Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Shares Purchased by Jennison Associates LLC

Jennison Associates LLC raised its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 0.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,663,497 shares of the company's stock after acquiring an additional 91,803 shares during the period. Jennison Associates LLC owned approximately 9.98% of Arcutis Biotherapeutics worth $108,471,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. CWM LLC increased its holdings in Arcutis Biotherapeutics by 6,740.0% in the 2nd quarter. CWM LLC now owns 4,104 shares of the company's stock valued at $38,000 after purchasing an additional 4,044 shares during the last quarter. Ameritas Investment Partners Inc. boosted its position in shares of Arcutis Biotherapeutics by 55.2% during the first quarter. Ameritas Investment Partners Inc. now owns 7,871 shares of the company's stock worth $78,000 after buying an additional 2,800 shares during the period. Algert Global LLC acquired a new stake in shares of Arcutis Biotherapeutics in the second quarter valued at $97,000. Victory Capital Management Inc. raised its holdings in shares of Arcutis Biotherapeutics by 9.9% in the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company's stock valued at $119,000 after buying an additional 1,155 shares during the period. Finally, Creative Planning acquired a new position in Arcutis Biotherapeutics during the 3rd quarter worth about $127,000.

Wall Street Analyst Weigh In

ARQT has been the subject of several research reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $18.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. Jefferies Financial Group initiated coverage on shares of Arcutis Biotherapeutics in a report on Wednesday, August 28th. They issued a "buy" rating and a $15.00 price objective for the company.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, Director Terrie Curran sold 8,687 shares of the firm's stock in a transaction on Monday, November 11th. The stock was sold at an average price of $10.85, for a total value of $94,253.95. Following the sale, the director now directly owns 10,139 shares in the company, valued at $110,008.15. This trade represents a 46.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the company's stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $8.65, for a total value of $86,500.00. Following the transaction, the director now directly owns 171,944 shares of the company's stock, valued at approximately $1,487,315.60. This represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 60,928 shares of company stock worth $590,271 in the last 90 days. Corporate insiders own 9.50% of the company's stock.

Arcutis Biotherapeutics Price Performance

ARQT opened at $10.17 on Thursday. The business has a fifty day moving average price of $9.57 and a 200 day moving average price of $9.40. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. Arcutis Biotherapeutics, Inc. has a 12 month low of $1.76 and a 12 month high of $13.17.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, topping analysts' consensus estimates of ($0.42) by $0.09. The business had revenue of $44.76 million during the quarter, compared to the consensus estimate of $38.05 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. As a group, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current fiscal year.

Arcutis Biotherapeutics Company 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.