Franklin Resources Inc. Has $46.10 Million Stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Franklin Resources Inc. lessened its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 22.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,309,319 shares of the company's stock after selling 941,099 shares during the period. Franklin Resources Inc. owned about 2.83% of Arcutis Biotherapeutics worth $46,099,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ARQT. Simplify Asset Management Inc. acquired a new stake in shares of Arcutis Biotherapeutics during the fourth quarter valued at approximately $10,340,000. Jennison Associates LLC raised its stake in Arcutis Biotherapeutics by 5.8% during the 4th quarter. Jennison Associates LLC now owns 12,339,792 shares of the company's stock valued at $171,893,000 after purchasing an additional 676,295 shares during the period. Norges Bank purchased a new stake in shares of Arcutis Biotherapeutics in the fourth quarter valued at $7,422,000. State Street Corp boosted its position in shares of Arcutis Biotherapeutics by 9.9% in the third quarter. State Street Corp now owns 5,641,631 shares of the company's stock worth $52,467,000 after buying an additional 506,788 shares during the period. Finally, Privium Fund Management B.V. purchased a new position in shares of Arcutis Biotherapeutics during the fourth quarter valued at $4,537,000.

Wall Street Analyst Weigh In

ARQT has been the subject of a number of research reports. Jefferies Financial Group raised their price objective on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a "buy" rating in a research report on Tuesday, March 11th. Guggenheim reaffirmed a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday. Needham & Company LLC reiterated a "buy" rating and issued a $20.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday. The Goldman Sachs Group lifted their target price on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a "neutral" rating in a research note on Thursday, February 27th. Finally, HC Wainwright reissued a "buy" rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $18.80.

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Arcutis Biotherapeutics Stock Down 2.9 %

Shares of ARQT traded down $0.43 during trading hours on Monday, hitting $14.30. 3,017,948 shares of the company were exchanged, compared to its average volume of 2,417,748. The firm's 50 day moving average is $14.21 and its 200-day moving average is $12.47. 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 52 week low of $6.99 and a 52 week high of $17.75. The company has a market cap of $1.70 billion, a PE ratio of -7.99 and a beta of 1.67.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, topping 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 return on equity of 119.11% and a negative net margin of 140.97%. On average, equities research analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 12,242 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $15.04, for a total transaction of $184,119.68. Following the completion of the sale, the insider now directly owns 121,936 shares in the company, valued at $1,833,917.44. This trade represents a 9.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Todd Franklin Watanabe sold 1,500 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $17.52, for a total transaction of $26,280.00. Following the completion of the sale, the insider now owns 927,414 shares of the company's stock, valued at $16,248,293.28. This trade represents a 0.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,099 shares of company stock valued at $631,256 in the last 90 days. 9.50% of the stock is currently owned by insiders.

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.