MetLife Investment Management LLC Lowers Stake in Arcutis Biotherapeutics, Inc. $ARQT

MetLife Investment Management LLC reduced its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 1.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,485 shares of the company’s stock after selling 986 shares during the period. MetLife Investment Management LLC owned 0.05% of Arcutis Biotherapeutics worth $1,009,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of ARQT. Hsbc Holdings PLC lifted its position in Arcutis Biotherapeutics by 36.8% during the 4th quarter. Hsbc Holdings PLC now owns 17,551 shares of the company’s stock valued at $248,000 after acquiring an additional 4,719 shares during the period. Northern Trust Corp lifted its position in Arcutis Biotherapeutics by 5.8% during the 4th quarter. Northern Trust Corp now owns 991,056 shares of the company’s stock valued at $13,805,000 after acquiring an additional 54,541 shares during the period. Algert Global LLC lifted its position in Arcutis Biotherapeutics by 11.5% during the 4th quarter. Algert Global LLC now owns 80,790 shares of the company’s stock valued at $1,125,000 after acquiring an additional 8,310 shares during the period. Ameriprise Financial Inc. lifted its position in Arcutis Biotherapeutics by 56.8% during the 4th quarter. Ameriprise Financial Inc. now owns 139,929 shares of the company’s stock valued at $1,949,000 after acquiring an additional 50,662 shares during the period. Finally, BNP Paribas Financial Markets purchased a new position in Arcutis Biotherapeutics during the 4th quarter valued at about $1,112,000.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $15.64, for a total value of $156,400.00. Following the completion of the sale, the director directly owned 100,206 shares in the company, valued at $1,567,221.84. The trade was a 9.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Masaru Matsuda sold 6,330 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $14.33, for a total transaction of $90,708.90. Following the completion of the sale, the insider owned 197,364 shares of the company’s stock, valued at $2,828,226.12. This represents a 3.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 87,512 shares of company stock valued at $1,283,000. Insiders own 9.40% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ARQT. Cowen reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. The Goldman Sachs Group began coverage on shares of Arcutis Biotherapeutics in a report on Friday, July 25th. They issued a “neutral” rating and a $18.00 target price for the company. Needham & Company LLC lifted their target price on shares of Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Finally, Wall Street Zen raised shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.80.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock opened at $17.15 on Friday. The company has a 50 day moving average price of $15.09 and a 200-day moving average price of $14.54. Arcutis Biotherapeutics, Inc. has a 52 week low of $8.03 and a 52 week high of $17.75. The firm has a market capitalization of $2.06 billion, a PE ratio of -22.87 and a beta of 1.93. The company has a quick ratio of 3.04, a current ratio of 3.20 and a debt-to-equity ratio of 0.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $81.50 million during the quarter, compared to analyst estimates of $72.70 million. As a group, equities research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current 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.