24,200 Shares in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS acquired a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 24,200 shares of the company's stock, valued at approximately $337,000.

Several other hedge funds have also modified their holdings of the stock. Point72 DIFC Ltd purchased a new stake in Arcutis Biotherapeutics during the 3rd quarter worth about $25,000. Venturi Wealth Management LLC acquired a new position in shares of Arcutis Biotherapeutics during the fourth quarter worth about $46,000. Cibc World Markets Corp purchased a new stake in shares of Arcutis Biotherapeutics during the fourth quarter worth approximately $140,000. LVW Advisors LLC acquired a new stake in Arcutis Biotherapeutics in the fourth quarter valued at approximately $166,000. Finally, Aigen Investment Management LP purchased a new position in Arcutis Biotherapeutics in the fourth quarter worth approximately $191,000.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 8,338 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $12.70, for a total transaction of $105,892.60. Following the completion of the sale, the insider now directly owns 178,692 shares of the company's stock, valued at $2,269,388.40. This represents a 4.46 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $12.71, for a total value of $127,100.00. Following the sale, the director now directly owns 141,944 shares of the company's stock, valued at $1,804,108.24. The trade was a 6.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,099 shares of company stock valued at $631,256. Insiders own 9.50% of the company's stock.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock traded down $1.13 during mid-day trading on Thursday, hitting $13.44. 2,520,191 shares of the stock were exchanged, compared to its average volume of 2,407,729. 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 stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of -7.51 and a beta of 1.67. The stock's fifty day simple moving average is $14.24 and its two-hundred day simple moving average is $12.57.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate 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 return on equity of 119.11% and a negative net margin of 140.97%. On average, analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Mizuho increased their price objective on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an "outperform" rating in a research report on Wednesday, February 26th. Guggenheim reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a research report on Wednesday. Jefferies Financial Group raised their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a "buy" rating in a research report on Tuesday, March 11th. Finally, HC Wainwright restated a "buy" rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.80.

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.