Hsbc Holdings PLC Reduces Stock Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Hsbc Holdings PLC lowered its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 97.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,099 shares of the company's stock after selling 492,187 shares during the quarter. Hsbc Holdings PLC's holdings in Arcutis Biotherapeutics were worth $131,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Cantor Fitzgerald L. P. purchased a new position in Arcutis Biotherapeutics in the 4th quarter valued at approximately $33,000. CWM LLC grew its stake in Arcutis Biotherapeutics by 6,740.0% in the 2nd quarter. CWM LLC now owns 4,104 shares of the company's stock valued at $38,000 after buying an additional 4,044 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in Arcutis Biotherapeutics by 55.2% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,871 shares of the company's stock valued at $78,000 after buying an additional 2,800 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Arcutis Biotherapeutics in the 2nd quarter valued at approximately $174,000. Finally, China Universal Asset Management Co. Ltd. grew its position in shares of Arcutis Biotherapeutics by 70.5% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 18,614 shares of the company's stock valued at $184,000 after purchasing an additional 7,694 shares in the last quarter.

Analysts Set New Price Targets

Several analysts have weighed in on ARQT shares. Needham & Company LLC reissued a "buy" rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, August 15th. Jefferies Financial Group started coverage on shares of Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They issued a "buy" rating and a $15.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $13.33.

Insider Activity

In other news, insider Masaru Matsuda sold 5,220 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $9.02, for a total transaction of $47,084.40. Following the sale, the insider now owns 183,288 shares in the company, valued at $1,653,257.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Masaru Matsuda sold 5,220 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $9.02, for a total transaction of $47,084.40. Following the transaction, the insider now owns 183,288 shares in the company, valued at $1,653,257.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Larry Todd Edwards sold 3,725 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $10.01, for a total transaction of $37,287.25. Following the completion of the transaction, the senior vice president now owns 136,635 shares in the company, valued at $1,367,716.35. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,299 shares of company stock worth $507,911 over the last 90 days. 9.50% of the stock is currently owned by insiders.

Arcutis Biotherapeutics Trading Down 2.8 %

Shares of NASDAQ ARQT traded down $0.28 during midday trading on Monday, hitting $9.74. 708,764 shares of the company traded hands, compared to its average volume of 3,416,901. Arcutis Biotherapeutics, Inc. has a 12-month low of $1.76 and a 12-month high of $13.17. The company has a debt-to-equity ratio of 1.09, a quick ratio of 8.19 and a current ratio of 8.46. The stock has a 50-day moving average price of $9.81 and a 200 day moving average price of $9.48. The firm has a market cap of $1.13 billion, a P/E ratio of -3.34 and a beta of 1.17.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.42) earnings per share for the quarter, topping analysts' consensus estimates of ($0.48) by $0.06. The business had revenue of $30.86 million for the quarter, compared to analysts' expectations of $31.00 million. Arcutis Biotherapeutics had a negative net margin of 150.51% and a negative return on equity of 145.41%. During the same quarter in the prior year, the company earned ($1.16) earnings per share. As a group, analysts expect that Arcutis Biotherapeutics, Inc. will post -1.56 earnings per share for the current 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.