Jupiter Asset Management Ltd. lessened its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Free Report) by 50.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 326,538 shares of the company’s stock after selling 332,793 shares during the quarter. Jupiter Asset Management Ltd.’s holdings in Arcutis Biotherapeutics were worth $9,483,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Arcutis Biotherapeutics by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company’s stock worth $210,654,000 after purchasing an additional 107,846 shares during the period. Polar Capital Holdings Plc increased its holdings in Arcutis Biotherapeutics by 5.8% during the 3rd quarter. Polar Capital Holdings Plc now owns 5,298,754 shares of the company’s stock worth $99,882,000 after purchasing an additional 292,279 shares during the period. State Street Corp increased its holdings in Arcutis Biotherapeutics by 1.2% during the 2nd quarter. State Street Corp now owns 4,526,937 shares of the company’s stock worth $63,468,000 after purchasing an additional 52,734 shares during the period. UBS Group AG increased its holdings in Arcutis Biotherapeutics by 10.0% during the 4th quarter. UBS Group AG now owns 3,243,432 shares of the company’s stock worth $94,189,000 after purchasing an additional 294,994 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Arcutis Biotherapeutics by 5.6% during the 4th quarter. Geode Capital Management LLC now owns 2,753,307 shares of the company’s stock worth $79,967,000 after purchasing an additional 146,842 shares during the period.
Arcutis Biotherapeutics Stock Up 0.1%
Shares of Arcutis Biotherapeutics stock opened at $21.46 on Friday. The firm’s 50 day moving average price is $22.57 and its 200-day moving average price is $25.53. The company has a quick ratio of 2.46, a current ratio of 2.68 and a debt-to-equity ratio of 0.54. Arcutis Biotherapeutics, Inc. has a 52-week low of $12.72 and a 52-week high of $31.77. The company has a market cap of $2.68 billion, a P/E ratio of -715.09 and a beta of 1.58.
Insider Activity
In related news, insider Patrick Burnett sold 6,287 shares of the business’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 $158,306.66. Following the transaction, the insider directly owned 121,150 shares in the company, valued at $3,050,557. The trade was a 4.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Larry Todd Edwards sold 3,687 shares of the business’s stock in a transaction that occurred 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 directly owned 175,178 shares in the company, valued at approximately $4,410,982.04. This represents a 2.06% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 90,163 shares of company stock worth $2,216,396 over the last quarter. Company insiders own 9.40% of the company’s stock.
Wall Street Analysts Forecast Growth
ARQT has been the topic of several research reports. Guggenheim raised their price objective on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, February 27th. HC Wainwright raised their target price on shares of Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Friday, March 27th. TD Cowen raised their target price on shares of Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Finally, Mizuho cut their target price on shares of Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating on the stock in a research report on Monday, March 2nd. 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 a consensus rating of “Moderate Buy” and a consensus price target of $34.00.
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.
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