Eversept Partners LP Trims Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Eversept Partners LP reduced its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 72.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 191,158 shares of the company’s stock after selling 502,105 shares during the quarter. Eversept Partners LP owned 0.16% of Arcutis Biotherapeutics worth $2,663,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in ARQT. Venturi Wealth Management LLC purchased a new stake in shares of Arcutis Biotherapeutics during the 4th quarter worth $46,000. Cibc World Markets Corp purchased a new stake in shares of Arcutis Biotherapeutics during the fourth quarter worth approximately $140,000. Summit Investment Advisors Inc. raised its position in Arcutis Biotherapeutics by 8.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company’s stock worth $157,000 after buying an additional 837 shares during the last quarter. LVW Advisors LLC purchased a new stake in shares of Arcutis Biotherapeutics in the fourth quarter valued at approximately $166,000. Finally, Aigen Investment Management LP purchased a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $191,000.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $12.71, for a total value of $127,100.00. Following the completion of the transaction, the director now directly owns 141,944 shares of the company’s stock, valued at $1,804,108.24. This represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Todd Franklin Watanabe sold 1,500 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $17.52, for a total value of $26,280.00. Following the completion of the sale, the insider now directly owns 927,414 shares of the company’s stock, valued at approximately $16,248,293.28. This trade represents a 0.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 46,099 shares of company stock valued at $631,256 over the last three months. 9.50% of the stock is owned by insiders.

Analyst Ratings Changes

ARQT has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday, April 9th. Jefferies Financial Group boosted their price target on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, March 11th. Guggenheim restated a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. The Goldman Sachs Group increased their price target on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Thursday, February 27th. Finally, HC Wainwright restated a “buy” rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.80.

Arcutis Biotherapeutics Price Performance

Shares of ARQT opened at $13.53 on Tuesday. The stock has a 50 day simple moving average of $14.34 and a 200 day simple moving average of $12.76. The firm has a market capitalization of $1.61 billion, a PE ratio of -7.56 and a beta of 1.67. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. Arcutis Biotherapeutics, Inc. has a 52-week low of $6.99 and a 52-week high of $17.75.

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

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.