Suvretta Capital Management LLC Purchases 677,627 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Suvretta Capital Management LLC increased its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 6.3% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 11,399,138 shares of the company's stock after acquiring an additional 677,627 shares during the period. Arcutis Biotherapeutics makes up about 5.4% of Suvretta Capital Management LLC's holdings, making the stock its 2nd largest holding. Suvretta Capital Management LLC owned approximately 9.74% of Arcutis Biotherapeutics worth $158,790,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC acquired a new stake in shares of Arcutis Biotherapeutics during the 4th quarter worth about $46,000. Cibc World Markets Corp purchased a new position in Arcutis Biotherapeutics during the fourth quarter worth about $140,000. Summit Investment Advisors Inc. increased its position in shares of Arcutis Biotherapeutics by 8.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company's stock valued at $157,000 after acquiring an additional 837 shares during the last quarter. LVW Advisors LLC acquired a new stake in shares of Arcutis Biotherapeutics during the fourth quarter valued at about $166,000. Finally, Syon Capital LLC purchased a new stake in shares of Arcutis Biotherapeutics in the 4th quarter valued at approximately $189,000.

Analyst Ratings Changes

ARQT has been the subject of a number of research analyst reports. Guggenheim reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. HC Wainwright restated a "buy" rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. Mizuho lifted their price objective on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an "outperform" rating in a research note on Wednesday, February 26th. Jefferies Financial Group boosted their price objective on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a "buy" rating in a report on Tuesday, March 11th. Finally, 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. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $18.80.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, insider Todd Franklin Watanabe sold 1,500 shares of the firm's stock in a transaction 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 sale, the insider now directly owns 927,414 shares in the company, valued at approximately $16,248,293.28. This trade represents a 0.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Larry Todd Edwards sold 7,451 shares of Arcutis Biotherapeutics stock in a transaction on Monday, May 19th. The stock was sold at an average price of $14.07, for a total transaction of $104,835.57. Following the sale, the insider now directly owns 183,104 shares of the company's stock, valued at approximately $2,576,273.28. This trade represents a 3.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,113 shares of company stock valued at $632,162 in the last quarter. Corporate insiders own 9.40% of the company's stock.

Arcutis Biotherapeutics Stock Down 0.9%

Arcutis Biotherapeutics stock traded down $0.13 during mid-day trading on Tuesday, reaching $14.51. 1,914,119 shares of the company's stock were exchanged, compared to its average volume of 2,302,582. 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 company has a market cap of $1.73 billion, a P/E ratio of -8.11 and a beta of 1.87. The company has a fifty day moving average of $14.67 and a 200-day moving average of $13.51.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) 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 firm had revenue of $65.85 million during the quarter, compared to analyst estimates of $64.80 million. Sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

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.