Lazard Asset Management LLC Cuts Holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Lazard Asset Management LLC trimmed its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 51.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 388,313 shares of the company's stock after selling 414,891 shares during the period. Lazard Asset Management LLC owned 0.33% of Arcutis Biotherapeutics worth $5,409,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Jennison Associates LLC lifted its holdings in shares of Arcutis Biotherapeutics by 5.8% in the 4th 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 during the last quarter. Gilder Gagnon Howe & Co. LLC grew its holdings in shares of Arcutis Biotherapeutics by 9.8% in the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 3,902,991 shares of the company's stock worth $54,369,000 after acquiring an additional 349,153 shares during the period. D. E. Shaw & Co. Inc. grew its holdings in shares of Arcutis Biotherapeutics by 44.0% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,513,577 shares of the company's stock worth $35,014,000 after acquiring an additional 768,553 shares during the period. American Century Companies Inc. grew its holdings in shares of Arcutis Biotherapeutics by 11.4% in the 4th quarter. American Century Companies Inc. now owns 1,631,226 shares of the company's stock worth $22,723,000 after acquiring an additional 166,915 shares during the period. Finally, Cercano Management LLC acquired a new stake in shares of Arcutis Biotherapeutics in the 4th quarter worth approximately $17,487,000.

Arcutis Biotherapeutics Trading Down 3.1%

Shares of Arcutis Biotherapeutics stock traded down $0.45 during trading hours on Wednesday, reaching $14.06. 447,341 shares of the company's stock were exchanged, compared to its average volume of 2,295,384. Arcutis Biotherapeutics, Inc. has a 52-week low of $6.99 and a 52-week high of $17.75. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -7.83 and a beta of 1.87. The company has a fifty day moving average of $14.67 and a 200-day moving average of $13.51. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67.

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ARQT. Guggenheim restated a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Mizuho increased their target price on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an "outperform" rating in a report on Wednesday, February 26th. HC Wainwright reiterated a "buy" rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. The Goldman Sachs Group increased their target price on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a "neutral" rating in a report on Thursday, February 27th. Finally, Jefferies Financial Group increased their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company 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 stock. Based on data from MarketBeat.com, Arcutis Biotherapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.80.

Insiders Place Their Bets

In related news, Director Howard G. Welgus sold 10,000 shares of the 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 transaction, the director now directly owns 131,944 shares of the company's stock, valued at approximately $1,715,272. This trade represents a 7.05% decrease in their position. 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 stock in a transaction on Friday, March 14th. The stock was 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 in the company, valued at $1,833,917.44. This trade represents a 9.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,113 shares of company stock valued at $632,162 in the last quarter. 9.40% of the stock is currently owned by company insiders.

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.