Arcutis Biotherapeutics, Inc. $ARQT Shares Sold by Perpetual Ltd

Perpetual Ltd lessened its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 13.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 958,843 shares of the company’s stock after selling 150,814 shares during the period. Perpetual Ltd’s holdings in Arcutis Biotherapeutics were worth $25,342,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Nykredit A S bought a new position in Arcutis Biotherapeutics during the second quarter valued at about $63,000. Integrated Wealth Concepts LLC acquired a new position in Arcutis Biotherapeutics in the 2nd quarter valued at approximately $84,000. KBC Group NV raised its holdings in Arcutis Biotherapeutics by 43.2% in the 1st quarter. KBC Group NV now owns 4,376 shares of the company’s stock valued at $103,000 after acquiring an additional 1,321 shares in the last quarter. Independent Financial Group LLC bought a new stake in shares of Arcutis Biotherapeutics in the 1st quarter worth approximately $210,000. Finally, Amundi bought a new stake in shares of Arcutis Biotherapeutics in the 1st quarter worth approximately $214,000.

Arcutis Biotherapeutics Stock Performance

NASDAQ ARQT opened at $26.22 on Tuesday. The stock has a market cap of $3.30 billion, a P/E ratio of 124.86 and a beta of 1.57. The company’s 50-day simple moving average is $25.34 and its 200 day simple moving average is $24.67. Arcutis Biotherapeutics, Inc. has a twelve month low of $19.30 and a twelve month high of $31.77. The company has a quick ratio of 2.67, a current ratio of 2.92 and a debt-to-equity ratio of 0.46.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly 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. The firm had revenue of $129.86 million during the quarter, compared to analyst estimates of $118.85 million. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. As a group, research analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.42 earnings per share for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Terrie Curran sold 38,200 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $25.03, for a total value of $956,146.00. Following the sale, the director directly owned 23,526 shares in the company, valued at approximately $588,855.78. This represents a 61.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Howard Welgus sold 4,730 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $26.18, for a total value of $123,831.40. Following the completion of the transaction, the director directly owned 36,475 shares of the company’s stock, valued at approximately $954,915.50. The trade was a 11.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 79,225 shares of company stock valued at $2,015,966. Corporate insiders own 9.40% of the company’s stock.

Analyst Upgrades and Downgrades

ARQT has been the topic of several recent research reports. Jefferies Financial Group reissued a “buy” rating and set a $39.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday. Weiss Ratings upgraded Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, September 24th. Morgan Stanley upped their target price on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Guggenheim raised their target price on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Wall Street Zen downgraded shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Arcutis Biotherapeutics presently has an average rating of “Moderate Buy” and an average price target of $36.00.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc (NASDAQ: ARQT) is a biopharmaceutical company focused on developing and commercializing treatments for dermatologic conditions. The company concentrates on medical dermatology, with an emphasis on addressing diseases that can significantly affect patients’ quality of life and for which additional treatment options are needed.

Arcutis’s primary commercial product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor available in multiple formulations.