Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Shares Sold by AMI Asset Management Corp

AMI Asset Management Corp reduced its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 3.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 215,958 shares of the company’s stock after selling 7,723 shares during the period. AMI Asset Management Corp’s holdings in Arcutis Biotherapeutics were worth $3,008,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Jennison Associates LLC boosted its position in Arcutis Biotherapeutics by 0.8% during the 3rd quarter. Jennison Associates LLC now owns 11,663,497 shares of the company’s stock worth $108,471,000 after purchasing an additional 91,803 shares during the period. Rubric Capital Management LP lifted its stake in shares of Arcutis Biotherapeutics by 11.7% during the third quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock worth $101,990,000 after purchasing an additional 1,150,000 shares in the last quarter. Suvretta Capital Management LLC boosted its position in shares of Arcutis Biotherapeutics by 7.2% in the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after buying an additional 717,019 shares during the period. State Street Corp boosted its position in shares of Arcutis Biotherapeutics by 9.9% in the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after buying an additional 506,788 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Arcutis Biotherapeutics by 2.0% in the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock valued at $22,977,000 after buying an additional 48,868 shares in the last quarter.

Arcutis Biotherapeutics Stock Down 7.8 %

NASDAQ ARQT opened at $12.68 on Tuesday. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. Arcutis Biotherapeutics, Inc. has a 12 month low of $3.11 and a 12 month high of $16.20. The company’s fifty day moving average price is $12.91 and its two-hundred day moving average price is $10.84.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The company had revenue of $44.76 million during the quarter, compared to analyst estimates of $38.05 million. Equities analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.35 earnings per share for the current fiscal year.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Patrick Burnett sold 16,023 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $10.14, for a total transaction of $162,473.22. Following the sale, the insider now owns 128,669 shares of the company’s stock, valued at approximately $1,304,703.66. The trade was a 11.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $8.65, for a total value of $86,500.00. Following the completion of the transaction, the director now directly owns 171,944 shares of the company’s stock, valued at $1,487,315.60. This trade represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 78,291 shares of company stock worth $927,966. 9.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on ARQT. Needham & Company LLC reissued a “buy” rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. Mizuho lifted their price target on shares of Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 7th. Finally, HC Wainwright reissued a “buy” rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Monday, January 13th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.60.

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.