Citigroup Inc. Cuts Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Citigroup Inc. lessened its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Get Rating) by 17.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 133,228 shares of the company’s stock after selling 27,273 shares during the period. Citigroup Inc.’s holdings in Arcutis Biotherapeutics were worth $1,972,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Saturn V Capital Management LLC purchased a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $8,787,000. UBS Group AG increased its stake in Arcutis Biotherapeutics by 720.1% during the 4th quarter. UBS Group AG now owns 193,311 shares of the company’s stock worth $2,861,000 after buying an additional 169,739 shares in the last quarter. Swiss National Bank increased its stake in Arcutis Biotherapeutics by 4.0% during the 4th quarter. Swiss National Bank now owns 101,700 shares of the company’s stock worth $1,505,000 after buying an additional 3,900 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Arcutis Biotherapeutics by 21.0% during the 4th quarter. Russell Investments Group Ltd. now owns 15,972 shares of the company’s stock worth $236,000 after buying an additional 2,774 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in Arcutis Biotherapeutics by 6.1% during the 4th quarter. Arizona State Retirement System now owns 11,888 shares of the company’s stock worth $176,000 after buying an additional 680 shares in the last quarter.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Mizuho cut their price objective on Arcutis Biotherapeutics from $61.00 to $57.00 in a research note on Wednesday, May 10th. Needham & Company LLC reiterated a “buy” rating and set a $24.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday, April 19th. Morgan Stanley cut their price objective on Arcutis Biotherapeutics from $50.00 to $47.00 and set an “overweight” rating for the company in a research note on Wednesday, April 12th. Truist Financial cut their price objective on Arcutis Biotherapeutics from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, March 29th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Arcutis Biotherapeutics in a report on Wednesday, March 1st. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $46.17.

Arcutis Biotherapeutics Trading Down 6.8 %

Shares of Arcutis Biotherapeutics stock opened at $8.38 on Friday. The stock has a market cap of $514.72 million, a P/E ratio of -1.47 and a beta of 0.47. The stock’s 50 day simple moving average is $12.02 and its 200-day simple moving average is $14.59. Arcutis Biotherapeutics, Inc. has a 1-year low of $8.07 and a 1-year high of $27.40. The company has a debt-to-equity ratio of 1.42, a current ratio of 9.93 and a quick ratio of 9.70.

Arcutis Biotherapeutics (NASDAQ:ARQT – Get Rating) last released its quarterly earnings data on Tuesday, February 28th. The company reported ($1.18) EPS for the quarter, beating analysts’ consensus estimates of ($1.37) by $0.19. The business had revenue of $2.96 million during the quarter, compared to analyst estimates of $2.84 million. Analysts predict that Arcutis Biotherapeutics, Inc. will post -4.89 EPS for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In related news, insider Todd Franklin Watanabe sold 5,472 shares of the company’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $15.83, for a total value of $86,621.76. Following the transaction, the insider now directly owns 369,092 shares in the company, valued at $5,842,726.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 8,500 shares of the business’s stock in a transaction that occurred on Monday, April 17th. The stock was sold at an average price of $13.97, for a total value of $118,745.00. Following the sale, the director now owns 165,825 shares of the company’s stock, valued at $2,316,575.25. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Todd Franklin Watanabe sold 5,472 shares of the business’s stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $15.83, for a total value of $86,621.76. Following the completion of the sale, the insider now directly owns 369,092 shares in the company, valued at approximately $5,842,726.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,590 shares of company stock worth $466,849. Insiders own 20.70% of the company’s stock.

Arcutis Biotherapeutics Profile

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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.