Corebridge Financial Inc. Reduces Stock Position in Arcutis Biotherapeutics, Inc. $ARQT

Corebridge Financial Inc. lowered its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 1.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 52,662 shares of the company’s stock after selling 780 shares during the period. Corebridge Financial Inc.’s holdings in Arcutis Biotherapeutics were worth $824,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Suvretta Capital Management LLC raised its position in shares of Arcutis Biotherapeutics by 6.3% in the fourth quarter. Suvretta Capital Management LLC now owns 11,399,138 shares of the company’s stock worth $158,790,000 after buying an additional 677,627 shares in the last quarter. Polar Capital Holdings Plc raised its position in shares of Arcutis Biotherapeutics by 7.2% in the fourth quarter. Polar Capital Holdings Plc now owns 7,377,381 shares of the company’s stock worth $102,767,000 after buying an additional 493,009 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Arcutis Biotherapeutics by 5.9% in the first quarter. Vanguard Group Inc. now owns 6,818,078 shares of the company’s stock worth $106,635,000 after buying an additional 377,363 shares in the last quarter. D. E. Shaw & Co. Inc. raised its position in shares of Arcutis Biotherapeutics by 44.0% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,513,577 shares of the company’s stock worth $35,014,000 after buying an additional 768,553 shares in the last quarter. Finally, Millennium Management LLC raised its position in shares of Arcutis Biotherapeutics by 101.3% in the fourth quarter. Millennium Management LLC now owns 2,310,163 shares of the company’s stock worth $32,181,000 after buying an additional 1,162,690 shares in the last quarter.

Arcutis Biotherapeutics Stock Up 5.8%

Shares of NASDAQ:ARQT opened at $17.15 on Friday. The stock’s 50-day moving average price is $15.09 and its 200-day moving average price is $14.54. Arcutis Biotherapeutics, Inc. has a 12-month low of $8.03 and a 12-month high of $17.75. The stock has a market capitalization of $2.06 billion, a P/E ratio of -22.87 and a beta of 1.93. The company has a current ratio of 3.20, a quick ratio of 3.04 and a debt-to-equity ratio of 0.77.

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on ARQT. Wall Street Zen upgraded Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. The Goldman Sachs Group began coverage on Arcutis Biotherapeutics in a research report on Friday, July 25th. They issued a “neutral” rating and a $18.00 price objective on the stock. Needham & Company LLC increased their price objective on Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Finally, Cowen restated a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Thursday, August 7th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.80.

Insider Activity

In other news, insider Masaru Matsuda sold 6,330 shares of the firm’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $14.33, for a total transaction of $90,708.90. Following the transaction, the insider directly owned 197,364 shares of the company’s stock, valued at approximately $2,828,226.12. This trade represents a 3.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Howard G. Welgus sold 10,139 shares of the firm’s stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $13.37, for a total value of $135,558.43. Following the transaction, the director directly owned 109,414 shares in the company, valued at $1,462,865.18. This trade represents a 8.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,512 shares of company stock valued at $1,283,000. Company insiders own 9.40% of the company’s stock.

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.