abrdn plc Buys Shares of 148,874 Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

abrdn plc bought a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 148,874 shares of the company's stock, valued at approximately $481,000. abrdn plc owned 0.16% of Arcutis Biotherapeutics as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Rubric Capital Management LP grew its holdings in Arcutis Biotherapeutics by 3.1% during the third quarter. Rubric Capital Management LP now owns 5,034,530 shares of the company's stock worth $26,733,000 after acquiring an additional 150,000 shares during the period. Jennison Associates LLC grew its holdings in Arcutis Biotherapeutics by 3.2% in the third quarter. Jennison Associates LLC now owns 4,432,175 shares of the company's stock valued at $23,535,000 after purchasing an additional 138,209 shares during the period. Federated Hermes Inc. grew its holdings in Arcutis Biotherapeutics by 769.1% in the fourth quarter. Federated Hermes Inc. now owns 521,469 shares of the company's stock valued at $1,684,000 after purchasing an additional 461,469 shares during the period. Tejara Capital Ltd grew its holdings in Arcutis Biotherapeutics by 88.3% in the third quarter. Tejara Capital Ltd now owns 309,179 shares of the company's stock valued at $1,642,000 after purchasing an additional 145,000 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Arcutis Biotherapeutics by 12.9% in the third quarter. Bank of New York Mellon Corp now owns 237,779 shares of the company's stock valued at $1,263,000 after purchasing an additional 27,170 shares during the period.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT traded up $0.52 during midday trading on Wednesday, hitting $8.84. The stock had a trading volume of 2,797,127 shares, compared to its average volume of 4,512,672. The company has a market capitalization of $1.02 billion, a PE ratio of -2.26 and a beta of 1.14. The stock has a 50 day simple moving average of $10.12 and a 200-day simple moving average of $5.88. Arcutis Biotherapeutics, Inc. has a 1 year low of $1.76 and a 1 year high of $15.21. The company has a quick ratio of 6.80, a current ratio of 7.08 and a debt-to-equity ratio of 2.28.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced 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 company had revenue of $13.53 million for the quarter, compared to analysts' expectations of $11.78 million. During the same quarter in the previous year, the business posted ($1.18) EPS. On average, sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post -2.21 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, insider Masaru Matsuda sold 3,760 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $11.12, for a total transaction of $41,811.20. Following the transaction, the insider now owns 190,424 shares in the company, valued at $2,117,514.88. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 20.70% of the stock is currently owned by company insiders.

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.