Cerity Partners LLC Makes New Investment in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Cerity Partners LLC bought a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 19,354 shares of the company’s stock, valued at approximately $303,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ARQT. Point72 Asset Management L.P. raised its position in Arcutis Biotherapeutics by 617.5% during the fourth quarter. Point72 Asset Management L.P. now owns 1,753,522 shares of the company’s stock worth $24,427,000 after acquiring an additional 1,509,136 shares during the last quarter. Cercano Management LLC acquired a new position in Arcutis Biotherapeutics during the fourth quarter worth about $17,487,000. Millennium Management LLC raised its position in Arcutis Biotherapeutics by 101.3% during the fourth quarter. Millennium Management LLC now owns 2,310,163 shares of the company’s stock worth $32,181,000 after acquiring an additional 1,162,690 shares during the last quarter. Driehaus Capital Management LLC acquired a new position in Arcutis Biotherapeutics during the fourth quarter worth about $15,278,000. Finally, D. E. Shaw & Co. Inc. raised its position in Arcutis Biotherapeutics by 44.0% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,513,577 shares of the company’s stock worth $35,014,000 after acquiring an additional 768,553 shares during the last quarter.

Insider Transactions at Arcutis Biotherapeutics

In related news, Director Patrick J. Heron bought 2,646 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was purchased at an average cost of $13.08 per share, for a total transaction of $34,609.68. Following the completion of the acquisition, the director owned 27,448 shares in the company, valued at $359,019.84. This trade represents a 10.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patrick Burnett sold 5,750 shares of the business’s stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $15.07, for a total transaction of $86,652.50. Following the sale, the insider owned 115,468 shares of the company’s stock, valued at approximately $1,740,102.76. This represents a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders bought 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 company insiders.

Arcutis Biotherapeutics Price Performance

Arcutis Biotherapeutics stock opened at $14.86 on Monday. Arcutis Biotherapeutics, Inc. has a 1 year low of $7.86 and a 1 year high of $17.75. The firm has a 50 day moving average price of $14.12 and a 200 day moving average price of $14.06. The company has a market cap of $1.77 billion, a price-to-earnings ratio of -14.29 and a beta of 1.77. The company has a debt-to-equity ratio of 0.75, a quick ratio of 3.37 and a current ratio of 3.55.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. Arcutis Biotherapeutics had a negative net margin of 60.95% and a negative return on equity of 80.66%. The firm had revenue of $65.85 million during the quarter, compared to the consensus estimate of $64.80 million. Sell-side analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ARQT. Needham & Company LLC restated a “buy” rating and set a $20.00 target price on shares of Arcutis Biotherapeutics in a research report on Friday, May 23rd. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. HC Wainwright reissued a “buy” rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. Finally, The Goldman Sachs Group started coverage on shares of Arcutis Biotherapeutics in a research note on Friday. They set a “neutral” rating and a $18.00 price objective on the stock. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.40.

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.