Geode Capital Management LLC Has $22.98 Million Stock Holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Geode Capital Management LLC boosted its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 2.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,470,138 shares of the company’s stock after purchasing an additional 48,868 shares during the quarter. Geode Capital Management LLC owned about 2.11% of Arcutis Biotherapeutics worth $22,977,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Rubric Capital Management LP grew its holdings in shares of Arcutis Biotherapeutics by 30.7% during the second quarter. Rubric Capital Management LP now owns 9,816,672 shares of the company’s stock valued at $91,295,000 after buying an additional 2,306,672 shares during the last quarter. Candriam S.C.A. acquired a new position in shares of Arcutis Biotherapeutics during the second quarter valued at about $12,159,000. Perceptive Advisors LLC grew its holdings in shares of Arcutis Biotherapeutics by 107.8% during the second quarter. Perceptive Advisors LLC now owns 1,558,500 shares of the company’s stock valued at $14,494,000 after buying an additional 808,500 shares during the last quarter. Suvretta Capital Management LLC grew its holdings in shares of Arcutis Biotherapeutics by 7.2% during the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock valued at $99,710,000 after buying an additional 717,019 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Arcutis Biotherapeutics by 9.9% during the third 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 last quarter.

Insiders Place Their Bets

In other news, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $12.51, for a total value of $125,100.00. Following the completion of the sale, the director now owns 161,944 shares of the company’s stock, valued at approximately $2,025,919.44. This represents a 5.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd Franklin Watanabe sold 15,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $15.17, for a total transaction of $227,550.00. Following the completion of the sale, the insider now directly owns 823,430 shares of the company’s stock, valued at $12,491,433.10. This trade represents a 1.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 80,325 shares of company stock valued at $887,480 in the last quarter. Corporate insiders own 9.50% of the company’s stock.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ:ARQT opened at $14.30 on Friday. The company has a 50 day moving average of $11.17 and a 200 day moving average of $10.18. The stock has a market cap of $1.67 billion, a P/E ratio of -7.99 and a beta of 1.32. Arcutis Biotherapeutics, Inc. has a 12 month low of $2.99 and a 12 month high of $15.79. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67.

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

Analyst Ratings Changes

Separately, Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th.

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.