Diametric Capital LP Reduces Stock Holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Diametric Capital LP decreased its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 38.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 20,370 shares of the company’s stock after selling 12,537 shares during the quarter. Diametric Capital LP’s holdings in Arcutis Biotherapeutics were worth $284,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of ARQT. Tradewinds LLC. purchased a new position in Arcutis Biotherapeutics during the fourth quarter worth $196,000. Norges Bank purchased a new position in shares of Arcutis Biotherapeutics during the 4th quarter worth about $7,422,000. Prudential Financial Inc. grew its holdings in Arcutis Biotherapeutics by 3.5% during the 4th quarter. Prudential Financial Inc. now owns 592,565 shares of the company’s stock valued at $8,254,000 after purchasing an additional 19,950 shares during the last quarter. Simplify Asset Management Inc. purchased a new stake in Arcutis Biotherapeutics in the 4th quarter worth about $10,340,000. Finally, KLP Kapitalforvaltning AS bought a new stake in Arcutis Biotherapeutics in the fourth quarter worth about $337,000.

Arcutis Biotherapeutics Stock Down 4.2 %

NASDAQ:ARQT opened at $14.98 on Wednesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. Arcutis Biotherapeutics, Inc. has a 1-year low of $6.99 and a 1-year high of $17.75. The company has a 50-day moving average of $14.08 and a 200 day moving average of $12.33. The firm has a market cap of $1.78 billion, a PE ratio of -8.37 and a beta of 1.48.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.19. The firm had revenue of $71.36 million during the quarter, compared to analysts’ expectations of $60.52 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. As a group, research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ARQT. The Goldman Sachs Group upped their target price on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Thursday, February 27th. Jefferies Financial Group increased their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, March 11th. HC Wainwright reiterated a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday, February 24th. Finally, Mizuho raised their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.80.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 8,338 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $12.70, for a total value of $105,892.60. Following the completion of the transaction, the insider now directly owns 178,692 shares in the company, valued at approximately $2,269,388.40. The trade was a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.67, for a total transaction of $146,700.00. Following the completion of the sale, the director now owns 151,944 shares in the company, valued at $2,229,018.48. This represents a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,099 shares of company stock valued at $777,956. 9.50% of the stock is currently owned by corporate insiders.

Arcutis Biotherapeutics Profile

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.