Prudential Financial Inc. Purchases 19,950 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Prudential Financial Inc. increased its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 3.5% in the 4th quarter, Holdings Channel reports. The firm owned 592,565 shares of the company’s stock after buying an additional 19,950 shares during the quarter. Prudential Financial Inc.’s holdings in Arcutis Biotherapeutics were worth $8,254,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Point72 DIFC Ltd acquired a new position in shares of Arcutis Biotherapeutics in the 3rd quarter valued at $25,000. Venturi Wealth Management LLC bought a new stake in Arcutis Biotherapeutics in the fourth quarter valued at about $46,000. Erste Asset Management GmbH acquired a new position in Arcutis Biotherapeutics in the third quarter worth about $104,000. Victory Capital Management Inc. lifted its stake in Arcutis Biotherapeutics by 9.9% during the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock worth $119,000 after purchasing an additional 1,155 shares during the period. Finally, Cibc World Markets Corp acquired a new stake in Arcutis Biotherapeutics during the fourth quarter valued at approximately $140,000.

Analysts Set New Price Targets

Several equities analysts recently commented on ARQT shares. Jefferies Financial Group raised their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, March 11th. Mizuho lifted their price objective on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. Guggenheim reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a report on Monday, February 24th. HC Wainwright reissued a “buy” rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. Finally, Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.80.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ:ARQT opened at $15.73 on Friday. The business has a fifty day moving average of $13.98 and a 200-day moving average of $12.25. 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 twelve month low of $6.99 and a twelve month high of $17.75. The firm has a market cap of $1.87 billion, a PE ratio of -8.79 and a beta of 1.48.

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

Insider Activity at Arcutis Biotherapeutics

In other news, insider Patrick Burnett sold 12,242 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $15.04, for a total transaction of $184,119.68. Following the transaction, the insider now owns 121,936 shares of the company’s stock, valued at $1,833,917.44. This represents a 9.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.67, for a total value of $146,700.00. Following the completion of the sale, the director now owns 151,944 shares of the company’s stock, valued at approximately $2,229,018.48. The trade was a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 57,790 shares of company stock valued at $801,630 over the last quarter. Corporate insiders own 9.50% of the company’s stock.

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.