Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Shares Bought by State Street Corp

State Street Corp lifted its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 9.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,641,631 shares of the company's stock after buying an additional 506,788 shares during the period. State Street Corp owned approximately 4.82% of Arcutis Biotherapeutics worth $52,467,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Point72 DIFC Ltd purchased a new stake in Arcutis Biotherapeutics in the 3rd quarter valued at about $25,000. Point72 Asset Management L.P. acquired a new stake in Arcutis Biotherapeutics in the 3rd quarter valued at approximately $2,273,000. Erste Asset Management GmbH purchased a new stake in Arcutis Biotherapeutics in the third quarter valued at approximately $104,000. Bellevue Group AG lifted its stake in Arcutis Biotherapeutics by 125.7% during the third quarter. Bellevue Group AG now owns 39,500 shares of the company's stock worth $367,000 after purchasing an additional 22,000 shares in the last quarter. Finally, Suvretta Capital Management LLC boosted its position in shares of Arcutis Biotherapeutics by 7.2% during the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company's stock worth $99,710,000 after buying an additional 717,019 shares during the period.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ARQT shares. Jefferies Financial Group initiated coverage on Arcutis Biotherapeutics in a report on Wednesday, August 28th. They issued a "buy" rating and a $15.00 price objective on the stock. Needham & Company LLC reissued a "buy" rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th.

Arcutis Biotherapeutics Stock Up 6.2 %

NASDAQ:ARQT traded up $0.88 during mid-day trading on Friday, hitting $14.99. The stock had a trading volume of 5,215,827 shares, compared to its average volume of 3,136,708. 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 twelve month low of $2.51 and a twelve month high of $15.79. The company has a market capitalization of $1.75 billion, a PE ratio of -8.37 and a beta of 1.32. The stock has a 50-day simple moving average of $10.63 and a two-hundred day simple moving average of $9.93.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.09. The business had revenue of $44.76 million during the quarter, compared to analysts' expectations of $38.05 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 -1.34 EPS for the current year.

Insiders Place Their Bets

In related news, CFO David Joseph Topper sold 11,626 shares of Arcutis Biotherapeutics stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $9.48, for a total transaction of $110,214.48. Following the sale, the chief financial officer now directly owns 158,374 shares in the company, valued at $1,501,385.52. This trade represents a 6.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the business's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $12.51, for a total transaction of $125,100.00. Following the completion of the sale, the director now directly owns 161,944 shares of the company's stock, valued at approximately $2,025,919.44. This trade represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,951 shares of company stock valued at $770,144 in the last ninety days. Insiders own 9.50% of the company's stock.

About Arcutis Biotherapeutics

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.