LP Purchases Shares of 35,818 Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Freestone Grove Partners LP acquired a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 35,818 shares of the company's stock, valued at approximately $499,000.

Other hedge funds also recently made changes to their positions in the company. Jennison Associates LLC boosted 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 purchasing an additional 676,295 shares during the period. Gilder Gagnon Howe & Co. LLC raised its holdings in Arcutis Biotherapeutics by 9.8% during the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 3,902,991 shares of the company's stock valued at $54,369,000 after acquiring an additional 349,153 shares during the period. American Century Companies Inc. lifted 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 acquiring an additional 166,915 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Arcutis Biotherapeutics by 0.9% in the third quarter. JPMorgan Chase & Co. now owns 1,296,911 shares of the company's stock worth $12,061,000 after acquiring an additional 11,833 shares during the period. Finally, Invesco Ltd. grew its position in shares of Arcutis Biotherapeutics by 20.1% during the fourth quarter. Invesco Ltd. now owns 1,126,668 shares of the company's stock worth $15,694,000 after purchasing an additional 188,184 shares in the last quarter.

Insider Transactions at Arcutis Biotherapeutics

In related news, insider Todd Franklin Watanabe sold 1,500 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were 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 owns 927,414 shares in the company, valued at $16,248,293.28. The trade was a 0.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Masaru Matsuda sold 5,030 shares of Arcutis Biotherapeutics stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $15.20, for a total transaction of $76,456.00. Following the completion of the transaction, the insider now directly owns 204,399 shares in the company, valued at $3,106,864.80. This represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,791 shares of company stock worth $474,719. 9.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

ARQT has been the subject of several recent analyst reports. Mizuho upped their price target on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 26th. HC Wainwright reaffirmed a "buy" rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. The Goldman Sachs Group boosted their price target 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. Guggenheim reissued a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Finally, Jefferies Financial Group lifted their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a "buy" rating in a report on Tuesday, March 11th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $18.80.

Arcutis Biotherapeutics Trading Down 2.3 %

Shares of Arcutis Biotherapeutics stock traded down $0.31 on Friday, reaching $13.21. The company had a trading volume of 771,394 shares, compared to its average volume of 2,380,641. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. Arcutis Biotherapeutics, Inc. has a 1 year low of $6.99 and a 1 year high of $17.75. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of -7.38 and a beta of 1.87. The firm's 50-day moving average price is $14.77 and its two-hundred day moving average price is $13.17.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.01. The company had revenue of $65.85 million for the quarter, compared to the consensus estimate 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, research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share 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.