First Trust Advisors LP Has $8.28 Million Stock Position in Arcutis Biotherapeutics, Inc. $ARQT

First Trust Advisors LP lowered its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 13.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 351,217 shares of the company’s stock after selling 53,437 shares during the quarter. First Trust Advisors LP’s holdings in Arcutis Biotherapeutics were worth $8,275,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Suvretta Capital Management LLC increased its position in shares of Arcutis Biotherapeutics by 14.2% during the fourth quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock valued at $347,435,000 after purchasing an additional 1,486,000 shares during the period. Vanguard Group Inc. raised its stake in shares of Arcutis Biotherapeutics by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company’s stock valued at $210,654,000 after purchasing an additional 107,846 shares in the last quarter. Polar Capital Holdings Plc raised its stake in shares of Arcutis Biotherapeutics by 4.9% in the fourth quarter. Polar Capital Holdings Plc now owns 5,556,169 shares of the company’s stock valued at $161,351,000 after purchasing an additional 257,415 shares in the last quarter. State Street Corp lifted its position in Arcutis Biotherapeutics by 18.2% in the fourth quarter. State Street Corp now owns 5,488,301 shares of the company’s stock worth $159,380,000 after purchasing an additional 846,986 shares during the period. Finally, Morgan Stanley lifted its position in Arcutis Biotherapeutics by 1.5% in the fourth quarter. Morgan Stanley now owns 4,340,239 shares of the company’s stock worth $126,041,000 after purchasing an additional 63,845 shares during the period.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Needham & Company LLC restated a “buy” rating and issued a $36.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Wednesday, June 24th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $34.00.

Arcutis Biotherapeutics Stock Down 4.0%

NASDAQ ARQT opened at $26.86 on Friday. Arcutis Biotherapeutics, Inc. has a 1-year low of $13.69 and a 1-year high of $31.77. The company has a market capitalization of $3.36 billion, a price-to-earnings ratio of -895.03 and a beta of 1.48. The stock’s 50 day moving average is $25.55 and its two-hundred day moving average is $24.70. The company has a current ratio of 2.68, a quick ratio of 2.46 and a debt-to-equity ratio of 0.54.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share (EPS) 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 company had revenue of $105.40 million during the quarter, compared to analyst estimates of $103.67 million. Equities analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 8,256 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $23.31, for a total value of $192,447.36. Following the sale, the insider directly owned 126,689 shares in the company, valued at $2,953,120.59. This represents a 6.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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, CFO Latha Vairavan sold 1,341 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 $31,661.01. Following the completion of the sale, the chief financial officer owned 86,413 shares in the company, valued at $2,040,210.93. This trade represents a 1.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold 23,787 shares of company stock worth $565,846 over the last quarter. Corporate insiders own 9.40% of the company’s stock.

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.