Essex Investment Management Co. LLC Reduces Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Essex Investment Management Co. LLC reduced its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 12.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 142,823 shares of the company’s stock after selling 21,141 shares during the period. Essex Investment Management Co. LLC’s holdings in Arcutis Biotherapeutics were worth $1,990,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Rubric Capital Management LP raised its stake in Arcutis Biotherapeutics by 11.7% in the third quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after buying an additional 1,150,000 shares in the last quarter. Suvretta Capital Management LLC increased its holdings in shares of Arcutis Biotherapeutics by 7.2% in the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock valued at $99,710,000 after acquiring an additional 717,019 shares during the last quarter. Jennison Associates LLC raised its position in shares of Arcutis Biotherapeutics by 5.8% during the 4th quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock worth $171,893,000 after acquiring an additional 676,295 shares in the last quarter. State Street Corp raised its position in shares of Arcutis Biotherapeutics by 9.9% during the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after acquiring an additional 506,788 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in Arcutis Biotherapeutics during the third quarter worth approximately $2,273,000.

Arcutis Biotherapeutics Stock Up 1.5 %

Shares of NASDAQ:ARQT opened at $14.72 on Monday. Arcutis Biotherapeutics, Inc. has a 1-year low of $6.99 and a 1-year high of $16.20. 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 has a market cap of $1.75 billion, a P/E ratio of -8.22 and a beta of 1.48. The firm has a fifty day moving average price of $13.45 and a 200 day moving average price of $11.68.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.19. The business had revenue of $71.36 million during 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%. Sell-side analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Wall Street Analysts Forecast Growth

ARQT has been the topic of a number of research analyst reports. HC Wainwright reissued a “buy” rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price target on shares of Arcutis Biotherapeutics in a research note on Wednesday, February 26th. Mizuho boosted their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. Guggenheim reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a report on Monday, February 24th. Finally, The Goldman Sachs Group lifted their target price on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Thursday, February 27th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $18.00.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 2,819 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $13.03, for a total transaction of $36,731.57. Following the completion of the transaction, the insider now owns 167,043 shares in the company, valued at approximately $2,176,570.29. This represents a 1.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Masaru Matsuda sold 8,338 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $12.70, for a total transaction of $105,892.60. Following the completion of the sale, the insider now owns 178,692 shares of the company’s stock, valued at $2,269,388.40. This trade represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 57,848 shares of company stock worth $797,648. 9.50% of the stock is currently owned by insiders.

About Arcutis Biotherapeutics

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.