Legato Capital Management LLC Takes Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Legato Capital Management LLC bought a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 56,208 shares of the company’s stock, valued at approximately $523,000.

A number of other large investors have also recently bought and sold shares of the business. Jennison Associates LLC boosted its stake in Arcutis Biotherapeutics by 34.3% during the 1st quarter. Jennison Associates LLC now owns 12,176,315 shares of the company’s stock worth $120,667,000 after purchasing an additional 3,110,233 shares during the period. Frazier Life Sciences Management L.P. boosted its stake in Arcutis Biotherapeutics by 0.9% during the 4th quarter. Frazier Life Sciences Management L.P. now owns 8,764,232 shares of the company’s stock worth $28,308,000 after purchasing an additional 80,000 shares during the period. Rubric Capital Management LP boosted its stake in Arcutis Biotherapeutics by 32.0% during the 4th quarter. Rubric Capital Management LP now owns 6,644,530 shares of the company’s stock worth $21,462,000 after purchasing an additional 1,610,000 shares during the period. Vanguard Group Inc. boosted its stake in Arcutis Biotherapeutics by 5.5% during the 1st quarter. Vanguard Group Inc. now owns 5,166,417 shares of the company’s stock worth $51,199,000 after purchasing an additional 269,904 shares during the period. Finally, Franklin Resources Inc. boosted its stake in Arcutis Biotherapeutics by 260.2% during the 4th quarter. Franklin Resources Inc. now owns 4,655,544 shares of the company’s stock worth $15,037,000 after purchasing an additional 3,363,191 shares during the period.

Arcutis Biotherapeutics Stock Performance

NASDAQ:ARQT opened at $10.53 on Wednesday. Arcutis Biotherapeutics, Inc. has a twelve month low of $1.76 and a twelve month high of $13.17. The company has a market capitalization of $1.22 billion, a P/E ratio of -3.59 and a beta of 1.18. The firm has a 50-day moving average price of $9.54 and a two-hundred day moving average price of $9.41. The company has a current ratio of 9.89, a quick ratio of 9.61 and a debt-to-equity ratio of 0.90.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its earnings results on Wednesday, August 14th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.06. Arcutis Biotherapeutics had a negative net margin of 204.35% and a negative return on equity of 197.28%. The business had revenue of $30.86 million for the quarter, compared to analysts’ expectations of $31.00 million. During the same period last year, the company earned ($1.16) earnings per share. As a group, research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ARQT. Jefferies Financial Group began coverage on shares of Arcutis Biotherapeutics in a research note on Wednesday. They set a “buy” rating and a $15.00 price target for the company. Mizuho upped their price objective on shares of Arcutis Biotherapeutics from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Finally, Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, August 15th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.33.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $9.87, for a total transaction of $98,700.00. Following the transaction, the director now directly owns 176,953 shares of the company’s stock, valued at $1,746,526.11. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $9.87, for a total transaction of $98,700.00. Following the sale, the director now owns 176,953 shares in the company, valued at $1,746,526.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Masaru Matsuda sold 5,220 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $9.02, for a total transaction of $47,084.40. Following the sale, the insider now owns 183,288 shares in the company, valued at approximately $1,653,257.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,948 shares of company stock valued at $454,460. Insiders own 9.50% of the company’s stock.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.