Fishman Jay A Ltd. MI Purchases 23,000 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Fishman Jay A Ltd. MI raised its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 4.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 556,150 shares of the company’s stock after buying an additional 23,000 shares during the quarter. Arcutis Biotherapeutics comprises about 0.7% of Fishman Jay A Ltd. MI’s investment portfolio, making the stock its 25th largest holding. Fishman Jay A Ltd. MI owned approximately 0.47% of Arcutis Biotherapeutics worth $7,797,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Amalgamated Bank raised its stake in shares of Arcutis Biotherapeutics by 39.4% during the 1st quarter. Amalgamated Bank now owns 3,723 shares of the company’s stock worth $58,000 after acquiring an additional 1,053 shares in the last quarter. Triumph Capital Management purchased a new position in Arcutis Biotherapeutics in the second quarter worth $410,000. New York State Common Retirement Fund increased its position in shares of Arcutis Biotherapeutics by 93.4% during the first quarter. New York State Common Retirement Fund now owns 48,670 shares of the company’s stock worth $761,000 after purchasing an additional 23,503 shares in the last quarter. Invst LLC purchased a new stake in shares of Arcutis Biotherapeutics during the 1st quarter valued at $323,000. Finally, Ieq Capital LLC acquired a new stake in shares of Arcutis Biotherapeutics in the 1st quarter worth $345,000.

Analysts Set New Price Targets

Several research analysts recently issued reports on ARQT shares. The Goldman Sachs Group started coverage on Arcutis Biotherapeutics in a research report on Friday, July 25th. They set a “neutral” rating and a $18.00 target price on the stock. Needham & Company LLC boosted their price target on Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Wall Street Zen raised shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Cowen reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Thursday, August 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Saturday, September 27th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Arcutis Biotherapeutics has an average rating of “Moderate Buy” and an average price target of $19.80.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $19.92 on Monday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.04 and a current ratio of 3.20. The firm has a market cap of $2.39 billion, a PE ratio of -26.56 and a beta of 2.06. Arcutis Biotherapeutics, Inc. has a one year low of $8.03 and a one year high of $21.30. The firm has a fifty day moving average of $16.44 and a 200 day moving average of $15.05.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.05. Arcutis Biotherapeutics had a negative return on equity of 62.62% and a negative net margin of 35.40%.The company had revenue of $81.50 million for the quarter, compared to analyst estimates of $72.70 million. As a group, research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Todd Watanabe sold 20,739 shares of the stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $20.04, for a total value of $415,609.56. Following the sale, the insider directly owned 846,440 shares of the company’s stock, valued at approximately $16,962,657.60. This represents a 2.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Patrick Burnett sold 2,438 shares of the firm’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $15.57, for a total value of $37,959.66. Following the sale, the insider directly owned 104,811 shares in the company, valued at $1,631,907.27. This trade represents a 2.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 178,632 shares of company stock valued at $2,982,730 in the last quarter. Corporate insiders own 9.40% of the company’s stock.

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.