Geode Capital Management LLC Buys 48,868 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Geode Capital Management LLC raised its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 2.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 2,470,138 shares of the company's stock after purchasing an additional 48,868 shares during the period. Geode Capital Management LLC owned 2.11% of Arcutis Biotherapeutics worth $22,977,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of ARQT. Barclays PLC increased its holdings in shares of Arcutis Biotherapeutics by 45.8% in the 3rd quarter. Barclays PLC now owns 253,392 shares of the company's stock valued at $2,356,000 after acquiring an additional 79,579 shares during the last quarter. XTX Topco Ltd increased its stake in Arcutis Biotherapeutics by 30.9% during the third quarter. XTX Topco Ltd now owns 47,728 shares of the company's stock valued at $444,000 after purchasing an additional 11,262 shares during the last quarter. State Street Corp increased its stake 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 purchasing an additional 506,788 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Arcutis Biotherapeutics during the third quarter worth $25,000. Finally, Point72 Asset Management L.P. bought a new position in shares of Arcutis Biotherapeutics in the 3rd quarter worth about $2,273,000.

Analyst Ratings Changes

Separately, Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th.

Insider Activity at Arcutis Biotherapeutics

In related news, Director Howard G. Welgus sold 10,000 shares of the business's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $8.65, for a total value of $86,500.00. Following the completion of the sale, the director now owns 171,944 shares of the company's stock, valued at approximately $1,487,315.60. The trade was a 5.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Todd Franklin Watanabe sold 15,000 shares of the company's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $15.17, for a total transaction of $227,550.00. Following the completion of the sale, the insider now owns 823,430 shares of the company's stock, valued at $12,491,433.10. This represents a 1.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 80,325 shares of company stock valued at $887,480 over the last ninety days. Insiders own 9.50% of the company's stock.

Arcutis Biotherapeutics Stock Performance

NASDAQ:ARQT traded down $0.63 during mid-day trading on Friday, hitting $14.30. The stock had a trading volume of 1,590,128 shares, compared to its average volume of 3,113,626. 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 company has a 50 day simple moving average of $11.28 and a 200-day simple moving average of $10.23. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of -7.99 and a beta of 1.32. Arcutis Biotherapeutics, Inc. has a 52 week low of $2.99 and a 52 week high of $15.79.

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

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.