Renaissance Technologies LLC Sells 181,000 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Renaissance Technologies LLC cut its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 94.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,099 shares of the company's stock after selling 181,000 shares during the quarter. Renaissance Technologies LLC's holdings in Arcutis Biotherapeutics were worth $155,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. China Universal Asset Management Co. Ltd. boosted its position in Arcutis Biotherapeutics by 10.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 24,818 shares of the company's stock worth $346,000 after purchasing an additional 2,336 shares during the period. Venturi Wealth Management LLC bought a new position in shares of Arcutis Biotherapeutics during the fourth quarter worth approximately $46,000. Swiss National Bank lifted its position in Arcutis Biotherapeutics by 1.6% during the fourth quarter. Swiss National Bank now owns 206,900 shares of the company's stock worth $2,882,000 after purchasing an additional 3,300 shares during the period. Rhumbline Advisers boosted its position in shares of Arcutis Biotherapeutics by 2.8% during the 4th quarter. Rhumbline Advisers now owns 168,052 shares of the company's stock worth $2,341,000 after acquiring an additional 4,598 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in Arcutis Biotherapeutics by 19.5% in the fourth quarter. Teacher Retirement System of Texas now owns 31,216 shares of the company's stock valued at $435,000 after buying an additional 5,087 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research firms have commented on ARQT. Needham & Company LLC reiterated a "buy" rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, April 9th. Guggenheim reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Mizuho raised their price target 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. The Goldman Sachs Group lifted their price objective on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a "neutral" rating in a report on Thursday, February 27th. Finally, Jefferies Financial Group upped their target price on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a "buy" rating in a research note on Tuesday, March 11th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Arcutis Biotherapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $18.80.

Arcutis Biotherapeutics Trading Down 7.1 %

Shares of ARQT opened at $14.32 on Wednesday. The business's 50-day moving average price is $14.76 and its 200-day moving average price is $13.13. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. Arcutis Biotherapeutics, Inc. has a twelve month low of $6.99 and a twelve month high of $17.75. The stock has a market cap of $1.71 billion, a PE ratio of -8.00 and a beta of 1.87.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.20) EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $64.80 million. On average, equities analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Howard G. Welgus sold 10,000 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $13.00, for a total transaction of $130,000.00. Following the transaction, the director now owns 131,944 shares in the company, valued at $1,715,272. The trade was a 7.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Patrick Burnett sold 2,819 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $13.03, for a total value of $36,731.57. Following the completion of the sale, the insider now owns 167,043 shares of the company's stock, valued at approximately $2,176,570.29. This trade represents a 1.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,791 shares of company stock valued at $474,719 over the last quarter. 9.50% 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.

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