GW&K Investment Management LLC Sells 163,461 Shares of Arcutis Biotherapeutics, Inc. $ARQT

GW&K Investment Management LLC trimmed its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 13.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,008,580 shares of the company’s stock after selling 163,461 shares during the quarter. GW&K Investment Management LLC’s holdings in Arcutis Biotherapeutics were worth $29,289,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Arcutis Biotherapeutics by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company’s stock worth $210,654,000 after buying an additional 107,846 shares during the last quarter. Polar Capital Holdings Plc raised its stake in shares of Arcutis Biotherapeutics by 5.8% during the third quarter. Polar Capital Holdings Plc now owns 5,298,754 shares of the company’s stock worth $99,882,000 after buying an additional 292,279 shares during the last quarter. State Street Corp raised its stake in shares of Arcutis Biotherapeutics by 1.2% during the second quarter. State Street Corp now owns 4,526,937 shares of the company’s stock worth $63,468,000 after buying an additional 52,734 shares during the last quarter. UBS Group AG boosted its holdings in Arcutis Biotherapeutics by 10.0% during the fourth quarter. UBS Group AG now owns 3,243,432 shares of the company’s stock worth $94,189,000 after buying an additional 294,994 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Arcutis Biotherapeutics by 5.6% during the fourth quarter. Geode Capital Management LLC now owns 2,753,307 shares of the company’s stock worth $79,967,000 after buying an additional 146,842 shares during the last quarter.

Arcutis Biotherapeutics Price Performance

ARQT opened at $23.23 on Thursday. The company has a quick ratio of 2.46, a current ratio of 2.68 and a debt-to-equity ratio of 0.54. Arcutis Biotherapeutics, Inc. has a 12 month low of $12.72 and a 12 month high of $31.77. The company has a fifty day simple moving average of $22.52 and a 200 day simple moving average of $25.34. The stock has a market cap of $2.91 billion, a P/E ratio of -774.08 and a beta of 1.51.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. The firm had revenue of $105.40 million during the quarter, compared to the consensus estimate of $103.68 million. On average, research analysts expect that Arcutis Biotherapeutics, Inc. will post 0.15 EPS for the current year.

Insider Activity

In related news, insider Todd Watanabe sold 3,172 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $23.61, for a total value of $74,890.92. Following the completion of the sale, the insider owned 720,755 shares in the company, valued at $17,017,025.55. This represents a 0.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Howard G. Welgus sold 7,144 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $22.99, for a total transaction of $164,240.56. Following the completion of the transaction, the director directly owned 32,600 shares in the company, valued at approximately $749,474. The trade was a 17.98% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 31,254 shares of company stock worth $732,019 in the last 90 days. Corporate insiders own 9.40% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Guggenheim raised their target price on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, February 27th. TD Cowen raised their target price on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Mizuho reduced 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, March 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $36.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Finally, HC Wainwright upped their target price on shares of Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Arcutis Biotherapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

About Arcutis Biotherapeutics

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.