Simplify Asset Management Inc. Trims Stock Holdings in Arcutis Biotherapeutics, Inc. $ARQT

Simplify Asset Management Inc. cut its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 22.3% during the third quarter, HoldingsChannel.com reports. The fund owned 317,997 shares of the company’s stock after selling 91,435 shares during the quarter. Arcutis Biotherapeutics makes up 0.1% of Simplify Asset Management Inc.’s holdings, making the stock its 27th largest position. Simplify Asset Management Inc.’s holdings in Arcutis Biotherapeutics were worth $5,994,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ARQT. Allostery Investments LP acquired a new stake in Arcutis Biotherapeutics during the 1st quarter worth $117,000. PNC Financial Services Group Inc. boosted its stake in shares of Arcutis Biotherapeutics by 10.2% during the second quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock worth $124,000 after buying an additional 820 shares during the period. Atlas Wealth LLC purchased a new position in shares of Arcutis Biotherapeutics during the second quarter worth about $138,000. Quantbot Technologies LP acquired a new position in Arcutis Biotherapeutics in the 2nd quarter valued at about $145,000. Finally, Russell Investments Group Ltd. raised its stake in Arcutis Biotherapeutics by 4,562.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 11,190 shares of the company’s stock valued at $157,000 after acquiring an additional 10,950 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $30.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday, October 29th. The Goldman Sachs Group lifted their price objective on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Wall Street Zen downgraded shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Needham & Company LLC raised their target price on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Arcutis Biotherapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $29.00.

Arcutis Biotherapeutics Trading Down 1.4%

Shares of ARQT stock opened at $28.56 on Tuesday. The business’s fifty day moving average price is $27.04 and its 200 day moving average price is $20.04. The firm has a market capitalization of $3.50 billion, a PE ratio of -79.33 and a beta of 1.69. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.50 and a quick ratio of 3.28. Arcutis Biotherapeutics, Inc. has a 1-year low of $11.13 and a 1-year high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of ($0.10) by $0.16. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. The company had revenue of $99.22 million for the quarter, compared to analyst estimates of $86.69 million. As a group, sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Todd Watanabe sold 48,945 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $30.36, for a total value of $1,485,970.20. Following the completion of the transaction, the insider directly owned 740,537 shares of the company’s stock, valued at $22,482,703.32. This trade represents a 6.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Masaru Matsuda sold 1,657 shares of the company’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $30.23, for a total value of $50,091.11. Following the completion of the sale, the insider directly owned 150,641 shares in the company, valued at $4,553,877.43. This trade represents a 1.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 339,229 shares of company stock worth $8,638,027. 9.40% of the stock is owned by insiders.

Arcutis Biotherapeutics Company Profile

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.