Zweig DiMenna Associates LLC Buys New Stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Zweig DiMenna Associates LLC purchased a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 41,500 shares of the company’s stock, valued at approximately $578,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Suvretta Capital Management LLC raised its stake in shares of Arcutis Biotherapeutics by 7.2% during the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock valued at $99,710,000 after purchasing an additional 717,019 shares in the last quarter. GSA Capital Partners LLP raised its position in shares of Arcutis Biotherapeutics by 730.0% during the 3rd quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock worth $2,206,000 after buying an additional 208,599 shares in the last quarter. Rubric Capital Management LP lifted its stake in shares of Arcutis Biotherapeutics by 11.7% in the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock worth $101,990,000 after acquiring an additional 1,150,000 shares during the period. Wesbanco Bank Inc. bought a new position in shares of Arcutis Biotherapeutics in the third quarter valued at approximately $955,000. Finally, Algert Global LLC increased its stake in shares of Arcutis Biotherapeutics by 595.9% during the third quarter. Algert Global LLC now owns 72,480 shares of the company’s stock valued at $674,000 after acquiring an additional 62,065 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Mizuho increased their price target on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, January 7th. HC Wainwright reaffirmed a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a report on Monday, January 13th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $16.60.

Insider Activity

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 5,015 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $8.68, for a total value of $43,530.20. Following the completion of the sale, the insider now directly owns 178,273 shares in the company, valued at $1,547,409.64. The trade was a 2.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.67, for a total transaction of $146,700.00. Following the transaction, the director now owns 151,944 shares in the company, valued at approximately $2,229,018.48. This trade represents a 6.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 78,291 shares of company stock worth $927,966 in the last ninety days. Corporate insiders own 9.50% of the company’s stock.

Arcutis Biotherapeutics Trading Up 2.8 %

NASDAQ:ARQT opened at $13.98 on Friday. The stock has a market cap of $1.64 billion, a PE ratio of -7.81 and a beta of 1.30. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $4.44 and a fifty-two week high of $16.20. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The stock’s 50-day moving average is $13.03 and its two-hundred day moving average is $10.88.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The firm had revenue of $44.76 million for the quarter, compared to the consensus estimate of $38.05 million. As a group, equities research analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.35 earnings per share for the current fiscal year.

Arcutis Biotherapeutics 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.