American Century Companies Inc. Cuts Stock Position in Arcutis Biotherapeutics, Inc. $ARQT

American Century Companies Inc. trimmed its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 3.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,662,470 shares of the company’s stock after selling 61,837 shares during the period. American Century Companies Inc. owned approximately 1.36% of Arcutis Biotherapeutics worth $31,338,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Frazier Life Sciences Management L.P. increased its position in Arcutis Biotherapeutics by 12.4% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock worth $138,441,000 after purchasing an additional 1,089,227 shares during the period. Jennison Associates LLC lifted its holdings in shares of Arcutis Biotherapeutics by 10.3% in the 3rd quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock valued at $230,990,000 after buying an additional 1,144,714 shares during the period. Perpetual Ltd boosted its stake in shares of Arcutis Biotherapeutics by 7,534.3% in the third quarter. Perpetual Ltd now owns 2,024,606 shares of the company’s stock valued at $38,164,000 after buying an additional 1,998,086 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Arcutis Biotherapeutics in the third quarter valued at approximately $1,630,000. Finally, Vanguard Group Inc. grew its holdings in Arcutis Biotherapeutics by 1.4% during the third quarter. Vanguard Group Inc. now owns 7,146,090 shares of the company’s stock worth $134,704,000 after acquiring an additional 96,991 shares during the period.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock opened at $24.00 on Friday. The stock has a fifty day moving average price of $26.72 and a 200 day moving average price of $24.14. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.99 and a current ratio of 3.17. The stock has a market cap of $2.98 billion, a PE ratio of -171.42 and a beta of 1.66. Arcutis Biotherapeutics, Inc. has a 1 year low of $11.86 and a 1 year high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Wednesday, February 25th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.10. Arcutis Biotherapeutics had a negative return on equity of 10.26% and a negative net margin of 4.29%.The company had revenue of $129.50 million for the quarter, compared to analyst estimates of $110.79 million. Sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 8,733 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $25.30, for a total value of $220,944.90. Following the sale, the insider owned 136,932 shares of the company’s stock, valued at $3,464,379.60. This represents a 6.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick Burnett sold 6,287 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $25.18, for a total transaction of $158,306.66. Following the completion of the sale, the insider owned 121,150 shares in the company, valued at $3,050,557. This represents a 4.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 175,233 shares of company stock worth $4,537,485 in the last 90 days. Insiders own 9.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. TD Cowen increased their price objective on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. HC Wainwright upped their price target on shares of Arcutis Biotherapeutics from $30.00 to $34.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Guggenheim increased their price target on shares of Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a report on Friday, February 27th. Wall Street Zen cut shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Finally, Needham & Company LLC boosted their price objective on shares of Arcutis Biotherapeutics from $31.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.86.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.