Essex Investment Management Co. LLC Cuts Stock Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Essex Investment Management Co. LLC lowered its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 12.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 142,823 shares of the company's stock after selling 21,141 shares during the quarter. Essex Investment Management Co. LLC owned approximately 0.12% of Arcutis Biotherapeutics worth $1,990,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Victory Capital Management Inc. raised its position in Arcutis Biotherapeutics by 9.9% during the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company's stock worth $119,000 after acquiring an additional 1,155 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in Arcutis Biotherapeutics by 10.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 24,818 shares of the company's stock valued at $346,000 after buying an additional 2,336 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Arcutis Biotherapeutics in the 3rd quarter worth about $25,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Arcutis Biotherapeutics by 1.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 276,691 shares of the company's stock worth $2,573,000 after buying an additional 2,912 shares during the last quarter. Finally, Venturi Wealth Management LLC purchased a new stake in Arcutis Biotherapeutics during the 4th quarter worth approximately $46,000.

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Arcutis Biotherapeutics Trading Down 2.3 %

Shares of ARQT stock traded down $0.35 on Thursday, hitting $14.81. 1,040,843 shares of the stock traded hands, compared to its average volume of 2,208,755. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. Arcutis Biotherapeutics, Inc. has a twelve month low of $6.99 and a twelve month high of $16.20. The firm's 50-day moving average price is $13.51 and its two-hundred day moving average price is $11.78. The stock has a market capitalization of $1.76 billion, a PE ratio of -8.27 and a beta of 1.48.

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

Insider Buying and Selling

In other news, Director Howard G. Welgus sold 10,000 shares of the company's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.67, for a total value of $146,700.00. Following the transaction, the director now owns 151,944 shares of the company's stock, valued at $2,229,018.48. This represents a 6.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Masaru Matsuda sold 8,338 shares of the firm's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $12.70, for a total value of $105,892.60. Following the sale, the insider now directly owns 178,692 shares of the company's stock, valued at $2,269,388.40. The trade was a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 57,848 shares of company stock worth $797,648. Company insiders own 9.50% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ARQT shares. HC Wainwright reaffirmed a "buy" rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Wednesday, February 26th. Jefferies Financial Group upped their target price on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a "buy" rating in a report on Tuesday. Mizuho increased their target price on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an "outperform" rating in a research report on Wednesday, February 26th. The Goldman Sachs Group boosted their price target on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, February 27th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $20.00 price objective on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus 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.