Geode Capital Management LLC Purchases 48,868 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Geode Capital Management LLC boosted its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 2.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,470,138 shares of the company’s stock after buying an additional 48,868 shares during the quarter. Geode Capital Management LLC’s holdings in Arcutis Biotherapeutics were worth $22,977,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Point72 DIFC Ltd bought a new position in Arcutis Biotherapeutics in the 3rd quarter worth $25,000. Algert Global LLC bought a new position in Arcutis Biotherapeutics in the 2nd quarter worth $97,000. Erste Asset Management GmbH bought a new position in Arcutis Biotherapeutics in the 3rd quarter worth $104,000. Victory Capital Management Inc. raised its holdings in Arcutis Biotherapeutics by 9.9% in the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock worth $119,000 after purchasing an additional 1,155 shares in the last quarter. Finally, Creative Planning bought a new position in Arcutis Biotherapeutics in the 3rd quarter worth $127,000.

Insider Buying and Selling

In related news, SVP Larry Todd Edwards sold 3,725 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total transaction of $37,287.25. Following the sale, the senior vice president now directly owns 136,635 shares of the company’s stock, valued at approximately $1,367,716.35. This represents a 2.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $9.26, for a total transaction of $92,600.00. Following the sale, the director now directly owns 181,944 shares in the company, valued at $1,684,801.44. This trade represents a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 80,325 shares of company stock worth $887,480 in the last three months. 9.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Separately, Needham & Company LLC restated a “buy” rating and issued a $18.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th.

Arcutis Biotherapeutics Stock Down 4.2 %

Shares of Arcutis Biotherapeutics stock opened at $14.30 on Friday. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The company has a 50-day moving average of $11.17 and a 200 day moving average of $10.18. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of -7.99 and a beta of 1.32. Arcutis Biotherapeutics, Inc. has a 1 year low of $2.99 and a 1 year high of $15.79.

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

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.