KLP Kapitalforvaltning AS Makes New $337,000 Investment in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

KLP Kapitalforvaltning AS bought a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 24,200 shares of the company's stock, valued at approximately $337,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Point72 DIFC Ltd bought a new position in shares of Arcutis Biotherapeutics in the 3rd quarter worth approximately $25,000. Venturi Wealth Management LLC purchased a new position in shares of Arcutis Biotherapeutics in the fourth quarter valued at about $46,000. Cibc World Markets Corp bought a new stake in Arcutis Biotherapeutics in the fourth quarter worth $140,000. LVW Advisors LLC purchased a new position in Arcutis Biotherapeutics during the fourth quarter valued at $166,000. Finally, Aigen Investment Management LP purchased a new stake in shares of Arcutis Biotherapeutics during the fourth quarter worth about $191,000.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Guggenheim reissued a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday. Mizuho raised their price objective on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an "outperform" rating in a report on Wednesday, February 26th. The Goldman Sachs Group increased their price objective on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a "neutral" rating in a report on Thursday, February 27th. Needham & Company LLC reaffirmed a "buy" rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday. Finally, Jefferies Financial Group increased their price target on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a "buy" rating in a research note on Tuesday, March 11th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Arcutis Biotherapeutics currently 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 NASDAQ:ARQT traded down $0.43 during midday trading on Monday, hitting $14.30. 3,017,948 shares of the company's stock traded hands, compared to its average volume of 2,417,748. Arcutis Biotherapeutics, Inc. has a twelve month low of $6.99 and a twelve month 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. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. The firm's fifty day moving average price is $14.21 and its two-hundred day moving average price is $12.47.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.19. The business had revenue of $71.36 million during the quarter, compared to the consensus estimate of $60.52 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. On average, equities research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, Director Howard G. Welgus sold 10,000 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The shares were 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 owns 141,944 shares in the company, valued at approximately $1,804,108.24. This represents a 6.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd Franklin Watanabe sold 1,500 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $17.52, for a total value of $26,280.00. Following the sale, the insider now owns 927,414 shares of the company's stock, valued at $16,248,293.28. The trade was a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,099 shares of company stock worth $631,256 over the last quarter. 9.50% of the stock is owned by corporate 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.