PDT Partners LLC purchased a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 155,075 shares of the company’s stock, valued at approximately $4,066,000. PDT Partners LLC owned approximately 0.12% of Arcutis Biotherapeutics as of its most recent filing with the SEC.
Other large investors also recently made changes to their positions in the company. Suvretta Capital Management LLC raised its stake in shares of Arcutis Biotherapeutics by 14.2% in the fourth quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock worth $347,435,000 after purchasing an additional 1,486,000 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Arcutis Biotherapeutics in the 2nd quarter worth about $276,502,000. Vanguard Group Inc. grew its position in shares of Arcutis Biotherapeutics by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company’s stock valued at $210,654,000 after acquiring an additional 107,846 shares during the period. Polar Capital Holdings Plc grew its holdings in Arcutis Biotherapeutics by 4.9% during the fourth quarter. Polar Capital Holdings Plc now owns 5,556,169 shares of the company’s stock valued at $161,351,000 after purchasing an additional 257,415 shares during the period. Finally, State Street Corp increased its holdings in Arcutis Biotherapeutics by 18.2% in the 4th quarter. State Street Corp now owns 5,488,301 shares of the company’s stock worth $159,380,000 after acquiring an additional 846,986 shares during the last quarter.
Arcutis Biotherapeutics Trading Up 0.3%
Shares of NASDAQ:ARQT opened at $24.86 on Wednesday. The stock’s 50-day simple moving average is $26.74 and its two-hundred day simple moving average is $24.66. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of 118.39 and a beta of 1.49. Arcutis Biotherapeutics, Inc. has a 52-week low of $15.10 and a 52-week high of $31.77.
Insider Activity
In other news, insider Patrick Burnett sold 6,700 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $26.08, for a total transaction of $174,736.00. Following the transaction, the insider owned 119,289 shares of the company’s stock, valued at approximately $3,111,057.12. This represents a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Masaru Matsuda sold 1,230 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $26.12, for a total value of $32,127.60. Following the completion of the sale, the insider owned 126,171 shares in the company, valued at approximately $3,295,586.52. The trade was a 0.97% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 37,039 shares of company stock worth $954,813. 9.40% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on ARQT. Guggenheim increased their price target on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Needham & Company LLC increased their price objective on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Morgan Stanley lifted their target price on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Weiss Ratings raised Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 20th. Finally, Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $35.57.
Get Our Latest Report on Arcutis Biotherapeutics
About Arcutis Biotherapeutics
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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