JPMorgan Chase & Co. Sells 155,406 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

JPMorgan Chase & Co. cut its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 12.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,141,505 shares of the company's stock after selling 155,406 shares during the period. JPMorgan Chase & Co. owned approximately 0.98% of Arcutis Biotherapeutics worth $15,901,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ARQT. The Manufacturers Life Insurance Company increased its stake in shares of Arcutis Biotherapeutics by 30.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 52,503 shares of the company's stock valued at $488,000 after acquiring an additional 12,180 shares during the last quarter. FMR LLC increased its stake in Arcutis Biotherapeutics by 25.6% in the third quarter. FMR LLC now owns 171,219 shares of the company's stock valued at $1,592,000 after purchasing an additional 34,884 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Arcutis Biotherapeutics by 1.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 276,691 shares of the company's stock valued at $2,573,000 after purchasing an additional 2,912 shares in the last quarter. State Street Corp raised its holdings in Arcutis Biotherapeutics by 9.9% in the third 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. Finally, XTX Topco Ltd boosted its position in shares of Arcutis Biotherapeutics by 30.9% during the third quarter. XTX Topco Ltd now owns 47,728 shares of the company's stock worth $444,000 after purchasing an additional 11,262 shares in the last quarter.

Insider Activity

In other news, insider Todd Franklin Watanabe sold 1,500 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $17.52, for a total value of $26,280.00. Following the completion of 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the firm's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $12.71, for a total transaction of $127,100.00. Following the completion of the transaction, the director now directly owns 141,944 shares of the company's stock, valued at $1,804,108.24. This represents a 6.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,099 shares of company stock worth $631,256 in the last quarter. Corporate insiders own 9.50% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on ARQT shares. Jefferies Financial Group raised 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. Needham & Company LLC reiterated a "buy" rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a report on Wednesday, April 9th. Guggenheim reissued a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. 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, Mizuho increased their price objective on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Arcutis Biotherapeutics presently has an average rating of "Moderate Buy" and an average price target of $18.80.

Arcutis Biotherapeutics Stock Down 0.3 %

NASDAQ ARQT traded down $0.04 during trading on Thursday, hitting $12.92. The stock had a trading volume of 429,861 shares, compared to its average volume of 2,413,155. Arcutis Biotherapeutics, Inc. has a 12 month low of $6.99 and a 12 month high of $17.75. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. The company's 50-day moving average price is $14.27 and its two-hundred day moving average price is $12.65. The company has a market capitalization of $1.53 billion, a PE ratio of -7.22 and a beta of 1.67.

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