Phocas Financial Corp. Sells 41,808 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Phocas Financial Corp. trimmed its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 39.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 64,499 shares of the company’s stock after selling 41,808 shares during the period. Phocas Financial Corp.’s holdings in Arcutis Biotherapeutics were worth $1,873,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Zevenbergen Capital Investments LLC purchased a new stake in shares of Arcutis Biotherapeutics during the fourth quarter valued at $12,140,000. Nordea Investment Management AB purchased a new position in Arcutis Biotherapeutics in the 4th quarter worth about $5,850,000. Ally Bridge Group NY LLC purchased a new position in Arcutis Biotherapeutics in the 3rd quarter worth about $4,396,000. Jennison Associates LLC lifted its holdings in Arcutis Biotherapeutics by 10.3% during the 3rd quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock valued at $230,990,000 after buying an additional 1,144,714 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Arcutis Biotherapeutics in the 3rd quarter valued at about $1,630,000.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Larry Todd Edwards sold 3,687 shares of the 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 sale, the insider owned 175,178 shares of the company’s stock, valued at approximately $4,410,982.04. This trade represents a 2.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Todd Watanabe sold 37,349 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $25.18, for a total value of $940,447.82. Following the sale, the insider directly owned 785,957 shares in the company, valued at approximately $19,790,397.26. The trade was a 4.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 159,546 shares of company stock worth $4,032,162. 9.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ARQT has been the topic of a number of research analyst reports. HC Wainwright upped their target price on shares of Arcutis Biotherapeutics from $30.00 to $34.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Friday, March 27th. Wall Street Zen cut Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Needham & Company LLC raised their price objective on Arcutis Biotherapeutics from $31.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Finally, Mizuho lowered their target price on Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating for the company in a report on Monday, March 2nd. Five investment 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Arcutis Biotherapeutics Trading Down 2.0%

NASDAQ:ARQT opened at $24.58 on Thursday. The firm has a 50-day simple moving average of $24.56 and a 200-day simple moving average of $25.44. Arcutis Biotherapeutics, Inc. has a one year low of $12.42 and a one year high of $31.77. The firm has a market cap of $3.05 billion, a P/E ratio of -175.56 and a beta of 1.76. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.99 and a current ratio of 3.17.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data 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. Arcutis Biotherapeutics had a negative net margin of 4.29% and a negative return on equity of 10.26%. The firm had revenue of $129.50 million for the quarter, compared to the consensus estimate of $110.79 million. Equities analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 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.