Jennison Associates LLC Purchases 676,295 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Jennison Associates LLC boosted its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 5.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,339,792 shares of the company's stock after acquiring an additional 676,295 shares during the quarter. Jennison Associates LLC owned 10.54% of Arcutis Biotherapeutics worth $171,893,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of ARQT. AQR Capital Management LLC boosted its position in Arcutis Biotherapeutics by 727.5% during the 2nd quarter. AQR Capital Management LLC now owns 257,357 shares of the company's stock worth $2,393,000 after acquiring an additional 226,258 shares during the period. Millennium Management LLC boosted its position in Arcutis Biotherapeutics by 35.3% during the 2nd quarter. Millennium Management LLC now owns 512,696 shares of the company's stock worth $4,768,000 after acquiring an additional 133,645 shares during the period. The Manufacturers Life Insurance Company boosted its position in Arcutis Biotherapeutics by 31.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 40,323 shares of the company's stock worth $375,000 after acquiring an additional 9,537 shares during the period. Algert Global LLC acquired a new stake in Arcutis Biotherapeutics during the 2nd quarter worth about $97,000. Finally, Inspire Investing LLC acquired a new stake in Arcutis Biotherapeutics during the 3rd quarter worth about $412,000.

Arcutis Biotherapeutics Stock Down 5.8 %

Shares of Arcutis Biotherapeutics stock traded down $0.76 during trading on Thursday, hitting $12.42. 1,411,063 shares of the stock traded hands, compared to its average volume of 1,867,772. The stock has a market cap of $1.45 billion, a P/E ratio of -6.94 and a beta of 1.29. 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 $5.38 and a twelve month high of $16.20. The company has a fifty day moving average price of $13.68 and a two-hundred day moving average price of $11.12.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating 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 business had revenue of $44.76 million during the quarter, compared to analyst estimates of $38.05 million. Equities research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on ARQT. Mizuho raised their price objective on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 7th. Needham & Company LLC reiterated a "buy" rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. Finally, HC Wainwright reiterated a "buy" rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a report on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Arcutis Biotherapeutics currently has an average rating of "Moderate Buy" and an average price target of $16.60.

Insider Buying and Selling

In related news, Director Howard G. Welgus sold 10,000 shares of the business's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $12.71, for a total value of $127,100.00. Following the completion of the sale, the director now directly owns 141,944 shares in the company, valued at approximately $1,804,108.24. The trade was a 6.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Terrie Curran sold 8,687 shares of the business'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 completion of the sale, the director now owns 10,139 shares of the company's stock, valued at approximately $110,008.15. This trade represents a 46.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 81,614 shares of company stock worth $1,030,929. 9.50% of the stock is currently owned by insiders.

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.