Rubric Capital Management LP Increases Stock Holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Rubric Capital Management LP lifted its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 30.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,816,672 shares of the company’s stock after purchasing an additional 2,306,672 shares during the quarter. Arcutis Biotherapeutics comprises about 2.4% of Rubric Capital Management LP’s holdings, making the stock its 12th biggest holding. Rubric Capital Management LP owned approximately 8.48% of Arcutis Biotherapeutics worth $91,295,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Cape Investment Advisory Inc. acquired a new stake in shares of Arcutis Biotherapeutics during the fourth quarter worth about $26,000. Cantor Fitzgerald L. P. acquired a new stake in shares of Arcutis Biotherapeutics during the fourth quarter worth about $33,000. Victory Capital Management Inc. acquired a new stake in shares of Arcutis Biotherapeutics during the fourth quarter worth about $34,000. Amalgamated Bank lifted its position in shares of Arcutis Biotherapeutics by 48.9% during the fourth quarter. Amalgamated Bank now owns 11,078 shares of the company’s stock worth $36,000 after purchasing an additional 3,639 shares in the last quarter. Finally, CWM LLC lifted its position 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 worth $38,000 after purchasing an additional 4,044 shares in the last quarter.

Analyst Ratings Changes

Several brokerages have recently issued reports on ARQT. 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, August 15th. Jefferies Financial Group initiated coverage on shares of Arcutis Biotherapeutics in a report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.33.

Arcutis Biotherapeutics Stock Up 0.1 %

Shares of NASDAQ:ARQT opened at $10.15 on Friday. 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, Inc. has a fifty-two week low of $1.76 and a fifty-two week high of $13.17. The firm’s 50 day moving average price is $9.91 and its 200 day moving average price is $9.56. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -3.46 and a beta of 1.18.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.42) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.06. The company had revenue of $30.86 million for the quarter, compared to analysts’ expectations of $31.00 million. Arcutis Biotherapeutics had a negative net margin of 150.51% and a negative return on equity of 145.41%. During the same quarter last year, the company earned ($1.16) earnings per share. As a group, equities research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.56 earnings per share for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In related news, insider Masaru Matsuda sold 5,220 shares of Arcutis Biotherapeutics stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $9.02, for a total value of $47,084.40. Following the transaction, the insider now directly owns 183,288 shares in the company, valued at approximately $1,653,257.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $9.87, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Masaru Matsuda sold 5,220 shares of the business’s stock in a transaction 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 in the company, valued at $1,653,257.76. The disclosure for this sale can be found here. Insiders have sold a total of 36,948 shares of company stock worth $360,910 in the last three months. 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.