Point72 Asset Management L.P. Buys 1,509,136 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Point72 Asset Management L.P. raised its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 617.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,753,522 shares of the company's stock after buying an additional 1,509,136 shares during the quarter. Point72 Asset Management L.P. owned 1.50% of Arcutis Biotherapeutics worth $24,427,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Fishman Jay A Ltd. MI lifted its position in Arcutis Biotherapeutics by 28.3% during the 4th quarter. Fishman Jay A Ltd. MI now owns 536,400 shares of the company's stock valued at $7,472,000 after purchasing an additional 118,400 shares during the period. Barclays PLC raised its position in shares of Arcutis Biotherapeutics by 45.8% in the 3rd quarter. Barclays PLC now owns 253,392 shares of the company's stock valued at $2,356,000 after acquiring an additional 79,579 shares during the period. American Century Companies Inc. raised its position 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 acquiring an additional 166,915 shares during the period. Jennison Associates LLC raised its position 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 acquiring an additional 676,295 shares during the period. Finally, Zweig DiMenna Associates LLC acquired a new stake in shares of Arcutis Biotherapeutics in the 4th quarter valued at approximately $578,000.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ARQT. The Goldman Sachs Group increased their target price on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Thursday, February 27th. Needham & Company LLC reissued a "buy" rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a research note on Wednesday, April 9th. HC Wainwright reissued a "buy" rating and issued a $19.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. Jefferies Financial Group raised their target price on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a "buy" rating in a research note on Tuesday, March 11th. Finally, Guggenheim reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $18.80.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT traded down $0.13 during midday trading on Tuesday, reaching $14.51. 1,914,119 shares of the stock were exchanged, compared to its average volume of 2,302,582. Arcutis Biotherapeutics, Inc. has a twelve month low of $6.99 and a twelve month high of $17.75. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The company has a market cap of $1.73 billion, a P/E ratio of -8.11 and a beta of 1.87. The stock's 50 day simple moving average is $14.68 and its 200 day simple moving average is $13.50.

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

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Larry Todd Edwards sold 7,451 shares of the business's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $14.07, for a total transaction of $104,835.57. Following the completion of the transaction, the insider now owns 183,104 shares of the company's stock, valued at approximately $2,576,273.28. The trade was a 3.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd Franklin Watanabe sold 1,500 shares of the company's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $17.52, for a total value of $26,280.00. Following the completion of the sale, the insider now owns 927,414 shares in the company, valued at $16,248,293.28. The trade was a 0.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,113 shares of company stock valued at $632,162 over the last quarter. 9.40% of the stock is owned by corporate insiders.

About Arcutis Biotherapeutics

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.