Northern Trust Corp Buys 54,541 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Northern Trust Corp grew its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 5.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 991,056 shares of the company's stock after acquiring an additional 54,541 shares during the period. Northern Trust Corp owned 0.85% of Arcutis Biotherapeutics worth $13,805,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Jennison Associates LLC lifted its stake 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 lifted its stake 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 valued at $54,369,000 after purchasing an additional 349,153 shares during the last quarter. American Century Companies Inc. lifted its stake 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 valued at $22,723,000 after purchasing an additional 166,915 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Arcutis Biotherapeutics by 20.1% in the 4th quarter. Invesco Ltd. now owns 1,126,668 shares of the company's stock valued at $15,694,000 after purchasing an additional 188,184 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Arcutis Biotherapeutics by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 878,804 shares of the company's stock valued at $12,242,000 after purchasing an additional 18,958 shares during the last quarter.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Jefferies Financial Group boosted their target price on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a "buy" rating in a research report on Tuesday, March 11th. HC Wainwright reissued a "buy" rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Guggenheim restated a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Needham & Company LLC restated a "buy" rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a report on Wednesday, April 9th. Finally, Mizuho boosted their price objective on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an "outperform" rating in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $18.80.

Insiders Place Their Bets

In other news, insider Patrick Burnett sold 3,871 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $13.59, for a total transaction of $52,606.89. Following the transaction, the insider now directly owns 115,468 shares of the company's stock, valued at approximately $1,569,210.12. This trade represents a 3.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Todd Franklin Watanabe sold 1,500 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $17.52, for a total transaction of $26,280.00. Following the completion of the transaction, the insider now directly owns 927,414 shares in the company, valued at $16,248,293.28. This trade represents a 0.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 36,662 shares of company stock worth $527,326. Corporate insiders own 9.40% of the company's stock.

Arcutis Biotherapeutics Trading Up 3.8%

Shares of ARQT stock traded up $0.53 during trading hours on Monday, reaching $14.64. The company had a trading volume of 1,374,856 shares, compared to its average volume of 2,303,076. The company has a 50 day moving average of $14.69 and a 200 day moving average of $13.46. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -8.18 and a beta of 1.87. Arcutis Biotherapeutics, Inc. has a 1-year low of $6.99 and a 1-year high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share for the quarter, beating 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 the consensus estimate of $64.80 million. On average, equities research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

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.