Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Position Reduced by Walleye Capital LLC

Walleye Capital LLC cut its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQTGet Rating) by 9.4% in the first quarter, Holdings Channel.com reports. The institutional investor owned 75,553 shares of the company’s stock after selling 7,867 shares during the period. Walleye Capital LLC’s holdings in Arcutis Biotherapeutics were worth $1,455,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ARQT. Frazier Life Sciences Management L.P. purchased a new stake in Arcutis Biotherapeutics during the first quarter valued at about $162,443,000. Point72 Asset Management L.P. lifted its stake in Arcutis Biotherapeutics by 32.7% during the fourth quarter. Point72 Asset Management L.P. now owns 2,644,177 shares of the company’s stock valued at $54,840,000 after buying an additional 652,070 shares in the last quarter. GW&K Investment Management LLC purchased a new stake in Arcutis Biotherapeutics during the first quarter valued at about $4,093,000. Dimensional Fund Advisors LP lifted its stake in Arcutis Biotherapeutics by 83.5% during the first quarter. Dimensional Fund Advisors LP now owns 227,383 shares of the company’s stock valued at $4,378,000 after buying an additional 103,477 shares in the last quarter. Finally, Citigroup Inc. lifted its stake in Arcutis Biotherapeutics by 382.2% during the fourth quarter. Citigroup Inc. now owns 120,240 shares of the company’s stock valued at $2,494,000 after buying an additional 95,304 shares in the last quarter.

Insider Buying and Selling

In related news, major shareholder Orbimed Advisors Llc sold 341,971 shares of the stock in a transaction that occurred on Friday, June 24th. The stock was sold at an average price of $21.31, for a total value of $7,287,402.01. Following the transaction, the insider now owns 415,142 shares in the company, valued at $8,846,676.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Orbimed Advisors Llc sold 341,971 shares of the stock in a transaction that occurred on Friday, June 24th. The stock was sold at an average price of $21.31, for a total value of $7,287,402.01. Following the transaction, the insider now owns 415,142 shares in the company, valued at $8,846,676.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider David W. Osborne sold 2,197 shares of the stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $25.41, for a total value of $55,825.77. Following the completion of the transaction, the insider now owns 256,649 shares in the company, valued at approximately $6,521,451.09. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 371,668 shares of company stock worth $8,024,503. Insiders own 23.00% of the company’s stock.

Arcutis Biotherapeutics Price Performance

Shares of ARQT opened at $17.85 on Friday. The company has a market capitalization of $920.35 million, a price-to-earnings ratio of -3.47 and a beta of 0.28. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $13.59 and a fifty-two week high of $27.40. The company has a debt-to-equity ratio of 0.37, a current ratio of 10.75 and a quick ratio of 10.75. The business’s 50-day moving average is $23.46 and its 200-day moving average is $21.13.

Arcutis Biotherapeutics (NASDAQ:ARQTGet Rating) last released its quarterly earnings data on Thursday, August 4th. The company reported ($1.31) EPS for the quarter, topping analysts’ consensus estimates of ($1.38) by $0.07. Equities research analysts expect that Arcutis Biotherapeutics, Inc. will post -5.45 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Morgan Stanley upped their price objective on shares of Arcutis Biotherapeutics from $39.00 to $45.00 and gave the company an “overweight” rating in a research note on Tuesday, August 2nd. The Goldman Sachs Group upped their target price on Arcutis Biotherapeutics from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, August 2nd. Finally, Needham & Company LLC started coverage on Arcutis Biotherapeutics in a report on Wednesday, September 7th. They issued a “buy” rating and a $46.00 target price on the stock. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $49.50.

About Arcutis Biotherapeutics

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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.

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Institutional Ownership by Quarter for Arcutis Biotherapeutics (NASDAQ:ARQT)

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