GW&K Investment Management LLC Sells 206,391 Shares of Arcutis Biotherapeutics, Inc. $ARQT

GW&K Investment Management LLC decreased its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 15.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 1,172,041 shares of the company’s stock after selling 206,391 shares during the period. GW&K Investment Management LLC owned 0.96% of Arcutis Biotherapeutics worth $22,093,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Perpetual Ltd boosted its stake in shares of Arcutis Biotherapeutics by 7,534.3% during the third quarter. Perpetual Ltd now owns 2,024,606 shares of the company’s stock valued at $38,164,000 after purchasing an additional 1,998,086 shares in the last quarter. Jennison Associates LLC lifted its holdings in Arcutis Biotherapeutics by 10.3% during the third quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock worth $230,990,000 after buying an additional 1,144,714 shares during the period. Frazier Life Sciences Management L.P. boosted its position in Arcutis Biotherapeutics by 12.4% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock valued at $138,441,000 after acquiring an additional 1,089,227 shares in the last quarter. Bank of America Corp DE boosted its position in Arcutis Biotherapeutics by 133.5% during the 2nd quarter. Bank of America Corp DE now owns 1,202,513 shares of the company’s stock valued at $16,859,000 after acquiring an additional 687,562 shares in the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new position in shares of Arcutis Biotherapeutics in the 2nd quarter valued at $5,787,000.

Insider Transactions at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $25.05, for a total value of $250,500.00. Following the transaction, the director directly owned 59,744 shares of the company’s stock, valued at approximately $1,496,587.20. This represents a 14.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd Watanabe sold 37,349 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $25.18, for a total value of $940,447.82. Following the completion of the transaction, the insider owned 785,957 shares of the company’s stock, valued at approximately $19,790,397.26. The trade was a 4.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 175,233 shares of company stock worth $4,537,485 over the last 90 days. Insiders own 9.40% of the company’s stock.

Arcutis Biotherapeutics Stock Performance

ARQT opened at $23.97 on Friday. The firm’s 50-day moving average price is $26.82 and its 200-day moving average price is $24.03. The company has a market cap of $2.97 billion, a P/E ratio of -171.20 and a beta of 1.66. The company has a quick ratio of 2.99, a current ratio of 3.17 and a debt-to-equity ratio of 0.57. Arcutis Biotherapeutics, Inc. has a 52-week low of $11.86 and a 52-week high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.10. The business had revenue of $129.50 million for the quarter, compared to analyst estimates of $110.79 million. Arcutis Biotherapeutics had a negative net margin of 4.29% and a negative return on equity of 10.26%. As a group, equities analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ARQT shares. Zacks Research cut Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday, December 29th. Wall Street Zen lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 14th. Guggenheim lifted their price objective on shares of Arcutis Biotherapeutics from $34.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Finally, TD Cowen boosted their price objective on shares of Arcutis Biotherapeutics from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.86.

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.