Algert Global LLC Increases Stock Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Algert Global LLC grew its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 595.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,480 shares of the company's stock after acquiring an additional 62,065 shares during the period. Algert Global LLC owned 0.06% of Arcutis Biotherapeutics worth $674,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. CWM LLC raised its holdings in shares of Arcutis Biotherapeutics by 6,740.0% in the second quarter. CWM LLC now owns 4,104 shares of the company's stock valued at $38,000 after acquiring an additional 4,044 shares in the last quarter. 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 purchasing an additional 1,155 shares in the last quarter. Creative Planning bought a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter valued at about $127,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Arcutis Biotherapeutics in the 2nd quarter worth approximately $174,000. Finally, China Universal Asset Management Co. Ltd. boosted its stake in shares of Arcutis Biotherapeutics by 65.3% during the third quarter. China Universal Asset Management Co. Ltd. now owns 22,482 shares of the company's stock valued at $209,000 after purchasing an additional 8,881 shares in the last quarter.

Arcutis Biotherapeutics Stock Up 11.4 %

NASDAQ:ARQT traded up $1.33 during midday trading on Friday, reaching $13.04. 2,560,416 shares of the stock traded hands, compared to its average volume of 3,190,872. The stock has a market capitalization of $1.53 billion, a PE ratio of -7.28 and a beta of 1.18. Arcutis Biotherapeutics, Inc. has a 12-month low of $1.76 and a 12-month high of $13.50. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. The business has a 50-day moving average of $9.71 and a two-hundred day moving average of $9.55.

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

Insider Activity

In related news, CFO David Joseph Topper sold 11,626 shares of Arcutis Biotherapeutics stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $9.48, for a total transaction of $110,214.48. Following the completion of the sale, the chief financial officer now owns 158,374 shares of the company's stock, valued at $1,501,385.52. The trade was a 6.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Larry Todd Edwards sold 3,725 shares of the company's stock in a transaction that occurred 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 sale, the senior vice president now owns 136,635 shares in the company, valued at approximately $1,367,716.35. This represents a 2.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,951 shares of company stock worth $752,744 over the last 90 days. 9.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on ARQT. Jefferies Financial Group assumed coverage on Arcutis Biotherapeutics in a report on Wednesday, August 28th. They set a "buy" rating and a $15.00 target price for the company. Needham & Company LLC reissued a "buy" rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th.

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.