Wilbanks Smith & Thomas Asset Management LLC Purchases New Shares in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Wilbanks Smith & Thomas Asset Management LLC purchased a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 20,000 shares of the company’s stock, valued at approximately $65,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Jennison Associates LLC boosted its position in shares of Arcutis Biotherapeutics by 104.6% during the fourth quarter. Jennison Associates LLC now owns 9,066,082 shares of the company’s stock valued at $29,283,000 after buying an additional 4,633,907 shares during the period. Federated Hermes Inc. boosted its holdings in Arcutis Biotherapeutics by 769.1% during the 4th quarter. Federated Hermes Inc. now owns 521,469 shares of the company’s stock valued at $1,684,000 after acquiring an additional 461,469 shares during the period. Rubric Capital Management LP boosted its holdings in Arcutis Biotherapeutics by 3.1% during the 3rd quarter. Rubric Capital Management LP now owns 5,034,530 shares of the company’s stock valued at $26,733,000 after acquiring an additional 150,000 shares during the period. abrdn plc bought a new position in Arcutis Biotherapeutics in the 4th quarter valued at $481,000. Finally, Tejara Capital Ltd increased its stake in Arcutis Biotherapeutics by 88.3% in the third quarter. Tejara Capital Ltd now owns 309,179 shares of the company’s stock worth $1,642,000 after purchasing an additional 145,000 shares during the period.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ARQT. The Goldman Sachs Group upped their price target on shares of Arcutis Biotherapeutics from $6.00 to $11.00 and gave the stock a “neutral” rating in a report on Wednesday, February 28th. Needham & Company LLC restated a “buy” rating and issued a $16.00 target price on shares of Arcutis Biotherapeutics in a research note on Friday, April 12th. Finally, Mizuho reaffirmed a “buy” rating and set a $16.00 price target (up previously from $8.00) on shares of Arcutis Biotherapeutics in a research note on Friday, February 23rd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $26.56.

Insider Transactions at Arcutis Biotherapeutics

In related news, insider Masaru Matsuda sold 3,760 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $11.12, for a total transaction of $41,811.20. Following the sale, the insider now owns 190,424 shares of the company’s stock, valued at $2,117,514.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 20.70% of the company’s stock.

Arcutis Biotherapeutics Trading Down 7.0 %

Shares of ARQT opened at $8.00 on Friday. The company has a quick ratio of 6.80, a current ratio of 7.08 and a debt-to-equity ratio of 2.28. The company has a 50 day moving average price of $10.07 and a 200-day moving average price of $5.95. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $1.76 and a fifty-two week high of $15.21.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings data on Tuesday, February 27th. The company reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.08). The business had revenue of $13.53 million during the quarter, compared to the consensus estimate of $11.78 million. Arcutis Biotherapeutics had a negative return on equity of 294.85% and a negative net margin of 439.79%. During the same period last year, the firm earned ($1.18) EPS. As a group, research analysts forecast that Arcutis Biotherapeutics, Inc. will post -2.21 EPS for the current 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.