Farallon Capital Management LLC Sells 1,754,000 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Farallon Capital Management LLC decreased its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 98.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,000 shares of the company’s stock after selling 1,754,000 shares during the period. Farallon Capital Management LLC’s holdings in Arcutis Biotherapeutics were worth $242,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ARQT. Cape Investment Advisory Inc. bought a new position in shares of Arcutis Biotherapeutics in the fourth quarter worth approximately $26,000. Cantor Fitzgerald L. P. bought a new stake in shares of Arcutis Biotherapeutics during the fourth quarter valued at approximately $33,000. Victory Capital Management Inc. purchased a new position in Arcutis Biotherapeutics in the 4th quarter worth approximately $34,000. CWM LLC lifted its position in Arcutis Biotherapeutics by 6,740.0% in the 2nd quarter. CWM LLC now owns 4,104 shares of the company’s stock valued at $38,000 after acquiring an additional 4,044 shares in the last quarter. Finally, Ameritas Investment Partners Inc. boosted its stake in Arcutis Biotherapeutics by 55.2% during the 1st quarter. Ameritas Investment Partners Inc. now owns 7,871 shares of the company’s stock valued at $78,000 after purchasing an additional 2,800 shares during the last quarter.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT opened at $9.63 on Tuesday. The firm has a market capitalization of $1.11 billion, a P/E ratio of -3.29 and a beta of 1.18. The company has a debt-to-equity ratio of 1.09, a current ratio of 8.46 and a quick ratio of 8.19. Arcutis Biotherapeutics, Inc. has a one year low of $1.76 and a one year high of $13.17. The business has a fifty day moving average of $9.89 and a 200 day moving average of $9.54.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.06. The business had revenue of $30.86 million during the quarter, compared to the consensus estimate of $31.00 million. Arcutis Biotherapeutics had a negative return on equity of 145.41% and a negative net margin of 150.51%. During the same period in the previous year, the company posted ($1.16) EPS. As a group, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.56 EPS for the current year.

Insiders Place Their Bets

In other news, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $10.77, for a total transaction of $107,700.00. Following the completion of the sale, the director now owns 191,944 shares of the company’s stock, valued at approximately $2,067,236.88. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $10.77, for a total transaction of $107,700.00. Following the completion of the sale, the director now owns 191,944 shares of the company’s stock, valued at $2,067,236.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Masaru Matsuda sold 5,220 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $9.02, for a total value of $47,084.40. Following the completion of the sale, the insider now owns 183,288 shares of the company’s stock, valued at approximately $1,653,257.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 36,948 shares of company stock worth $360,910. Company insiders own 9.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ARQT. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, August 15th. Jefferies Financial Group initiated coverage on Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 target price for the company. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently 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.