Hillsdale Investment Management Inc. Takes Position in Arcutis Biotherapeutics, Inc. $ARQT

Hillsdale Investment Management Inc. purchased a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 179,420 shares of the company’s stock, valued at approximately $5,210,000.

A number of other institutional investors have also recently made changes to their positions in ARQT. Johnson Investment Counsel Inc. purchased a new stake in shares of Arcutis Biotherapeutics during the 3rd quarter valued at about $30,000. SBI Securities Co. Ltd. boosted its holdings in shares of Arcutis Biotherapeutics by 325.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock valued at $32,000 after acquiring an additional 833 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Arcutis Biotherapeutics during the 4th quarter valued at about $35,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Arcutis Biotherapeutics by 124.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock valued at $37,000 after acquiring an additional 698 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Arcutis Biotherapeutics by 1,291.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock valued at $124,000 after acquiring an additional 6,559 shares during the last quarter.

Arcutis Biotherapeutics Stock Performance

ARQT opened at $21.46 on Friday. The company has a current ratio of 2.68, a quick ratio of 2.46 and a debt-to-equity ratio of 0.54. The company has a market cap of $2.68 billion, a price-to-earnings ratio of -715.09 and a beta of 1.58. The company’s 50 day moving average is $22.57 and its 200 day moving average is $25.53. Arcutis Biotherapeutics, Inc. has a 12-month low of $12.72 and a 12-month high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data 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 business had revenue of $105.40 million during the quarter, compared to analysts’ expectations of $103.68 million. On average, equities research analysts predict that Arcutis Biotherapeutics, Inc. will post 0.15 EPS for the current year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Todd Watanabe sold 37,349 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $25.18, for a total transaction of $940,447.82. Following the transaction, the insider owned 785,957 shares of the company’s stock, valued at $19,790,397.26. The trade was a 4.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $23.88, for a total transaction of $238,800.00. Following the transaction, the director directly owned 39,744 shares in the company, valued at $949,086.72. This 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 three months, insiders have sold 90,163 shares of company stock valued at $2,216,396. 9.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on ARQT. Mizuho dropped their price objective on shares of Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating on the stock in a report on Monday, March 2nd. HC Wainwright raised their price objective on shares of Arcutis Biotherapeutics from $30.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Friday, March 27th. Wall Street Zen downgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Guggenheim raised their price objective on shares of Arcutis Biotherapeutics from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Arcutis Biotherapeutics currently has an average rating of “Moderate Buy” and an average target price 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.