Rhumbline Advisers Has $2.83 Million Stock Position in Arcutis Biotherapeutics, Inc. $ARQT

Rhumbline Advisers lifted its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 7.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 181,074 shares of the company’s stock after purchasing an additional 13,022 shares during the quarter. Rhumbline Advisers owned 0.15% of Arcutis Biotherapeutics worth $2,832,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Arcutis Biotherapeutics by 3.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,697 shares of the company’s stock worth $464,000 after acquiring an additional 917 shares in the last quarter. Amalgamated Bank lifted its stake in Arcutis Biotherapeutics by 39.4% in the 1st quarter. Amalgamated Bank now owns 3,723 shares of the company’s stock worth $58,000 after acquiring an additional 1,053 shares in the last quarter. Tocqueville Asset Management L.P. lifted its stake in Arcutis Biotherapeutics by 14.1% in the 1st quarter. Tocqueville Asset Management L.P. now owns 16,200 shares of the company’s stock worth $253,000 after acquiring an additional 2,000 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Arcutis Biotherapeutics by 3.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,417 shares of the company’s stock worth $1,118,000 after acquiring an additional 2,063 shares in the last quarter. Finally, GF Fund Management CO. LTD. purchased a new stake in Arcutis Biotherapeutics in the 4th quarter worth about $34,000.

Analysts Set New Price Targets

ARQT has been the subject of several research analyst reports. The Goldman Sachs Group initiated coverage on Arcutis Biotherapeutics in a research note on Friday, July 25th. They issued a “neutral” rating and a $18.00 price objective for the company. Cowen reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Thursday, August 7th. Wall Street Zen raised Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Finally, Needham & Company LLC raised their price target on Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.80.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 23,000 shares of the business’s stock in a transaction 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Todd Watanabe sold 11,547 shares of the business’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 completion of the transaction, the insider directly owned 901,569 shares in the company, 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. Insiders sold a total of 123,632 shares of company stock worth $1,908,955 in the last three months. Company insiders own 9.40% of the company’s stock.

Arcutis Biotherapeutics Price Performance

Shares of ARQT stock opened at $16.97 on Wednesday. The stock’s fifty day simple moving average is $15.60 and its 200 day simple moving average is $14.76. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.20 and a quick ratio of 3.04. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of -22.63 and a beta of 1.93. Arcutis Biotherapeutics, Inc. has a one year low of $8.03 and a one year high of $18.15.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.05. The business had revenue of $81.50 million for 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%. On average, analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

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.