Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Stock Position Lifted by Suvretta Capital Management LLC

Suvretta Capital Management LLC increased its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 7.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,721,511 shares of the company's stock after purchasing an additional 717,019 shares during the period. Arcutis Biotherapeutics accounts for 3.2% of Suvretta Capital Management LLC's portfolio, making the stock its 5th largest position. Suvretta Capital Management LLC owned approximately 9.16% of Arcutis Biotherapeutics worth $99,710,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CWM LLC grew its position in Arcutis Biotherapeutics by 6,740.0% in the 2nd quarter. CWM LLC now owns 4,104 shares of the company's stock worth $38,000 after purchasing an additional 4,044 shares during the last quarter. Algert Global LLC bought a new position in Arcutis Biotherapeutics in the 2nd quarter worth approximately $97,000. Victory Capital Management Inc. grew its holdings in Arcutis Biotherapeutics by 9.9% in the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company's stock worth $119,000 after buying an additional 1,155 shares in the last quarter. Creative Planning acquired a new stake in Arcutis Biotherapeutics in the 3rd quarter valued at approximately $127,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Arcutis Biotherapeutics during the 2nd quarter valued at $174,000.

Insider Buying and Selling

In other news, Director Howard G. Welgus sold 10,000 shares of the company's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $10.77, for a total transaction of $107,700.00. Following the completion of the sale, the director now directly owns 191,944 shares of the company's stock, valued at $2,067,236.88. This represents a 4.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Larry Todd Edwards sold 3,725 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total value of $37,287.25. Following the completion of the transaction, the senior vice president now owns 136,635 shares of the company's stock, valued at $1,367,716.35. This trade represents a 2.65 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,951 shares of company stock worth $752,744. Corporate insiders own 9.50% of the company's stock.

Arcutis Biotherapeutics Price Performance

Shares of ARQT traded up $1.33 during midday trading on Friday, reaching $13.04. The stock had a trading volume of 2,560,416 shares, compared to its average volume of 3,190,872. The firm's 50 day moving average price is $9.65 and its 200-day moving average price is $9.52. Arcutis Biotherapeutics, Inc. has a 52 week low of $1.76 and a 52 week high of $13.50. The company has a market capitalization of $1.53 billion, a P/E ratio of -7.12 and a beta of 1.18. 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 (NASDAQ:ARQT - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, beating analysts' consensus estimates of ($0.42) by $0.09. The company had revenue of $44.76 million during the quarter, compared to the consensus estimate of $38.05 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. On average, analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ARQT has been the topic of a number of recent analyst reports. Jefferies Financial Group started coverage on shares of Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They set a "buy" rating and a $15.00 price objective on the stock. Needham & Company LLC restated a "buy" rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th.

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.