KLP Kapitalforvaltning AS Buys Shares of 24,200 Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

KLP Kapitalforvaltning AS acquired a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 24,200 shares of the company’s stock, valued at approximately $337,000.

Other large investors have also recently added to or reduced their stakes in the company. Jennison Associates LLC boosted its holdings in Arcutis Biotherapeutics by 5.8% in the fourth quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock valued at $171,893,000 after purchasing an additional 676,295 shares during the period. State Street Corp increased its stake 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 worth $52,467,000 after buying an additional 506,788 shares during the period. Privium Fund Management B.V. acquired a new stake in Arcutis Biotherapeutics in the fourth quarter valued at approximately $4,537,000. Point72 Asset Management L.P. purchased a new position in Arcutis Biotherapeutics in the third quarter worth approximately $2,273,000. Finally, American Century Companies Inc. grew its holdings in Arcutis Biotherapeutics by 11.4% during the 4th quarter. American Century Companies Inc. now owns 1,631,226 shares of the company’s stock worth $22,723,000 after acquiring an additional 166,915 shares in the last quarter.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Todd Franklin Watanabe sold 1,500 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $17.52, for a total value of $26,280.00. Following the completion of the transaction, the insider now directly owns 927,414 shares of the company’s stock, valued at $16,248,293.28. This represents a 0.16 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Patrick Burnett sold 12,242 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $15.04, for a total transaction of $184,119.68. Following the sale, the insider now directly owns 121,936 shares of the company’s stock, valued at $1,833,917.44. The trade was a 9.12 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,099 shares of company stock worth $631,256. 9.50% of the stock is owned by company insiders.

Arcutis Biotherapeutics Price Performance

Arcutis Biotherapeutics stock opened at $14.73 on Friday. 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 business has a 50 day simple moving average of $14.20 and a 200-day simple moving average of $12.43. Arcutis Biotherapeutics, Inc. has a 12 month low of $6.99 and a 12 month high of $17.75. The stock has a market capitalization of $1.75 billion, a PE ratio of -8.23 and a beta of 1.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The business had revenue of $71.36 million during the quarter, compared to analysts’ expectations of $60.52 million. Equities analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ARQT. Jefferies Financial Group lifted their price objective on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, March 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday. The Goldman Sachs Group increased their price objective on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Thursday, February 27th. HC Wainwright restated a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday. Finally, Mizuho increased their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

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.