Arizona State Retirement System Takes $269,000 Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Arizona State Retirement System bought a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 28,968 shares of the company’s stock, valued at approximately $269,000.

Other large investors also recently modified their holdings of the company. Pennant Investors LP acquired a new stake in shares of Arcutis Biotherapeutics during the fourth quarter valued at about $552,000. SG Americas Securities LLC lifted its position in shares of Arcutis Biotherapeutics by 531.2% during the second quarter. SG Americas Securities LLC now owns 99,161 shares of the company’s stock worth $922,000 after purchasing an additional 83,452 shares during the last quarter. AMI Asset Management Corp bought a new position in shares of Arcutis Biotherapeutics during the first quarter worth about $3,421,000. ADAR1 Capital Management LLC bought a new position in shares of Arcutis Biotherapeutics during the fourth quarter worth about $888,000. Finally, Vanguard Group Inc. lifted its position in shares of Arcutis Biotherapeutics by 5.5% during the first quarter. Vanguard Group Inc. now owns 5,166,417 shares of the company’s stock worth $51,199,000 after purchasing an additional 269,904 shares during the last quarter.

Insider Activity

In other news, insider Masaru Matsuda sold 5,220 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Friday, August 2nd. The stock was 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 of the company’s stock, valued at $1,653,257.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Masaru Matsuda sold 5,220 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Friday, August 2nd. The stock was 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 of the company’s stock, valued at $1,653,257.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $9.87, for a total value of $98,700.00. Following the sale, the director now directly owns 176,953 shares in the company, valued at approximately $1,746,526.11. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,948 shares of company stock valued at $360,910. Insiders own 9.50% of the company’s stock.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ ARQT opened at $10.37 on Wednesday. The company has a quick ratio of 8.19, a current ratio of 8.46 and a debt-to-equity ratio of 1.09. The firm’s 50-day moving average price is $9.92 and its two-hundred day moving average price is $9.57. Arcutis Biotherapeutics, Inc. has a 52-week low of $1.76 and a 52-week high of $13.17. The stock has a market capitalization of $1.20 billion, a P/E ratio of -3.54 and a beta of 1.18.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, August 14th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $30.86 million for the quarter, compared to analysts’ expectations of $31.00 million. During the same quarter last year, the company posted ($1.16) earnings per share. As a group, sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ARQT shares. Jefferies Financial Group started coverage on shares of Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set 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 given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $13.33.

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.