Citizens Financial Group Inc. RI Takes $922,000 Position in Arcutis Biotherapeutics, Inc. $ARQT

Citizens Financial Group Inc. RI purchased a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 35,148 shares of the company’s stock, valued at approximately $922,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. UBS Group AG raised its position in shares of Arcutis Biotherapeutics by 10.0% during the 4th quarter. UBS Group AG now owns 3,243,432 shares of the company’s stock valued at $94,189,000 after buying an additional 294,994 shares in the last quarter. Bank of America Corp DE grew its position in Arcutis Biotherapeutics by 32.7% during the first quarter. Bank of America Corp DE now owns 2,221,289 shares of the company’s stock valued at $52,334,000 after acquiring an additional 547,835 shares during the last quarter. Kornitzer Capital Management Inc. KS raised its stake in shares of Arcutis Biotherapeutics by 55.1% during the first quarter. Kornitzer Capital Management Inc. KS now owns 175,870 shares of the company’s stock worth $4,143,000 after acquiring an additional 62,485 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Arcutis Biotherapeutics by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company’s stock worth $210,654,000 after acquiring an additional 107,846 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Arcutis Biotherapeutics in the 4th quarter valued at $26,136,000.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ ARQT opened at $26.54 on Wednesday. The company has a quick ratio of 2.67, a current ratio of 2.92 and a debt-to-equity ratio of 0.46. The firm’s 50-day moving average price is $26.68 and its 200-day moving average price is $24.68. Arcutis Biotherapeutics, Inc. has a 52-week low of $15.10 and a 52-week high of $31.77. The company has a market cap of $3.34 billion, a PE ratio of 126.39 and a beta of 1.49.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.05. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. The company had revenue of $129.86 million for the quarter, compared to analysts’ expectations of $118.85 million. As a group, analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.4 EPS for the current year.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, insider Patrick Burnett sold 8,300 shares of Arcutis Biotherapeutics stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $26.52, for a total transaction of $220,116.00. Following the transaction, the insider owned 119,289 shares in the company, valued at approximately $3,163,544.28. The trade was a 6.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sue-Jean Lin sold 4,946 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $24.38, for a total transaction of $120,583.48. Following the completion of 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. Over the last three months, insiders have sold 31,237 shares of company stock valued at $803,066. 9.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on ARQT. Morgan Stanley upped their price target on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Needham & Company LLC lifted their price target on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Wall Street Zen raised Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Weiss Ratings raised shares of Arcutis Biotherapeutics from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, August 6th. Finally, Guggenheim boosted their target price on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.57.

Arcutis Biotherapeutics 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.