Norges Bank Invests $7.42 Million in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Norges Bank bought a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 532,793 shares of the company's stock, valued at approximately $7,422,000. Norges Bank owned 0.46% of Arcutis Biotherapeutics as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Point72 DIFC Ltd purchased a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter valued at approximately $25,000. Venturi Wealth Management LLC purchased a new stake in Arcutis Biotherapeutics during the 4th quarter worth about $46,000. Cibc World Markets Corp purchased a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $140,000. LVW Advisors LLC acquired a new stake in shares of Arcutis Biotherapeutics during the 4th quarter worth about $166,000. Finally, Aigen Investment Management LP acquired a new position in Arcutis Biotherapeutics in the fourth quarter valued at approximately $191,000.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $12.71, for a total value of $127,100.00. Following the transaction, the director now directly owns 141,944 shares in the company, valued at approximately $1,804,108.24. The trade was a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Masaru Matsuda sold 8,338 shares of the business's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $12.70, for a total value of $105,892.60. Following the transaction, the insider now owns 178,692 shares in the company, valued at $2,269,388.40. This represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,099 shares of company stock valued at $631,256. 9.50% of the stock is owned by corporate insiders.

Arcutis Biotherapeutics Price Performance

NASDAQ:ARQT traded up $0.37 during trading hours on Monday, reaching $12.96. 148,928 shares of the company's stock were exchanged, compared to its average volume of 2,400,521. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $1.54 billion, a P/E ratio of -7.18 and a beta of 1.67. Arcutis Biotherapeutics, Inc. has a 12 month low of $6.99 and a 12 month high of $17.75. The business's 50-day simple moving average is $14.23 and its two-hundred day simple moving average is $12.62.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its earnings results on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The company had revenue of $71.36 million during the quarter, compared to analysts' expectations of $60.52 million. Sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. The Goldman Sachs Group raised their price target on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a "neutral" rating in a report on Thursday, February 27th. Jefferies Financial Group lifted their price objective on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a "buy" rating in a report on Tuesday, March 11th. Guggenheim restated a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. HC Wainwright reiterated a "buy" rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. Finally, Mizuho upped their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an "outperform" rating in a report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $18.80.

About Arcutis Biotherapeutics

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.