Geode Capital Management LLC Increases Holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Geode Capital Management LLC increased its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 0.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,472,730 shares of the company’s stock after purchasing an additional 2,592 shares during the period. Geode Capital Management LLC owned 2.11% of Arcutis Biotherapeutics worth $34,453,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Fishman Jay A Ltd. MI lifted its holdings in shares of Arcutis Biotherapeutics by 28.3% in the fourth quarter. Fishman Jay A Ltd. MI now owns 536,400 shares of the company’s stock worth $7,472,000 after buying an additional 118,400 shares in the last quarter. Barclays PLC lifted its stake in Arcutis Biotherapeutics by 45.8% in the 3rd quarter. Barclays PLC now owns 253,392 shares of the company’s stock worth $2,356,000 after purchasing an additional 79,579 shares in the last quarter. State Street Corp boosted its holdings in Arcutis Biotherapeutics by 9.9% in the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after purchasing an additional 506,788 shares during the period. American Century Companies Inc. grew its position in shares of Arcutis Biotherapeutics by 11.4% during the 4th quarter. American Century Companies Inc. now owns 1,631,226 shares of the company’s stock valued at $22,723,000 after purchasing an additional 166,915 shares in the last quarter. Finally, Jennison Associates LLC raised its position in shares of Arcutis Biotherapeutics by 5.8% in the fourth quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock worth $171,893,000 after buying an additional 676,295 shares in the last quarter.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $12.71, for a total transaction of $127,100.00. Following the completion of the sale, the director now owns 141,944 shares of the company’s stock, valued at $1,804,108.24. This represents a 6.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Masaru Matsuda sold 8,338 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $12.70, for a total value of $105,892.60. Following the completion of the sale, the insider now directly owns 178,692 shares in the company, valued at $2,269,388.40. The trade was a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,099 shares of company stock worth $631,256 in the last ninety days. 9.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on ARQT. HC Wainwright restated a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Mizuho boosted their price objective on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. The Goldman Sachs Group raised their target price on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Thursday, February 27th. Jefferies Financial Group lifted their target price on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, March 11th. Finally, Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

Arcutis Biotherapeutics Trading Down 1.7 %

ARQT stock opened at $12.96 on Thursday. The company has a market capitalization of $1.54 billion, a PE ratio of -7.24 and a beta of 1.67. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. Arcutis Biotherapeutics, Inc. has a one year low of $6.99 and a one year high of $17.75. The company’s 50 day moving average price is $14.27 and its two-hundred day moving average price is $12.65.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly 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 net margin of 140.97% and a negative return on equity of 119.11%. The business had revenue of $71.36 million during the quarter, compared to the consensus estimate of $60.52 million. As a group, analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal 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.