36,313 Shares in Arcutis Biotherapeutics, Inc. $ARQT Acquired by Fred Alger Management LLC

Fred Alger Management LLC bought a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 36,313 shares of the company’s stock, valued at approximately $568,000.

Other large investors have also recently added to or reduced their stakes in the company. Amalgamated Bank increased its stake in Arcutis Biotherapeutics by 39.4% during the 1st quarter. Amalgamated Bank now owns 3,723 shares of the company’s stock worth $58,000 after buying an additional 1,053 shares during the period. BNP Paribas Financial Markets purchased a new stake in Arcutis Biotherapeutics during the 4th quarter worth approximately $1,112,000. New York State Common Retirement Fund increased its stake in Arcutis Biotherapeutics by 93.4% during the 1st quarter. New York State Common Retirement Fund now owns 48,670 shares of the company’s stock worth $761,000 after buying an additional 23,503 shares during the period. Cerity Partners LLC purchased a new stake in Arcutis Biotherapeutics during the 1st quarter worth approximately $303,000. Finally, Vontobel Holding Ltd. purchased a new stake in Arcutis Biotherapeutics during the 1st quarter worth approximately $209,000.

Insider Activity at Arcutis Biotherapeutics

In related news, insider Masaru Matsuda sold 36,130 shares of the company’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $16.16, for a total value of $583,860.80. Following the completion of the sale, the insider owned 161,234 shares in the company, valued at $2,605,541.44. This represents a 18.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd Watanabe sold 11,547 shares of the company’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $14.33, for a total transaction of $165,468.51. Following the completion of the sale, the insider owned 901,569 shares of the company’s stock, valued at approximately $12,919,483.77. This trade represents a 1.26% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 133,771 shares of company stock worth $2,044,513. Corporate insiders own 9.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on ARQT. The Goldman Sachs Group began coverage on shares of Arcutis Biotherapeutics in a report on Friday, July 25th. They set a “neutral” rating and a $18.00 price target for the company. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Cowen reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. Finally, Needham & Company LLC boosted their price target on shares of Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.80.

Arcutis Biotherapeutics Trading Down 2.0%

Shares of Arcutis Biotherapeutics stock opened at $17.57 on Thursday. The company has a fifty day simple moving average of $15.32 and a 200-day simple moving average of $14.63. Arcutis Biotherapeutics, Inc. has a 12-month low of $8.03 and a 12-month high of $18.15. The company has a current ratio of 3.20, a quick ratio of 3.04 and a debt-to-equity ratio of 0.77. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of -23.43 and a beta of 1.93.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.05. Arcutis Biotherapeutics had a negative net margin of 35.40% and a negative return on equity of 62.62%. The business had revenue of $81.50 million during the quarter, compared to analysts’ expectations of $72.70 million. On average, equities analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

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.