Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Shares Acquired by Jennison Associates LLC

Jennison Associates LLC lifted its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 104.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,066,082 shares of the company's stock after acquiring an additional 4,633,907 shares during the period. Jennison Associates LLC owned 9.61% of Arcutis Biotherapeutics worth $29,283,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. China Universal Asset Management Co. Ltd. boosted its stake in shares of Arcutis Biotherapeutics by 586.8% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,920 shares of the company's stock valued at $35,000 after acquiring an additional 9,330 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in Arcutis Biotherapeutics during the third quarter worth about $60,000. SG Americas Securities LLC purchased a new position in Arcutis Biotherapeutics during the fourth quarter worth about $79,000. Jump Financial LLC purchased a new position in Arcutis Biotherapeutics during the third quarter worth about $108,000. Finally, Deutsche Bank AG lifted its position in Arcutis Biotherapeutics by 13.7% during the third quarter. Deutsche Bank AG now owns 30,362 shares of the company's stock worth $161,000 after buying an additional 3,655 shares during the period.

Arcutis Biotherapeutics Trading Down 1.8 %

Shares of Arcutis Biotherapeutics stock traded down $0.16 during trading hours on Thursday, reaching $8.59. The stock had a trading volume of 2,251,945 shares, compared to its average volume of 4,627,841. The firm has a 50 day simple moving average of $10.17 and a two-hundred day simple moving average of $5.74. The firm has a market capitalization of $831.60 million, a price-to-earnings ratio of -2.12 and a beta of 1.14. The company has a current ratio of 7.08, a quick ratio of 6.80 and a debt-to-equity ratio of 2.28. Arcutis Biotherapeutics, Inc. has a 1 year low of $1.76 and a 1 year high of $15.21.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($0.72) EPS for the quarter, missing analysts' consensus estimates of ($0.64) by ($0.08). Arcutis Biotherapeutics had a negative return on equity of 294.85% and a negative net margin of 439.79%. The firm had revenue of $13.53 million during the quarter, compared to analysts' expectations of $11.78 million. During the same quarter last year, the business earned ($1.18) earnings per share. As a group, equities research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -2.49 earnings per share for the current year.

Insider Activity

In other news, insider Masaru Matsuda sold 3,760 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $11.12, for a total value of $41,811.20. Following the completion of the sale, the insider now owns 190,424 shares in the company, valued at $2,117,514.88. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 20.70% of the company's stock.

Analysts Set New Price Targets

ARQT has been the topic of several recent analyst reports. The Goldman Sachs Group increased their target price on Arcutis Biotherapeutics from $6.00 to $11.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 28th. Mizuho reiterated a "buy" rating and set a $16.00 target price (up from $8.00) on shares of Arcutis Biotherapeutics in a research report on Friday, February 23rd. Finally, Needham & Company LLC reiterated a "buy" rating and set a $16.00 target price on shares of Arcutis Biotherapeutics in a research report on Friday, April 12th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $26.56.

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.