Adage Capital Partners GP L.L.C. Acquires New Stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Adage Capital Partners GP L.L.C. bought a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 100,000 shares of the company’s stock, valued at approximately $1,393,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Syon Capital LLC purchased a new position in shares of Arcutis Biotherapeutics during the fourth quarter worth about $189,000. Hsbc Holdings PLC lifted its position in Arcutis Biotherapeutics by 36.8% during the fourth quarter. Hsbc Holdings PLC now owns 17,551 shares of the company’s stock valued at $248,000 after purchasing an additional 4,719 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Arcutis Biotherapeutics by 62.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 14,231 shares of the company’s stock worth $198,000 after buying an additional 5,488 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of Arcutis Biotherapeutics by 6.2% in the 4th quarter. MetLife Investment Management LLC now owns 65,471 shares of the company’s stock worth $912,000 after buying an additional 3,813 shares during the last quarter. Finally, MYDA Advisors LLC raised its position in shares of Arcutis Biotherapeutics by 17.6% during the 4th quarter. MYDA Advisors LLC now owns 200,000 shares of the company’s stock valued at $2,786,000 after buying an additional 30,000 shares in the last quarter.

Arcutis Biotherapeutics Price Performance

ARQT opened at $14.75 on Wednesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The stock’s 50 day simple moving average is $14.54 and its 200 day simple moving average is $12.94. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -8.24 and a beta of 1.67. Arcutis Biotherapeutics, Inc. has a 1 year low of $6.99 and a 1 year high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.19. The company had revenue of $71.36 million for the quarter, compared to the consensus estimate of $60.52 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. As a group, analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $19.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Jefferies Financial Group upped their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, March 11th. Mizuho lifted their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 26th. Finally, The Goldman Sachs Group boosted their price objective on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Thursday, February 27th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Arcutis Biotherapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $18.80.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, insider Masaru Matsuda sold 8,338 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $12.70, for a total transaction of $105,892.60. Following the transaction, the insider now owns 178,692 shares in the company, valued at $2,269,388.40. The trade was a 4.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Todd Franklin Watanabe sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $17.52, for a total value of $26,280.00. Following the transaction, the insider now directly owns 927,414 shares of the company’s stock, valued at $16,248,293.28. The trade was a 0.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,099 shares of company stock worth $631,256. 9.50% of the stock is currently owned by company 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.