Eversept Partners LP Buys 323,168 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Eversept Partners LP grew its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 289.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 434,634 shares of the company’s stock after acquiring an additional 323,168 shares during the quarter. Eversept Partners LP’s holdings in Arcutis Biotherapeutics were worth $12,622,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Arcutis Biotherapeutics by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company’s stock valued at $210,654,000 after acquiring an additional 107,846 shares during the last quarter. Polar Capital Holdings Plc increased its stake in shares of Arcutis Biotherapeutics by 4.9% in the 4th quarter. Polar Capital Holdings Plc now owns 5,556,169 shares of the company’s stock valued at $161,351,000 after acquiring an additional 257,415 shares during the last quarter. State Street Corp increased its stake in shares of Arcutis Biotherapeutics by 18.2% in the 4th quarter. State Street Corp now owns 5,488,301 shares of the company’s stock valued at $159,380,000 after acquiring an additional 846,986 shares during the last quarter. Morgan Stanley increased its stake in shares of Arcutis Biotherapeutics by 1.5% in the 4th quarter. Morgan Stanley now owns 4,340,239 shares of the company’s stock valued at $126,041,000 after acquiring an additional 63,845 shares during the last quarter. Finally, UBS Group AG increased its stake in shares of Arcutis Biotherapeutics by 10.0% in the 4th quarter. UBS Group AG now owns 3,243,432 shares of the company’s stock valued at $94,189,000 after acquiring an additional 294,994 shares during the last quarter.

Insider Activity

In other Arcutis Biotherapeutics news, CFO Latha Vairavan sold 1,341 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $23.61, for a total transaction of $31,661.01. Following the completion of the transaction, the chief financial officer owned 86,413 shares of the company’s stock, valued at $2,040,210.93. This represents a 1.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through 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 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $23.88, for a total value of $238,800.00. Following the transaction, the director directly owned 39,744 shares of the company’s stock, valued at approximately $949,086.72. This trade represents a 20.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 40,931 shares of company stock worth $968,886. 9.40% of the stock is currently owned by insiders.

Arcutis Biotherapeutics Price Performance

Shares of ARQT opened at $26.22 on Thursday. Arcutis Biotherapeutics, Inc. has a 52-week low of $13.06 and a 52-week high of $31.77. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.46 and a current ratio of 2.68. The stock has a 50 day simple moving average of $22.68 and a 200 day simple moving average of $25.15. The firm has a market capitalization of $3.28 billion, a PE ratio of -873.71 and a beta of 1.51.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%.The firm had revenue of $105.40 million for the quarter, compared to analyst estimates of $103.68 million. Sell-side analysts predict that Arcutis Biotherapeutics, Inc. will post 0.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. TD Cowen upped their price target on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Guggenheim boosted their price objective on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Mizuho decreased their price objective on Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating for the company in a research report on Monday, March 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Friday, March 27th. Finally, HC Wainwright boosted their price objective on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock 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.