Citigroup Inc. increased its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Free Report) by 83.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 243,999 shares of the company’s stock after buying an additional 110,771 shares during the period. Citigroup Inc. owned 0.40% of Arcutis Biotherapeutics worth $2,684,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp increased its stake in Arcutis Biotherapeutics by 90.1% in the third quarter. State Street Corp now owns 2,655,235 shares of the company’s stock valued at $50,742,000 after purchasing an additional 1,258,810 shares in the last quarter. Barclays PLC increased its stake in Arcutis Biotherapeutics by 738.1% in the fourth quarter. Barclays PLC now owns 1,180,384 shares of the company’s stock valued at $17,470,000 after purchasing an additional 1,039,547 shares in the last quarter. Avidity Partners Management LP increased its stake in Arcutis Biotherapeutics by 120.9% in the fourth quarter. Avidity Partners Management LP now owns 1,755,000 shares of the company’s stock valued at $25,974,000 after purchasing an additional 960,500 shares in the last quarter. Jennison Associates LLC increased its stake in Arcutis Biotherapeutics by 58.4% in the first quarter. Jennison Associates LLC now owns 2,214,490 shares of the company’s stock valued at $24,359,000 after purchasing an additional 816,211 shares in the last quarter. Finally, GW&K Investment Management LLC increased its stake in Arcutis Biotherapeutics by 70.8% in the fourth quarter. GW&K Investment Management LLC now owns 1,552,014 shares of the company’s stock valued at $22,970,000 after purchasing an additional 643,101 shares in the last quarter.
Wall Street Analysts Forecast Growth
ARQT has been the subject of several recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $50.00 target price on shares of Arcutis Biotherapeutics in a research note on Tuesday, August 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, August 10th. Truist Financial reduced their price target on shares of Arcutis Biotherapeutics from $45.00 to $40.00 in a report on Friday, May 26th. 500.com reiterated a “reiterates” rating on shares of Arcutis Biotherapeutics in a report on Monday, June 12th. Finally, TD Cowen reduced their price target on shares of Arcutis Biotherapeutics from $65.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday, August 9th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $44.75.
Arcutis Biotherapeutics Stock Performance
Shares of ARQT stock opened at $8.28 on Wednesday. The stock has a market cap of $510.46 million, a P/E ratio of -1.49 and a beta of 0.64. The company has a fifty day moving average price of $9.24 and a two-hundred day moving average price of $10.89. Arcutis Biotherapeutics, Inc. has a one year low of $6.39 and a one year high of $23.92. The company has a debt-to-equity ratio of 2.48, a current ratio of 8.43 and a quick ratio of 8.14.
Arcutis Biotherapeutics (NASDAQ:ARQT – Get Free Report) last issued its quarterly earnings data on Tuesday, August 8th. The company reported ($1.16) earnings per share for the quarter, beating the consensus estimate of ($1.22) by $0.06. The company had revenue of $5.19 million for the quarter, compared to analyst estimates of $4.87 million. Arcutis Biotherapeutics had a negative net margin of 2,837.94% and a negative return on equity of 188.88%. As a group, equities analysts predict that Arcutis Biotherapeutics, Inc. will post -4.77 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.
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