Fishman Jay A Ltd. MI Acquires 118,400 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Fishman Jay A Ltd. MI raised its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 28.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 536,400 shares of the company's stock after acquiring an additional 118,400 shares during the period. Arcutis Biotherapeutics comprises approximately 0.7% of Fishman Jay A Ltd. MI's portfolio, making the stock its 22nd biggest holding. Fishman Jay A Ltd. MI owned about 0.46% of Arcutis Biotherapeutics worth $7,472,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Rubric Capital Management LP raised its position in Arcutis Biotherapeutics by 11.7% in the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company's stock worth $101,990,000 after purchasing an additional 1,150,000 shares during the period. Suvretta Capital Management LLC increased its holdings in shares of Arcutis Biotherapeutics by 7.2% in the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company's stock worth $99,710,000 after buying an additional 717,019 shares during the period. Jennison Associates LLC lifted its stake in shares of Arcutis Biotherapeutics by 5.8% in the 4th quarter. Jennison Associates LLC now owns 12,339,792 shares of the company's stock valued at $171,893,000 after acquiring an additional 676,295 shares during the last quarter. State Street Corp grew its position in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company's stock worth $52,467,000 after acquiring an additional 506,788 shares during the last quarter. Finally, abrdn plc increased its stake in Arcutis Biotherapeutics by 223.8% in the 3rd quarter. abrdn plc now owns 482,074 shares of the company's stock worth $4,483,000 after purchasing an additional 333,200 shares during the period.

Insider Activity at Arcutis Biotherapeutics

In related news, insider Patrick Burnett sold 16,023 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $10.14, for a total transaction of $162,473.22. Following the sale, the insider now directly owns 128,669 shares in the company, valued at $1,304,703.66. The trade was a 11.07 % 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, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $12.51, for a total value of $125,100.00. Following the completion of the transaction, the director now owns 161,944 shares of the company's stock, valued at approximately $2,025,919.44. This trade represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 72,827 shares of company stock worth $935,672 over the last 90 days. 9.50% of the stock is owned by company insiders.

Arcutis Biotherapeutics Trading Up 3.8 %

Arcutis Biotherapeutics stock traded up $0.47 during mid-day trading on Friday, reaching $12.78. 1,671,360 shares of the company traded hands, compared to its average volume of 1,730,750. 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 52-week low of $6.99 and a 52-week high of $16.20. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of -7.14 and a beta of 1.29. The firm's 50 day moving average price is $13.64 and its 200 day moving average price is $11.22.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Mizuho increased their price objective on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, January 7th. Guggenheim reissued a "buy" rating on shares of Arcutis Biotherapeutics in a report on Monday, February 10th. Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. Finally, HC Wainwright reiterated a "buy" rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a report on Monday, January 13th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $16.60.

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.