Jennison Associates LLC Has $230.99 Million Stake in Arcutis Biotherapeutics, Inc. $ARQT

Jennison Associates LLC grew its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 10.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,254,119 shares of the company’s stock after acquiring an additional 1,144,714 shares during the period. Jennison Associates LLC owned 10.22% of Arcutis Biotherapeutics worth $230,990,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ARQT. PNC Financial Services Group Inc. boosted its position 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 purchasing an additional 820 shares in the last quarter. Atlas Wealth LLC bought a new position in shares of Arcutis Biotherapeutics during the 2nd quarter worth approximately $138,000. Merit Financial Group LLC bought a new position in shares of Arcutis Biotherapeutics during the 3rd quarter worth approximately $190,000. Quantbot Technologies LP acquired a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter worth approximately $145,000. Finally, Russell Investments Group Ltd. increased its stake in shares of Arcutis Biotherapeutics by 4,562.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 11,190 shares of the company’s stock valued at $157,000 after acquiring an additional 10,950 shares in the last quarter.

Arcutis Biotherapeutics Trading Down 1.7%

ARQT stock opened at $26.20 on Friday. 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, Inc. has a 1-year low of $11.13 and a 1-year high of $31.77. The business has a 50 day simple moving average of $28.70 and a two-hundred day simple moving average of $21.78. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of -72.78 and a beta of 1.71.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of ($0.10) by $0.16. The business had revenue of $99.22 million for the quarter, compared to analysts’ expectations of $86.69 million. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. Research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In related news, Director Sue-Jean Lin sold 25,272 shares of the company’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $30.78, for a total transaction of $777,872.16. Following the transaction, the director directly owned 26,735 shares in the company, valued at approximately $822,903.30. This represents a 48.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Neha Krishnamohan sold 40,504 shares of the stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $23.20, for a total value of $939,692.80. Following the sale, the director directly owned 22,123 shares in the company, valued at $513,253.60. This trade represents a 64.67% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 293,912 shares of company stock valued at $7,885,305 over the last three months. Corporate insiders own 9.40% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. The Goldman Sachs Group upped their price target on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Needham & Company LLC boosted their price target on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Monday, December 29th. HC Wainwright restated a “buy” rating and issued a $30.00 target price on shares of Arcutis Biotherapeutics in a research note on Wednesday, October 29th. Finally, Mizuho increased their target price on shares of Arcutis Biotherapeutics from $32.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday, November 28th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

Arcutis Biotherapeutics 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.