Renaissance Technologies LLC Acquires 167,000 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Renaissance Technologies LLC increased its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 60.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 440,999 shares of the company’s stock after acquiring an additional 167,000 shares during the quarter. Renaissance Technologies LLC’s holdings in Arcutis Biotherapeutics were worth $10,390,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. SBI Securities Co. Ltd. increased its position in Arcutis Biotherapeutics by 325.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock valued at $32,000 after purchasing an additional 833 shares during the period. Global Retirement Partners LLC purchased a new stake in shares of Arcutis Biotherapeutics in the 4th quarter worth about $35,000. EverSource Wealth Advisors LLC lifted its position in shares of Arcutis Biotherapeutics by 124.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock worth $37,000 after purchasing an additional 698 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Arcutis Biotherapeutics by 209.0% during the 4th quarter. NewEdge Advisors LLC now owns 1,545 shares of the company’s stock valued at $45,000 after purchasing an additional 1,045 shares in the last quarter. Finally, Truvestments Capital LLC boosted its stake in shares of Arcutis Biotherapeutics by 114.2% during the 4th quarter. Truvestments Capital LLC now owns 3,012 shares of the company’s stock valued at $87,000 after purchasing an additional 1,606 shares in the last quarter.

Analyst Ratings Changes

Several analysts have commented on ARQT shares. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Needham & Company LLC reiterated a “buy” rating and set a $36.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, May 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Wednesday, June 24th. Five 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $34.00.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, CFO Latha Vairavan sold 1,341 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $23.61, for a total value of $31,661.01. Following the sale, the chief financial officer owned 86,413 shares in the company, valued at approximately $2,040,210.93. This represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sue-Jean Lin sold 4,946 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $24.38, for a total transaction of $120,583.48. Following the transaction, the director directly owned 27,567 shares of the company’s stock, valued at $672,083.46. This represents a 15.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 23,787 shares of company stock valued at $565,846. Insiders own 9.40% of the company’s stock.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock opened at $26.86 on Friday. The company’s fifty day moving average price is $25.55 and its 200-day moving average price is $24.70. The stock has a market cap of $3.36 billion, a PE ratio of -895.03 and a beta of 1.48. The company has a current ratio of 2.68, a quick ratio of 2.46 and a debt-to-equity ratio of 0.54. Arcutis Biotherapeutics, Inc. has a 12 month low of $13.69 and a 12 month high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%.The business had revenue of $105.40 million during the quarter, compared to the consensus estimate of $103.67 million. On average, equities analysts expect that Arcutis Biotherapeutics, Inc. will post 0.16 EPS for the current fiscal year.

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.