Cibc World Markets Corp Makes New Investment in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Cibc World Markets Corp acquired a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,059 shares of the company’s stock, valued at approximately $140,000.

A number of other hedge funds have also modified their holdings of the company. Jennison Associates LLC lifted its holdings in shares of Arcutis Biotherapeutics by 5.8% during the fourth quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock worth $171,893,000 after purchasing an additional 676,295 shares during the period. Suvretta Capital Management LLC raised its position in Arcutis Biotherapeutics by 7.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after buying an additional 717,019 shares during the last quarter. State Street Corp lifted its stake in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after acquiring an additional 506,788 shares during the period. Geode Capital Management LLC lifted its stake in Arcutis Biotherapeutics by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock valued at $22,977,000 after acquiring an additional 48,868 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Arcutis Biotherapeutics by 0.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,296,911 shares of the company’s stock valued at $12,061,000 after acquiring an additional 11,833 shares during the last quarter.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.67, for a total transaction of $146,700.00. Following the completion of the sale, the director now directly owns 151,944 shares in the company, valued at approximately $2,229,018.48. The trade was a 6.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Masaru Matsuda sold 8,338 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $12.70, for a total value of $105,892.60. Following the completion of the transaction, the insider now directly owns 178,692 shares of the company’s stock, valued at approximately $2,269,388.40. This represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 57,790 shares of company stock valued at $801,630 over the last ninety days. Corporate insiders own 9.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. Mizuho boosted their price objective on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. Jefferies Financial Group raised their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, March 11th. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a report on Monday, February 24th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $18.80.

Arcutis Biotherapeutics Price Performance

Shares of Arcutis Biotherapeutics stock opened at $16.09 on Friday. The firm has a market cap of $1.91 billion, a PE ratio of -8.99 and a beta of 1.48. The business has a 50-day moving average price of $13.92 and a 200 day moving average price of $12.20. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. Arcutis Biotherapeutics, Inc. has a twelve month low of $6.99 and a twelve month high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The business had revenue of $71.36 million during the quarter, compared to the consensus estimate of $60.52 million. Sell-side analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.