Teacher Retirement System of Texas Sells 2,864 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Teacher Retirement System of Texas trimmed its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 9.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,352 shares of the company’s stock after selling 2,864 shares during the quarter. Teacher Retirement System of Texas’ holdings in Arcutis Biotherapeutics were worth $443,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ARQT. Charles Schwab Investment Management Inc. grew its stake in shares of Arcutis Biotherapeutics by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 878,804 shares of the company’s stock worth $12,242,000 after acquiring an additional 18,958 shares in the last quarter. Swiss National Bank grew its stake in shares of Arcutis Biotherapeutics by 1.6% in the fourth quarter. Swiss National Bank now owns 206,900 shares of the company’s stock valued at $2,882,000 after buying an additional 3,300 shares in the last quarter. Cibc World Markets Corp bought a new position in shares of Arcutis Biotherapeutics in the fourth quarter valued at $140,000. Intech Investment Management LLC lifted its holdings in Arcutis Biotherapeutics by 13.9% during the 4th quarter. Intech Investment Management LLC now owns 42,258 shares of the company’s stock valued at $589,000 after purchasing an additional 5,168 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in 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 during the last quarter.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 23,000 shares of the business’s stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $15.05, for a total value of $346,150.00. Following the transaction, the insider directly owned 115,468 shares of the company’s stock, valued at approximately $1,737,793.40. The trade was a 16.61% 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 Patrick J. Heron bought 2,646 shares of the stock in a transaction dated Friday, June 13th. The shares were purchased at an average cost of $13.08 per share, for a total transaction of $34,609.68. Following the completion of the transaction, the director directly owned 27,448 shares of the company’s stock, 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. In the last 90 days, insiders acquired 7,434 shares of company stock valued at $99,277 and sold 57,041 shares valued at $827,063. 9.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ARQT. HC Wainwright reissued a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Guggenheim reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price target on shares of Arcutis Biotherapeutics in a research note on Friday, May 23rd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.80.

Arcutis Biotherapeutics Stock Performance

NASDAQ:ARQT opened at $15.48 on Friday. The stock has a market cap of $1.85 billion, a P/E ratio of -14.88 and a beta of 1.77. The company has a current ratio of 3.55, a quick ratio of 3.37 and a debt-to-equity ratio of 0.75. The stock’s 50-day moving average is $14.01 and its 200-day moving average is $14.07. Arcutis Biotherapeutics, Inc. has a 1-year low of $7.86 and a 1-year high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. The company had revenue of $65.85 million for the quarter, compared to analyst estimates of $64.80 million. Arcutis Biotherapeutics had a negative return on equity of 80.66% and a negative net margin of 60.95%. Equities research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share 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.