AlphaQuest LLC Sells 1,215 Shares of Arcutis Biotherapeutics, Inc. $ARQT

AlphaQuest LLC lessened its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 17.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 5,927 shares of the company’s stock after selling 1,215 shares during the period. AlphaQuest LLC’s holdings in Arcutis Biotherapeutics were worth $93,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of ARQT. Tower Research Capital LLC TRC raised its position in Arcutis Biotherapeutics by 62.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 14,231 shares of the company’s stock worth $198,000 after purchasing an additional 5,488 shares during the last quarter. Hsbc Holdings PLC raised its position in Arcutis Biotherapeutics by 36.8% in the 4th quarter. Hsbc Holdings PLC now owns 17,551 shares of the company’s stock worth $248,000 after purchasing an additional 4,719 shares during the last quarter. Tudor Investment Corp ET AL raised its position in Arcutis Biotherapeutics by 206.9% in the 4th quarter. Tudor Investment Corp ET AL now owns 64,334 shares of the company’s stock worth $896,000 after purchasing an additional 43,370 shares during the last quarter. Northern Trust Corp raised its position in Arcutis Biotherapeutics by 5.8% in the 4th quarter. Northern Trust Corp now owns 991,056 shares of the company’s stock worth $13,805,000 after purchasing an additional 54,541 shares during the last quarter. Finally, Algert Global LLC raised its position in Arcutis Biotherapeutics by 11.5% in the 4th quarter. Algert Global LLC now owns 80,790 shares of the company’s stock worth $1,125,000 after purchasing an additional 8,310 shares during the last quarter.

Insider Buying and Selling

In other news, insider Patrick Burnett sold 23,000 shares of the business’s stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $15.05, for a total value of $346,150.00. Following the completion of the transaction, the insider owned 115,468 shares of the company’s stock, valued at $1,737,793.40. The trade was a 16.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Patrick J. Heron purchased 2,646 shares of the firm’s stock in a transaction dated Friday, June 13th. The stock was purchased at an average cost of $13.08 per share, with a total value of $34,609.68. Following the acquisition, the director directly owned 27,448 shares in the company, valued at $359,019.84. This trade represents a 10.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 77,512 shares of company stock worth $1,126,600 over the last ninety days. Insiders own 9.40% of the company’s stock.

Analyst Upgrades and Downgrades

ARQT has been the subject of several research analyst reports. Needham & Company LLC boosted their price objective on shares of Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Cowen reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Thursday, August 7th. The Goldman Sachs Group initiated coverage on shares of Arcutis Biotherapeutics in a research report on Friday, July 25th. They set a “neutral” rating and a $18.00 target price for the company. Finally, Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.80.

Arcutis Biotherapeutics Stock Performance

Shares of Arcutis Biotherapeutics stock opened at $15.32 on Wednesday. The firm has a fifty day moving average of $14.96 and a two-hundred day moving average of $14.47. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of -20.43 and a beta of 1.93. Arcutis Biotherapeutics, Inc. has a 52 week low of $8.03 and a 52 week high of $17.75. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.04 and a current ratio of 3.20.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.05. Arcutis Biotherapeutics had a negative net margin of 35.40% and a negative return on equity of 62.62%. The company had revenue of $81.50 million during the quarter, compared to analyst estimates of $72.70 million. As a group, equities research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

About Arcutis Biotherapeutics

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.