Barclays PLC Raises Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Barclays PLC grew its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 45.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 253,392 shares of the company’s stock after acquiring an additional 79,579 shares during the period. Barclays PLC owned about 0.22% of Arcutis Biotherapeutics worth $2,356,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. XTX Topco Ltd grew its stake in Arcutis Biotherapeutics by 30.9% during the 3rd quarter. XTX Topco Ltd now owns 47,728 shares of the company’s stock worth $444,000 after purchasing an additional 11,262 shares in the last quarter. State Street Corp boosted its stake in shares of Arcutis Biotherapeutics by 9.9% in the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after buying an additional 506,788 shares during the period. Point72 DIFC Ltd acquired a new position in shares of Arcutis Biotherapeutics during the third quarter worth about $25,000. Point72 Asset Management L.P. purchased a new stake in shares of Arcutis Biotherapeutics during the third quarter worth approximately $2,273,000. Finally, Erste Asset Management GmbH acquired a new stake in Arcutis Biotherapeutics in the third quarter valued at approximately $104,000.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT opened at $14.99 on Thursday. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. Arcutis Biotherapeutics, Inc. has a 52-week low of $2.96 and a 52-week high of $15.79. The stock has a 50 day moving average price of $10.95 and a 200 day moving average price of $10.12. The company has a market capitalization of $1.75 billion, a price-to-earnings ratio of -8.37 and a beta of 1.32.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, beating 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 firm had revenue of $44.76 million for the quarter, compared to the consensus estimate of $38.05 million. Research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.34 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on ARQT. Jefferies Financial Group initiated coverage on shares of Arcutis Biotherapeutics in a report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th.

Insiders Place Their Bets

In other news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $9.26, for a total value of $92,600.00. Following the transaction, the director now directly owns 181,944 shares of the company’s stock, valued at $1,684,801.44. The trade was a 5.21 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Larry Todd Edwards sold 3,725 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total transaction of $37,287.25. Following the completion of the sale, the senior vice president now owns 136,635 shares of the company’s stock, valued at approximately $1,367,716.35. This trade represents a 2.65 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 80,325 shares of company stock valued at $887,480. 9.50% of the stock is currently owned by insiders.

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.