Prudential Financial Inc. Buys 19,950 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Prudential Financial Inc. increased its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 3.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 592,565 shares of the company's stock after purchasing an additional 19,950 shares during the quarter. Prudential Financial Inc. owned approximately 0.51% of Arcutis Biotherapeutics worth $8,254,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Point72 DIFC Ltd purchased a new position in shares of Arcutis Biotherapeutics in the third quarter worth approximately $25,000. Venturi Wealth Management LLC acquired a new stake in shares of Arcutis Biotherapeutics in the fourth quarter worth $46,000. Erste Asset Management GmbH acquired a new position in Arcutis Biotherapeutics during the third quarter valued at $104,000. Victory Capital Management Inc. lifted its stake in Arcutis Biotherapeutics by 9.9% in the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company's stock worth $119,000 after acquiring an additional 1,155 shares in the last quarter. Finally, Cibc World Markets Corp purchased a new position in Arcutis Biotherapeutics during the 4th quarter valued at about $140,000.

Arcutis Biotherapeutics Price Performance

NASDAQ ARQT traded down $0.87 on Thursday, reaching $15.74. The company's stock had a trading volume of 826,803 shares, compared to its average volume of 2,416,761. The firm has a market cap of $1.87 billion, a PE ratio of -8.79 and a beta of 1.48. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. Arcutis Biotherapeutics, Inc. has a 52 week low of $6.99 and a 52 week high of $17.75. The business has a 50-day moving average price of $14.14 and a 200 day moving average price of $12.36.

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

Insider Buying and Selling

In other news, insider Masaru Matsuda sold 8,338 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $12.70, for a total transaction of $105,892.60. Following the completion of the sale, the insider now owns 178,692 shares of the company's stock, valued at approximately $2,269,388.40. This trade represents a 4.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Todd Franklin Watanabe sold 1,500 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $17.52, for a total value of $26,280.00. Following the completion of the transaction, the insider now directly owns 927,414 shares in the company, 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 sold 46,099 shares of company stock worth $631,256 in the last quarter. 9.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. HC Wainwright reaffirmed a "buy" rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday. Guggenheim reissued a "buy" rating on shares of Arcutis Biotherapeutics in a research report on Thursday. Needham & Company LLC reaffirmed a "buy" rating and issued a $20.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday. 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 research report on Thursday, February 27th. Finally, Jefferies Financial Group boosted their target price on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a "buy" rating in a research report on Tuesday, March 11th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Arcutis Biotherapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $18.80.

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.