Healthcare of Ontario Pension Plan Trust Fund lessened its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Free Report) by 29.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 636,200 shares of the company’s stock after selling 263,800 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned about 0.51% of Arcutis Biotherapeutics worth $14,989,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. SBI Securities Co. Ltd. increased its stake in Arcutis Biotherapeutics by 325.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock valued at $32,000 after buying an additional 833 shares during the period. Global Retirement Partners LLC purchased a new position in Arcutis Biotherapeutics during the 4th quarter worth $35,000. EverSource Wealth Advisors LLC lifted its stake 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 acquiring an additional 698 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Arcutis Biotherapeutics by 209.0% in the fourth quarter. NewEdge Advisors LLC now owns 1,545 shares of the company’s stock valued at $45,000 after acquiring an additional 1,045 shares in the last quarter. Finally, Truvestments Capital LLC boosted its holdings in shares of Arcutis Biotherapeutics by 114.2% in the fourth quarter. Truvestments Capital LLC now owns 3,012 shares of the company’s stock valued at $87,000 after acquiring an additional 1,606 shares in the last quarter.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on ARQT. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Wednesday, June 24th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $36.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, May 7th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.
Arcutis Biotherapeutics Trading Up 1.8%
NASDAQ:ARQT opened at $27.84 on Tuesday. The stock has a fifty day moving average price of $24.97 and a two-hundred day moving average price of $24.71. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of -927.69 and a beta of 1.48. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.46 and a current ratio of 2.68. Arcutis Biotherapeutics, Inc. has a 1 year low of $13.69 and a 1 year high of $31.77.
Arcutis Biotherapeutics (NASDAQ:ARQT – Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported ($0.09) 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 company had revenue of $105.40 million for the quarter, compared to analysts’ expectations of $103.67 million. As a group, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.16 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, Director Sue-Jean Lin sold 4,946 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $24.38, for a total value of $120,583.48. Following the completion of the sale, the director owned 27,567 shares in the company, valued at $672,083.46. This trade represents a 15.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Howard G. Welgus sold 7,144 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $22.99, for a total transaction of $164,240.56. Following the sale, the director directly owned 32,600 shares in the company, valued at approximately $749,474. This represents a 17.98% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 30,931 shares of company stock worth $730,086. Insiders own 9.40% of the company’s stock.
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.
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