KLP Kapitalforvaltning AS Increases Position in Arcutis Biotherapeutics, Inc. $ARQT

KLP Kapitalforvaltning AS raised its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 17.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,800 shares of the company’s stock after buying an additional 3,300 shares during the period. KLP Kapitalforvaltning AS’s holdings in Arcutis Biotherapeutics were worth $306,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of ARQT. Perpetual Ltd purchased a new position in Arcutis Biotherapeutics during the 1st quarter valued at about $415,000. KBC Group NV purchased a new position in Arcutis Biotherapeutics in the 1st quarter valued at approximately $84,000. Amalgamated Bank boosted its holdings in Arcutis Biotherapeutics by 39.4% in the first quarter. Amalgamated Bank now owns 3,723 shares of the company’s stock valued at $58,000 after purchasing an additional 1,053 shares during the period. Vontobel Holding Ltd. acquired a new position in shares of Arcutis Biotherapeutics during the first quarter worth about $209,000. Finally, Penserra Capital Management LLC purchased a new stake in shares of Arcutis Biotherapeutics in the 1st quarter valued at approximately $1,853,000.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ARQT. Cowen reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Thursday, August 7th. Needham & Company LLC upped their price objective on Arcutis Biotherapeutics from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Arcutis Biotherapeutics in a report on Tuesday, October 14th. Wall Street Zen raised shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Finally, The Goldman Sachs Group initiated coverage on shares of Arcutis Biotherapeutics in a research report on Friday, July 25th. They issued a “neutral” rating and a $18.00 price objective for the company. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.80.

Arcutis Biotherapeutics Trading Down 0.1%

Shares of ARQT opened at $20.88 on Monday. Arcutis Biotherapeutics, Inc. has a twelve month low of $8.03 and a twelve month high of $21.84. The company has a current ratio of 3.20, a quick ratio of 3.04 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $2.50 billion, a P/E ratio of -27.84 and a beta of 2.06. The firm’s 50-day moving average is $17.63 and its two-hundred day moving average is $15.36.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.05. The business had revenue of $81.50 million for the quarter, compared to analyst estimates of $72.70 million. Arcutis Biotherapeutics had a negative return on equity of 62.62% and a negative net margin of 35.40%. On average, research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 36,130 shares of Arcutis Biotherapeutics stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $16.16, for a total transaction of $583,860.80. Following the completion of the transaction, the insider owned 161,234 shares in the company, valued at approximately $2,605,541.44. The trade was a 18.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Larry Todd Edwards sold 4,504 shares of the stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $20.04, for a total transaction of $90,260.16. Following the completion of the sale, the insider owned 178,897 shares in the company, valued at $3,585,095.88. This represents a 2.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 154,386 shares of company stock worth $2,640,187. Corporate insiders own 9.40% of the company’s stock.

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.