Victory Capital Management Inc. Buys 1,155 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Victory Capital Management Inc. boosted its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 9.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,843 shares of the company’s stock after purchasing an additional 1,155 shares during the quarter. Victory Capital Management Inc.’s holdings in Arcutis Biotherapeutics were worth $119,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. GSA Capital Partners LLP grew its stake in Arcutis Biotherapeutics by 730.0% during the third quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock valued at $2,206,000 after acquiring an additional 208,599 shares in the last quarter. AMI Asset Management Corp increased its holdings in shares of Arcutis Biotherapeutics by 36.2% in the third quarter. AMI Asset Management Corp now owns 223,681 shares of the company’s stock worth $2,080,000 after purchasing an additional 59,487 shares during the period. China Universal Asset Management Co. Ltd. increased its holdings in shares of Arcutis Biotherapeutics by 65.3% in the third quarter. China Universal Asset Management Co. Ltd. now owns 22,482 shares of the company’s stock worth $209,000 after purchasing an additional 8,881 shares during the period. abrdn plc boosted its stake in Arcutis Biotherapeutics by 223.8% during the third quarter. abrdn plc now owns 482,074 shares of the company’s stock valued at $4,483,000 after buying an additional 333,200 shares during the period. Finally, Creative Planning bought a new stake in Arcutis Biotherapeutics during the third quarter valued at $127,000.

Analysts Set New Price Targets

ARQT has been the subject of several recent analyst reports. Jefferies Financial Group began coverage on Arcutis Biotherapeutics in a report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th.

Arcutis Biotherapeutics Price Performance

ARQT stock opened at $13.04 on Friday. The firm’s fifty day moving average is $9.71 and its 200 day moving average is $9.55. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. Arcutis Biotherapeutics, Inc. has a 52 week low of $1.76 and a 52 week high of $13.50. The firm has a market cap of $1.53 billion, a P/E ratio of -7.28 and a beta of 1.18.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The company had revenue of $44.76 million during the quarter, compared to analysts’ expectations of $38.05 million. Research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current year.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $10.77, for a total value of $107,700.00. Following the sale, the director now directly owns 191,944 shares in the company, valued at approximately $2,067,236.88. This trade represents a 4.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Terrie Curran sold 8,687 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $10.85, for a total value of $94,253.95. Following the transaction, the director now owns 10,139 shares of the company’s stock, valued at approximately $110,008.15. This represents a 46.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,951 shares of company stock worth $752,744 in the last three months. 9.50% of the stock is owned by insiders.

Arcutis Biotherapeutics 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.