Arcutis Biotherapeutics, Inc. $ARQT Shares Sold by GW&K Investment Management LLC

GW&K Investment Management LLC reduced its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 15.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,172,041 shares of the company’s stock after selling 206,391 shares during the period. GW&K Investment Management LLC’s holdings in Arcutis Biotherapeutics were worth $22,093,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ARQT. Johnson Investment Counsel Inc. acquired a new position in Arcutis Biotherapeutics during the third quarter valued at $30,000. Jones Financial Companies Lllp grew its position in Arcutis Biotherapeutics by 1,291.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock worth $124,000 after purchasing an additional 6,559 shares during the period. PNC Financial Services Group Inc. raised its stake 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 during the last quarter. Cookson Peirce & Co. Inc. purchased a new position in shares of Arcutis Biotherapeutics during the 3rd quarter valued at about $188,000. Finally, Merit Financial Group LLC acquired a new position in shares of Arcutis Biotherapeutics in the 3rd quarter valued at about $190,000.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $23.97 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.99 and a current ratio of 3.17. The firm has a fifty day moving average of $26.82 and a 200 day moving average of $24.03. The firm has a market cap of $2.97 billion, a PE ratio of -171.20 and a beta of 1.66. Arcutis Biotherapeutics, Inc. has a one year low of $11.86 and a one year high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted 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 business had revenue of $129.50 million for the quarter, compared to the consensus estimate of $110.79 million. As a group, research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Analyst Ratings Changes

ARQT has been the topic of several analyst reports. Mizuho dropped their target price on Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating on the stock in a report on Monday. Zacks Research lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Needham & Company LLC increased their price target on shares of Arcutis Biotherapeutics from $31.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Wall Street Zen cut shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 14th. Finally, TD Cowen increased their target price on shares of Arcutis Biotherapeutics from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.86.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 40,638 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $25.28, for a total transaction of $1,027,328.64. Following the completion of the transaction, the insider owned 110,003 shares of the company’s stock, valued at $2,780,875.84. This represents a 26.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larry Todd Edwards sold 3,687 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $25.18, for a total value of $92,838.66. Following the completion of the sale, the insider directly owned 175,178 shares in the company, valued at $4,410,982.04. This represents a 2.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 175,233 shares of company stock worth $4,537,485 in the last three months. 9.40% of the stock is owned by corporate 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.