abrdn plc Buys 333,200 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

abrdn plc boosted its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 223.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 482,074 shares of the company's stock after buying an additional 333,200 shares during the quarter. abrdn plc owned approximately 0.42% of Arcutis Biotherapeutics worth $4,483,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ARQT. CWM LLC boosted its stake in shares of Arcutis Biotherapeutics by 6,740.0% during the second quarter. CWM LLC now owns 4,104 shares of the company's stock valued at $38,000 after purchasing an additional 4,044 shares in the last quarter. Ameritas Investment Partners Inc. grew its holdings in Arcutis Biotherapeutics by 55.2% during the 1st quarter. Ameritas Investment Partners Inc. now owns 7,871 shares of the company's stock worth $78,000 after acquiring an additional 2,800 shares during the last quarter. Algert Global LLC acquired a new position in Arcutis Biotherapeutics in the 2nd quarter valued at approximately $97,000. Creative Planning bought a new position in shares of Arcutis Biotherapeutics during the third quarter valued at $127,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Arcutis Biotherapeutics during the second quarter worth $174,000.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ARQT. Jefferies Financial Group initiated coverage on Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They set a "buy" rating and a $15.00 price objective for the company. Needham & Company LLC restated a "buy" rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $13.33.

Arcutis Biotherapeutics Trading Up 0.6 %

ARQT traded up $0.05 during trading on Monday, hitting $8.72. The company's stock had a trading volume of 2,202,265 shares, compared to its average volume of 3,251,113. The firm has a market capitalization of $1.02 billion, a P/E ratio of -3.96 and a beta of 1.18. Arcutis Biotherapeutics, Inc. has a twelve month low of $1.76 and a twelve month high of $13.17. The stock's fifty day moving average price is $9.77 and its 200-day moving average price is $9.29. The company has a quick ratio of 8.19, a current ratio of 8.46 and a debt-to-equity ratio of 1.09.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its earnings results on Wednesday, August 14th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.06. Arcutis Biotherapeutics had a negative net margin of 150.51% and a negative return on equity of 145.41%. The business had revenue of $30.86 million for the quarter, compared to analyst estimates of $31.00 million. During the same period in the prior year, the firm earned ($1.16) earnings per share. Analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.6 EPS for the current year.

Insider Transactions at Arcutis Biotherapeutics

In related news, SVP Larry Todd Edwards sold 3,725 shares of the firm's stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total value of $37,287.25. Following the transaction, the senior vice president now owns 136,635 shares of the company's stock, valued at approximately $1,367,716.35. This trade represents a 0.00 % 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. In other news, SVP Larry Todd Edwards sold 3,725 shares of the firm's stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $10.01, for a total value of $37,287.25. Following the transaction, the senior vice president now owns 136,635 shares in the company, valued at $1,367,716.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the company's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $10.77, for a total value of $107,700.00. Following the sale, the director now owns 191,944 shares of the company's stock, valued at $2,067,236.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,079 shares of company stock valued at $362,127 over the last three months. Corporate insiders own 9.50% of the company's stock.

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.