Phocas Financial Corp. Sells 41,808 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Phocas Financial Corp. cut its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 39.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,499 shares of the company’s stock after selling 41,808 shares during the period. Phocas Financial Corp. owned 0.05% of Arcutis Biotherapeutics worth $1,873,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Johnson Investment Counsel Inc. bought a new position in Arcutis Biotherapeutics in the third quarter worth approximately $30,000. Jones Financial Companies Lllp increased 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 in the last quarter. Whalen Wealth Management Inc. bought a new stake in shares of Arcutis Biotherapeutics during the fourth quarter valued at approximately $233,000. Cookson Peirce & Co. Inc. acquired a new position in shares of Arcutis Biotherapeutics during the third quarter worth approximately $188,000. Finally, Merit Financial Group LLC acquired a new position in shares of Arcutis Biotherapeutics during the third quarter worth approximately $190,000.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, insider Larry Todd Edwards sold 3,687 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 $92,838.66. Following the completion of the transaction, the insider directly owned 175,178 shares of the company’s stock, valued at $4,410,982.04. This represents a 2.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $23.88, for a total transaction of $238,800.00. Following the sale, the director owned 39,744 shares of the company’s stock, valued at approximately $949,086.72. The trade was a 20.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 159,546 shares of company stock valued at $4,032,162 in the last three months. 9.40% of the stock is owned by corporate insiders.

Arcutis Biotherapeutics Price Performance

ARQT stock opened at $23.63 on Monday. The stock has a market cap of $2.93 billion, a P/E ratio of -168.77 and a beta of 1.76. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.57. The stock’s fifty day simple moving average is $24.81 and its two-hundred day simple moving average is $25.11. Arcutis Biotherapeutics, Inc. has a 1-year low of $11.86 and a 1-year high of $31.77.

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

Analyst Upgrades and Downgrades

ARQT has been the subject of several recent research reports. HC Wainwright boosted their target price on shares of Arcutis Biotherapeutics from $30.00 to $34.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Guggenheim lifted their price target on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Zacks Research lowered Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Wall Street Zen downgraded Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Finally, Mizuho dropped their target price on Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating on the stock in a report on Monday, March 2nd. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently 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.