Ally Bridge Group NY LLC Invests $4.40 Million in Arcutis Biotherapeutics, Inc. $ARQT

Ally Bridge Group NY LLC bought a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 233,220 shares of the company’s stock, valued at approximately $4,396,000. Arcutis Biotherapeutics accounts for approximately 2.7% of Ally Bridge Group NY LLC’s holdings, making the stock its 13th biggest position. Ally Bridge Group NY LLC owned 0.19% of Arcutis Biotherapeutics at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of ARQT. Johnson Investment Counsel Inc. bought a new stake in Arcutis Biotherapeutics in the third quarter valued at $30,000. Jones Financial Companies Lllp lifted its holdings in shares of Arcutis Biotherapeutics by 1,291.1% during the third quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock valued at $124,000 after acquiring an additional 6,559 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Arcutis Biotherapeutics by 10.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock valued at $124,000 after purchasing an additional 820 shares in the last quarter. Cookson Peirce & Co. Inc. acquired a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter valued at $188,000. Finally, Merit Financial Group LLC bought a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter worth about $190,000.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Todd Watanabe sold 37,349 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $25.18, for a total transaction of $940,447.82. Following the transaction, the insider directly owned 785,957 shares in the company, valued at approximately $19,790,397.26. The trade was a 4.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Patrick Burnett sold 6,287 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $25.18, for a total value of $158,306.66. Following the completion of the transaction, the insider directly owned 121,150 shares of the company’s stock, valued at approximately $3,050,557. The trade was a 4.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 175,233 shares of company stock worth $4,537,485 over the last 90 days. 9.40% of the stock is currently owned by corporate insiders.

Arcutis Biotherapeutics Stock Down 0.7%

Shares of NASDAQ ARQT opened at $22.75 on Friday. Arcutis Biotherapeutics, Inc. has a 52-week low of $11.86 and a 52-week high of $31.77. 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 $2.82 billion, a P/E ratio of -162.49 and a beta of 1.66. The firm has a 50 day moving average price of $26.23 and a 200 day moving average price of $24.42.

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

Wall Street Analysts Forecast Growth

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

Arcutis Biotherapeutics Company Profile

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.