Intech Investment Management LLC Sells 35,672 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Intech Investment Management LLC decreased its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 41.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,610 shares of the company’s stock after selling 35,672 shares during the period. Intech Investment Management LLC’s holdings in Arcutis Biotherapeutics were worth $954,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Arizona State Retirement System grew its holdings in Arcutis Biotherapeutics by 1.8% during the third quarter. Arizona State Retirement System now owns 31,685 shares of the company’s stock valued at $597,000 after purchasing an additional 568 shares during the period. AlphaQuest LLC lifted its position in shares of Arcutis Biotherapeutics by 5.7% during the 3rd quarter. AlphaQuest LLC now owns 12,603 shares of the company’s stock valued at $238,000 after buying an additional 682 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Arcutis Biotherapeutics by 10.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock valued at $124,000 after buying an additional 820 shares in the last quarter. Creative Planning grew its stake in shares of Arcutis Biotherapeutics by 8.2% during the 2nd quarter. Creative Planning now owns 19,575 shares of the company’s stock valued at $274,000 after acquiring an additional 1,477 shares during the period. Finally, Johnson Investment Counsel Inc. bought a new stake in Arcutis Biotherapeutics during the 3rd quarter worth approximately $30,000.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ARQT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Monday, December 29th. TD Cowen raised their price objective on shares of Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. 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 research note on Thursday, February 26th. Mizuho dropped their target price on shares of Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating for the company in a report on Monday, March 2nd. Finally, HC Wainwright increased their price target on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Arcutis Biotherapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $31.86.

Arcutis Biotherapeutics Trading Up 0.1%

ARQT stock opened at $24.00 on Monday. The company has a debt-to-equity ratio of 0.57, a current ratio of 3.17 and a quick ratio of 2.99. Arcutis Biotherapeutics, Inc. has a 1-year low of $11.86 and a 1-year high of $31.77. The business has a 50 day simple moving average of $26.72 and a two-hundred day simple moving average of $24.20. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of -171.42 and a beta of 1.66.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data 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. Arcutis Biotherapeutics had a negative net margin of 4.29% and a negative return on equity of 10.26%. The firm had revenue of $129.50 million for the quarter, compared to analysts’ expectations of $110.79 million. Research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, CFO Latha Vairavan sold 2,853 shares of Arcutis Biotherapeutics stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $25.18, for a total value of $71,838.54. Following the sale, the chief financial officer directly owned 87,754 shares in the company, valued at approximately $2,209,645.72. The trade was a 3.15% decrease in their position. The sale 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 on Monday, March 2nd. The stock was 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 approximately $3,050,557. The trade was a 4.93% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 175,233 shares of company stock worth $4,537,485 in the last 90 days. 9.40% of the stock is owned by company insiders.

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.