Simplify Asset Management Inc. Invests $10.34 Million in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Simplify Asset Management Inc. purchased a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 742,299 shares of the company’s stock, valued at approximately $10,340,000. Arcutis Biotherapeutics makes up 0.5% of Simplify Asset Management Inc.’s investment portfolio, making the stock its 12th largest holding. Simplify Asset Management Inc. owned approximately 0.63% of Arcutis Biotherapeutics at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Jennison Associates LLC raised its stake in shares of Arcutis Biotherapeutics by 5.8% in the fourth quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock worth $171,893,000 after purchasing an additional 676,295 shares during the last quarter. Rubric Capital Management LP raised its position in Arcutis Biotherapeutics by 11.7% in the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock worth $101,990,000 after buying an additional 1,150,000 shares during the last quarter. Suvretta Capital Management LLC lifted its stake in Arcutis Biotherapeutics by 7.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock valued at $99,710,000 after acquiring an additional 717,019 shares during the period. State Street Corp lifted its stake in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after acquiring an additional 506,788 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Arcutis Biotherapeutics by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock valued at $22,977,000 after acquiring an additional 48,868 shares during the last quarter.

Insiders Place Their Bets

In related news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.67, for a total transaction of $146,700.00. Following the sale, the director now owns 151,944 shares of the company’s stock, valued at approximately $2,229,018.48. This trade represents a 6.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Patrick Burnett sold 12,242 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $15.04, for a total value of $184,119.68. Following the completion of the transaction, the insider now owns 121,936 shares of the company’s stock, valued at $1,833,917.44. The trade was a 9.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,290 shares of company stock worth $775,350 over the last three months. 9.50% of the stock is currently owned by company insiders.

Arcutis Biotherapeutics Price Performance

Shares of Arcutis Biotherapeutics stock opened at $17.01 on Friday. The stock has a market cap of $2.02 billion, a P/E ratio of -9.50 and a beta of 1.48. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. The stock’s fifty day moving average is $13.67 and its 200 day moving average is $12.04. Arcutis Biotherapeutics, Inc. has a one year low of $6.99 and a one year high of $17.70.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.19. The firm had revenue of $71.36 million for the quarter, compared to analysts’ expectations of $60.52 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. Sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. Mizuho increased their price target on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. HC Wainwright restated a “buy” rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Wednesday, February 26th. The Goldman Sachs Group upped their price objective on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Thursday, February 27th. Finally, Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday, February 24th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $18.80.

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.