Peregrine Capital Management LLC bought a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 306,272 shares of the company’s stock, valued at approximately $7,216,000.
Several other hedge funds also recently modified their holdings of ARQT. SBI Securities Co. Ltd. grew its position in shares of Arcutis Biotherapeutics by 325.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock worth $32,000 after buying an additional 833 shares during the period. Global Retirement Partners LLC acquired a new position in Arcutis Biotherapeutics in the fourth quarter valued at approximately $35,000. EverSource Wealth Advisors LLC boosted its stake in Arcutis Biotherapeutics by 124.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock valued at $37,000 after acquiring an additional 698 shares during the last quarter. NewEdge Advisors LLC boosted its stake in 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 during the last quarter. Finally, Truvestments Capital LLC grew its holdings in Arcutis Biotherapeutics by 114.2% during the 4th quarter. Truvestments Capital LLC now owns 3,012 shares of the company’s stock worth $87,000 after acquiring an additional 1,606 shares during the period.
Insider Activity at Arcutis Biotherapeutics
In related news, CFO Latha Vairavan sold 1,341 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $23.61, for a total transaction of $31,661.01. Following the sale, the chief financial officer owned 86,413 shares of the company’s stock, valued at approximately $2,040,210.93. This trade represents a 1.53% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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. Also, Director Sue-Jean Lin sold 4,946 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $24.38, for a total value of $120,583.48. Following the sale, the director directly owned 27,567 shares in the company, valued at $672,083.46. The trade was a 15.21% 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 quarter, insiders sold 30,931 shares of company stock valued at $730,086. 9.40% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
Read Our Latest Stock Analysis on ARQT
Arcutis Biotherapeutics Stock Performance
Shares of NASDAQ:ARQT opened at $25.84 on Thursday. The firm’s 50 day simple moving average is $23.11 and its 200 day simple moving average is $24.89. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $13.06 and a fifty-two week high of $31.77. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of -861.05 and a beta of 1.47. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.68 and a quick ratio of 2.46.
Arcutis Biotherapeutics (NASDAQ:ARQT – Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. The firm had revenue of $105.40 million for the quarter, compared to analyst estimates of $103.67 million. As a group, sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current year.
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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