Charles Schwab Investment Management Inc. Sells 18,036 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Charles Schwab Investment Management Inc. reduced its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 2.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 860,768 shares of the company’s stock after selling 18,036 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.72% of Arcutis Biotherapeutics worth $13,462,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Arcutis Biotherapeutics by 5.9% during the first quarter. Vanguard Group Inc. now owns 6,818,078 shares of the company’s stock valued at $106,635,000 after buying an additional 377,363 shares during the last quarter. Thoroughbred Financial Services LLC bought a new position in shares of Arcutis Biotherapeutics during the first quarter valued at approximately $937,000. Phocas Financial Corp. bought a new position in shares of Arcutis Biotherapeutics during the first quarter valued at approximately $1,627,000. Baader Bank Aktiengesellschaft bought a new position in shares of Arcutis Biotherapeutics during the first quarter valued at approximately $156,000. Finally, XTX Topco Ltd bought a new position in shares of Arcutis Biotherapeutics during the first quarter valued at approximately $1,152,000.

Arcutis Biotherapeutics Stock Up 1.2%

Shares of NASDAQ ARQT opened at $15.98 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.04 and a current ratio of 3.20. The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of -21.31 and a beta of 1.84. The stock has a 50 day moving average price of $14.71 and a 200 day moving average price of $14.30. Arcutis Biotherapeutics, Inc. has a 52-week low of $8.03 and a 52-week high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.05. The firm had revenue of $81.50 million during the quarter, compared to analyst estimates of $72.70 million. Arcutis Biotherapeutics had a negative return on equity of 62.62% and a negative net margin of 35.40%. Sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ARQT. Wall Street Zen raised Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Needham & Company LLC upped their target price on Arcutis Biotherapeutics from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Cowen reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. Finally, The Goldman Sachs Group started coverage on Arcutis Biotherapeutics in a report on Friday, July 25th. They issued a “neutral” rating and a $18.00 price target for the company. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $19.80.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $14.30, for a total transaction of $143,000.00. Following the completion of the sale, the director owned 100,206 shares in the company, valued at $1,432,945.80. This represents a 9.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd Watanabe sold 11,547 shares of the company’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $14.33, for a total value of $165,468.51. Following the sale, the insider owned 901,569 shares of the company’s stock, valued at approximately $12,919,483.77. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have purchased 4,914 shares of company stock worth $64,853 and have sold 79,312 shares worth $1,151,404. Company insiders own 9.40% of the company’s stock.

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.