Polar Capital Holdings Plc Buys 493,009 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Polar Capital Holdings Plc lifted its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 7.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,377,381 shares of the company's stock after buying an additional 493,009 shares during the period. Polar Capital Holdings Plc owned about 6.30% of Arcutis Biotherapeutics worth $102,767,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Jennison Associates LLC raised its holdings in shares of Arcutis Biotherapeutics by 5.8% during the fourth 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 raised its holdings in shares of Arcutis Biotherapeutics by 9.8% during the fourth 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. D. E. Shaw & Co. Inc. raised its holdings in shares of Arcutis Biotherapeutics by 44.0% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,513,577 shares of the company's stock valued at $35,014,000 after purchasing an additional 768,553 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Arcutis Biotherapeutics by 101.3% during the fourth quarter. Millennium Management LLC now owns 2,310,163 shares of the company's stock valued at $32,181,000 after purchasing an additional 1,162,690 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Arcutis Biotherapeutics by 11.4% during the fourth 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.

Arcutis Biotherapeutics Price Performance

Shares of ARQT traded down $0.15 during mid-day trading on Tuesday, reaching $14.49. The stock had a trading volume of 872,625 shares, compared to its average volume of 2,297,790. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of -8.10 and a beta of 1.87. Arcutis Biotherapeutics, Inc. has a 12 month low of $6.99 and a 12 month high of $17.75. The business has a fifty day moving average of $14.68 and a 200 day moving average of $13.50. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46.

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, topping analysts' consensus estimates of ($0.21) by $0.01. The business had revenue of $65.85 million during the quarter, compared to analyst estimates of $64.80 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. Equities analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 3,871 shares of the company'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 value of $52,606.89. Following the completion of the transaction, the insider now directly owns 115,468 shares in the company, valued at $1,569,210.12. This represents a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $13.00, for a total transaction of $130,000.00. Following the completion of the transaction, the director now owns 131,944 shares of the company's stock, valued at approximately $1,715,272. The trade was a 7.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 36,662 shares of company stock worth $527,326 over the last three months. 9.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

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.