Franklin Resources Inc. Trims Stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Franklin Resources Inc. trimmed its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 4.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,250,418 shares of the company's stock after selling 187,761 shares during the quarter. Franklin Resources Inc. owned 3.63% of Arcutis Biotherapeutics worth $41,399,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Rubric Capital Management LP lifted its stake in Arcutis Biotherapeutics by 30.7% in the second quarter. Rubric Capital Management LP now owns 9,816,672 shares of the company's stock worth $91,295,000 after acquiring an additional 2,306,672 shares during the period. Candriam S.C.A. bought a new stake in shares of Arcutis Biotherapeutics in the 2nd quarter valued at about $12,159,000. Perceptive Advisors LLC lifted its position in shares of Arcutis Biotherapeutics by 107.8% in the 2nd quarter. Perceptive Advisors LLC now owns 1,558,500 shares of the company's stock worth $14,494,000 after purchasing an additional 808,500 shares during the period. Suvretta Capital Management LLC boosted its stake in shares of Arcutis Biotherapeutics by 7.2% during the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company's stock valued at $99,710,000 after purchasing an additional 717,019 shares in the last quarter. Finally, State Street Corp increased its holdings in Arcutis Biotherapeutics by 9.9% during the third quarter. State Street Corp now owns 5,641,631 shares of the company's stock valued at $52,467,000 after buying an additional 506,788 shares during the period.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ARQT shares. Jefferies Financial Group began 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 restated a "buy" rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th.

Insider Buying and Selling

In related news, Director Terrie Curran sold 8,687 shares of the company's stock in a transaction that occurred 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 owns 10,139 shares in the company, valued at $110,008.15. This represents a 46.14 % decrease in their ownership of the stock. The sale 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 firm's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $12.51, for a total transaction of $125,100.00. Following the transaction, the director now directly owns 161,944 shares of the company's stock, valued at $2,025,919.44. This represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,951 shares of company stock worth $770,144 in the last three months. Corporate insiders own 9.50% of the company's stock.

Arcutis Biotherapeutics Price Performance

NASDAQ ARQT opened at $14.86 on Wednesday. Arcutis Biotherapeutics, Inc. has a 12-month low of $2.28 and a 12-month high of $15.02. The firm's fifty day simple moving average is $10.37 and its two-hundred day simple moving average is $9.83. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $1.74 billion, a P/E ratio of -8.30 and a beta of 1.32.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $38.05 million. Analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.34 EPS 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.