UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Raises Stock Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 1.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 276,691 shares of the company’s stock after purchasing an additional 2,912 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.24% of Arcutis Biotherapeutics worth $2,573,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Victory Capital Management Inc. grew its stake in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after purchasing an additional 1,155 shares in the last quarter. CWM LLC grew 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 buying an additional 4,044 shares in the last quarter. Dark Forest Capital Management LP increased its stake in shares of Arcutis Biotherapeutics by 29.9% in the second quarter. Dark Forest Capital Management LP now owns 27,612 shares of the company’s stock worth $257,000 after buying an additional 6,362 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Arcutis Biotherapeutics by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 859,846 shares of the company’s stock valued at $7,997,000 after acquiring an additional 8,522 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its stake in Arcutis Biotherapeutics by 65.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 22,482 shares of the company’s stock valued at $209,000 after acquiring an additional 8,881 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ARQT. Jefferies Financial Group began coverage on shares of Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They issued a “buy” rating and a $15.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th.

Arcutis Biotherapeutics Price Performance

Shares of ARQT opened at $12.69 on Friday. Arcutis Biotherapeutics, Inc. has a 12 month low of $2.28 and a 12 month high of $13.50. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The stock has a fifty day moving average price of $10.30 and a 200 day moving average price of $9.79. The company has a market cap of $1.49 billion, a P/E ratio of -7.09 and a beta of 1.32.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The business had revenue of $44.76 million for the quarter, compared to analysts’ expectations of $38.05 million. On average, research analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO David Joseph Topper sold 11,626 shares of Arcutis Biotherapeutics stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $9.48, for a total transaction of $110,214.48. Following the transaction, the chief financial officer now directly owns 158,374 shares of the company’s stock, valued at $1,501,385.52. The trade was a 6.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick Burnett sold 16,023 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $10.14, for a total transaction of $162,473.22. Following the completion of the transaction, the insider now directly owns 128,669 shares in the company, valued at $1,304,703.66. This represents a 11.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,951 shares of company stock valued at $770,144 over the last 90 days. 9.50% of the stock is currently owned by company insiders.

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.