Perpetual Ltd Boosts Holdings in Arcutis Biotherapeutics, Inc. $ARQT

Perpetual Ltd grew its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 7,534.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 2,024,606 shares of the company’s stock after purchasing an additional 1,998,086 shares during the period. Perpetual Ltd’s holdings in Arcutis Biotherapeutics were worth $38,164,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Allostery Investments LP acquired a new stake in shares of Arcutis Biotherapeutics in the 1st quarter worth $117,000. PNC Financial Services Group Inc. increased its position in Arcutis Biotherapeutics by 10.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock valued at $124,000 after buying an additional 820 shares in the last quarter. Atlas Wealth LLC purchased a new stake in Arcutis Biotherapeutics in the second quarter valued at about $138,000. Quantbot Technologies LP acquired a new stake in Arcutis Biotherapeutics in the second quarter worth about $145,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Arcutis Biotherapeutics by 4,562.5% during the second quarter. Russell Investments Group Ltd. now owns 11,190 shares of the company’s stock worth $157,000 after acquiring an additional 10,950 shares during the last quarter.

Arcutis Biotherapeutics Stock Up 0.8%

ARQT stock opened at $28.01 on Friday. The firm’s fifty day simple moving average is $26.05 and its 200-day simple moving average is $19.31. The company has a market capitalization of $3.43 billion, a P/E ratio of -77.81 and a beta of 1.69. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.50 and a quick ratio of 3.28. Arcutis Biotherapeutics, Inc. has a 12 month low of $11.13 and a 12 month high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Tuesday, October 28th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.16. The firm had revenue of $99.22 million during the quarter, compared to analysts’ expectations of $86.69 million. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. As a group, equities research analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on ARQT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Monday. Zacks Research raised shares of Arcutis Biotherapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 29th. Needham & Company LLC lifted their price objective on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. The Goldman Sachs Group boosted their price objective on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Finally, Mizuho raised their target price on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the stock an “outperform” rating in a research note on Friday, November 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.00.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, insider Larry Todd Edwards sold 29,131 shares of the business’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $25.16, for a total value of $732,935.96. Following the completion of the transaction, the insider owned 150,193 shares of the company’s stock, valued at $3,778,855.88. The trade was a 16.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Todd Watanabe sold 48,945 shares of the company’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $30.36, for a total value of $1,485,970.20. Following the completion of the sale, the insider owned 740,537 shares in the company, valued at $22,482,703.32. The trade was a 6.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 339,229 shares of company stock worth $8,638,027. Insiders own 9.40% of the company’s stock.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.