Fmr LLC Boosts Stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Fmr LLC grew its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 25.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 171,219 shares of the company’s stock after purchasing an additional 34,884 shares during the quarter. Fmr LLC’s holdings in Arcutis Biotherapeutics were worth $1,592,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC lifted its stake in shares of Arcutis Biotherapeutics by 531.2% during the second quarter. SG Americas Securities LLC now owns 99,161 shares of the company’s stock worth $922,000 after purchasing an additional 83,452 shares in the last quarter. GSA Capital Partners LLP lifted its stake in shares of Arcutis Biotherapeutics by 730.0% during the third quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock worth $2,206,000 after purchasing an additional 208,599 shares in the last quarter. Wesbanco Bank Inc. acquired a new position in shares of Arcutis Biotherapeutics during the third quarter worth about $955,000. AMI Asset Management Corp lifted its stake in shares of Arcutis Biotherapeutics by 36.2% during the third quarter. AMI Asset Management Corp now owns 223,681 shares of the company’s stock worth $2,080,000 after purchasing an additional 59,487 shares in the last quarter. Finally, Algert Global LLC lifted its stake in shares of Arcutis Biotherapeutics by 595.9% during the third quarter. Algert Global LLC now owns 72,480 shares of the company’s stock worth $674,000 after purchasing an additional 62,065 shares in the last quarter.

Arcutis Biotherapeutics Trading Up 3.6 %

Shares of ARQT opened at $12.69 on Monday. The company has a market capitalization of $1.49 billion, a P/E ratio of -7.09 and a beta of 1.32. Arcutis Biotherapeutics, Inc. has a one year low of $2.28 and a one year high 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. The stock has a 50-day moving average price of $10.30 and a 200 day moving average price of $9.80.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.09. The firm had revenue of $44.76 million during the quarter, compared to the consensus estimate of $38.05 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. Sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.34 EPS for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $12.51, for a total transaction of $125,100.00. Following the transaction, the director now owns 161,944 shares of the company’s stock, valued at $2,025,919.44. This trade represents a 5.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO David Joseph Topper sold 11,626 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $9.48, for a total value of $110,214.48. Following the transaction, the chief financial officer now directly owns 158,374 shares in the company, valued at approximately $1,501,385.52. This represents a 6.84 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 76,951 shares of company stock valued at $770,144. Insiders own 9.50% of the company’s stock.

Wall Street Analysts Forecast Growth

ARQT has been the topic of a number of recent research reports. Jefferies Financial Group initiated coverage on Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They set a “buy” rating and a $15.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th.

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.