Simplify Asset Management Inc. Invests $10.34 Million in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Simplify Asset Management Inc. purchased a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 742,299 shares of the company's stock, valued at approximately $10,340,000. Arcutis Biotherapeutics makes up 0.5% of Simplify Asset Management Inc.'s investment portfolio, making the stock its 12th largest holding. Simplify Asset Management Inc. owned about 0.63% of Arcutis Biotherapeutics as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. KLP Kapitalforvaltning AS purchased a new position in shares of Arcutis Biotherapeutics in the fourth quarter valued at approximately $337,000. American Century Companies Inc. lifted its position in Arcutis Biotherapeutics by 11.4% during the fourth quarter. American Century Companies Inc. now owns 1,631,226 shares of the company's stock worth $22,723,000 after buying an additional 166,915 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Arcutis Biotherapeutics by 19.5% during the fourth quarter. Teacher Retirement System of Texas now owns 31,216 shares of the company's stock worth $435,000 after buying an additional 5,087 shares during the last quarter. Privium Fund Management B.V. purchased a new stake in Arcutis Biotherapeutics in the 4th quarter valued at $4,537,000. Finally, Intech Investment Management LLC boosted its holdings in Arcutis Biotherapeutics by 13.9% in the 4th quarter. Intech Investment Management LLC now owns 42,258 shares of the company's stock valued at $589,000 after purchasing an additional 5,168 shares during the last quarter.

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Analyst Upgrades and Downgrades

Several research firms have issued reports on ARQT. The Goldman Sachs Group raised their target price on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Thursday, February 27th. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 target price on shares of Arcutis Biotherapeutics in a research note on Wednesday, February 26th. Guggenheim reiterated a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Monday, February 24th. Jefferies Financial Group lifted their price objective 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. Finally, Mizuho boosted their price objective on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $18.80.

Arcutis Biotherapeutics Stock Performance

ARQT traded down $0.38 on Thursday, hitting $16.09. 1,460,445 shares of the company traded hands, compared to its average volume of 2,380,171. Arcutis Biotherapeutics, Inc. has a 12-month low of $6.99 and a 12-month high of $17.75. The company has a 50 day moving average of $13.92 and a 200-day moving average of $12.20. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $1.91 billion, a PE ratio of -8.99 and a beta of 1.48.

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

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Todd Franklin Watanabe sold 1,500 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $17.52, for a total transaction of $26,280.00. Following the sale, the insider now directly owns 927,414 shares in the company, valued at approximately $16,248,293.28. The trade was a 0.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the company's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.67, for a total transaction of $146,700.00. Following the transaction, the director now directly owns 151,944 shares in the company, valued at approximately $2,229,018.48. This trade represents a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 57,790 shares of company stock worth $801,630 over the last ninety days. 9.50% of the stock is currently owned by company insiders.

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.