Virtus Investment Advisers LLC Lowers Stock Holdings in Arcutis Biotherapeutics, Inc. $ARQT

Virtus Investment Advisers LLC reduced its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 48.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,965 shares of the company’s stock after selling 6,436 shares during the quarter. Virtus Investment Advisers LLC’s holdings in Arcutis Biotherapeutics were worth $98,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ARQT. Vanguard Group Inc. raised its stake in Arcutis Biotherapeutics by 5.9% during the first quarter. Vanguard Group Inc. now owns 6,818,078 shares of the company’s stock valued at $106,635,000 after buying an additional 377,363 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Arcutis Biotherapeutics by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,582,567 shares of the company’s stock worth $36,213,000 after purchasing an additional 35,620 shares during the last quarter. Ensign Peak Advisors Inc boosted its stake in Arcutis Biotherapeutics by 0.7% in the 2nd quarter. Ensign Peak Advisors Inc now owns 2,001,439 shares of the company’s stock worth $28,060,000 after purchasing an additional 13,050 shares in the last quarter. American Century Companies Inc. grew its position in Arcutis Biotherapeutics by 4.3% during the 2nd quarter. American Century Companies Inc. now owns 1,724,307 shares of the company’s stock valued at $24,175,000 after purchasing an additional 71,815 shares during the last quarter. Finally, Paradigm Biocapital Advisors LP bought a new stake in Arcutis Biotherapeutics during the 1st quarter valued at about $22,918,000.

Analyst Ratings Changes

ARQT has been the topic of a number of recent analyst reports. The Goldman Sachs Group increased their price target on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Wall Street Zen raised Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 1st. Cowen reissued a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. Zacks Research upgraded Arcutis Biotherapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. Finally, Mizuho upped their price target on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the company an “outperform” rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $29.00.

Arcutis Biotherapeutics Trading Down 1.6%

NASDAQ:ARQT opened at $30.47 on Friday. Arcutis Biotherapeutics, Inc. has a one year low of $11.13 and a one year high of $31.27. The business has a fifty day moving average price of $22.94 and a 200-day moving average price of $17.70. The firm has a market capitalization of $3.73 billion, a price-to-earnings ratio of -84.64 and a beta of 1.97. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.50 and a quick ratio of 3.28.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.16. The business had revenue of $99.22 million during the quarter, compared to analyst estimates of $86.69 million. Arcutis Biotherapeutics had a negative return on equity of 29.69% and a negative net margin of 13.94%. Sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Sue-Jean Lin sold 25,272 shares of the firm’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $30.78, for a total transaction of $777,872.16. Following the sale, the director directly owned 26,735 shares in the company, valued at $822,903.30. This trade represents a 48.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Masaru Matsuda sold 36,130 shares of the stock in a transaction on Thursday, September 4th. The stock was 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 of the company’s stock, valued at $2,605,541.44. The trade was a 18.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 372,331 shares of company stock worth $8,870,939 in the last quarter. 9.40% of the stock is currently owned by insiders.

Arcutis Biotherapeutics Company 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.