Arcutis Biotherapeutics, Inc. $ARQT Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 81.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 100,794 shares of the company’s stock after selling 447,995 shares during the period. JPMorgan Chase & Co. owned approximately 0.08% of Arcutis Biotherapeutics worth $1,900,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Johnson Investment Counsel Inc. acquired a new stake in shares of Arcutis Biotherapeutics during the third quarter worth about $30,000. Jones Financial Companies Lllp boosted its stake 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 worth $124,000 after buying an additional 6,559 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Arcutis Biotherapeutics in the second quarter valued at about $145,000. Russell Investments Group Ltd. boosted its holdings in shares of Arcutis Biotherapeutics by 4,562.5% in the second quarter. Russell Investments Group Ltd. now owns 11,190 shares of the company’s stock valued at $157,000 after acquiring an additional 10,950 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Arcutis Biotherapeutics by 38.4% in the second quarter. BNP Paribas Financial Markets now owns 11,653 shares of the company’s stock valued at $163,000 after acquiring an additional 3,234 shares in the last quarter.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT opened at $23.27 on Wednesday. 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 has a market cap of $2.89 billion, a P/E ratio of -166.20 and a beta of 1.76. The company has a 50-day moving average of $24.70 and a two-hundred day moving average of $25.19. Arcutis Biotherapeutics, Inc. has a 12-month low of $11.86 and a 12-month 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, topping analysts’ consensus estimates of $0.03 by $0.10. The company had revenue of $129.50 million during the quarter, compared to analysts’ expectations of $110.79 million. Arcutis Biotherapeutics had a negative net margin of 4.29% and a negative return on equity of 10.26%. As a group, research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Needham & Company LLC lifted their target price on shares of Arcutis Biotherapeutics from $31.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Zacks Research downgraded shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. 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 report on Friday, February 27th. TD Cowen lifted their target price on shares of Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Finally, Wall Street Zen downgraded shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 14th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Arcutis Biotherapeutics has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Insider Activity at Arcutis Biotherapeutics

In other news, insider Todd Watanabe sold 37,349 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $25.18, for a total value of $940,447.82. Following the completion of the transaction, the insider owned 785,957 shares of the company’s stock, valued at $19,790,397.26. The trade was a 4.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Larry Todd Edwards sold 3,687 shares of the business’s 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 approximately $4,410,982.04. This represents a 2.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 159,546 shares of company stock valued at $4,032,162 in the last quarter. 9.40% of the stock is owned by corporate insiders.

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.