Zevenbergen Capital Investments LLC Acquires Shares of 418,035 Arcutis Biotherapeutics, Inc. $ARQT

Zevenbergen Capital Investments LLC bought a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 418,035 shares of the company’s stock, valued at approximately $12,140,000. Zevenbergen Capital Investments LLC owned 0.34% of Arcutis Biotherapeutics as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Perpetual Ltd boosted its stake in Arcutis Biotherapeutics by 7,534.3% during the third quarter. Perpetual Ltd now owns 2,024,606 shares of the company’s stock worth $38,164,000 after buying an additional 1,998,086 shares during the period. Jennison Associates LLC raised its stake in shares of Arcutis Biotherapeutics by 10.3% in the third quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock valued at $230,990,000 after acquiring an additional 1,144,714 shares during the period. Frazier Life Sciences Management L.P. lifted its holdings in shares of Arcutis Biotherapeutics by 12.4% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock worth $138,441,000 after acquiring an additional 1,089,227 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter worth about $15,711,000. Finally, Bank of America Corp DE boosted its stake in shares of 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 worth $16,859,000 after purchasing an additional 687,562 shares during the period.

Arcutis Biotherapeutics Stock Performance

ARQT stock opened at $21.33 on Tuesday. Arcutis Biotherapeutics, Inc. has a 1-year low of $11.86 and a 1-year high of $31.77. The business has a 50-day moving average price of $25.02 and a 200 day moving average price of $24.92. The company has a market capitalization of $2.65 billion, a P/E ratio of -152.35 and a beta of 1.66. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.17 and a quick ratio of 2.99.

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

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Guggenheim raised their price objective on shares of Arcutis Biotherapeutics from $34.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Friday. Mizuho decreased their price target on Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating for the company in a research note on Monday, March 2nd. HC Wainwright upped their price objective on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Finally, Zacks Research lowered Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.00.

Insider Activity

In other Arcutis Biotherapeutics news, insider Larry Todd Edwards sold 3,687 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $25.18, for a total transaction of $92,838.66. Following the completion of the sale, the insider owned 175,178 shares in the company, valued at $4,410,982.04. This represents a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd Watanabe sold 37,349 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $25.18, for a total value of $940,447.82. Following the sale, the insider owned 785,957 shares of the company’s stock, valued at approximately $19,790,397.26. This represents a 4.54% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 163,733 shares of company stock valued at $4,204,675. 9.40% of the stock is currently owned by corporate insiders.

About Arcutis Biotherapeutics

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.