Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Shares Sold by AMI Asset Management Corp

AMI Asset Management Corp lowered its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 3.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 215,958 shares of the company’s stock after selling 7,723 shares during the quarter. AMI Asset Management Corp owned approximately 0.18% of Arcutis Biotherapeutics worth $3,008,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of ARQT. American Century Companies Inc. raised its stake in Arcutis Biotherapeutics by 18.3% during the 2nd quarter. American Century Companies Inc. now owns 1,231,700 shares of the company’s stock worth $11,455,000 after acquiring an additional 190,754 shares in the last quarter. XTX Topco Ltd grew its holdings in shares of Arcutis Biotherapeutics by 241.7% during the second quarter. XTX Topco Ltd now owns 36,466 shares of the company’s stock worth $339,000 after purchasing an additional 25,793 shares during the last quarter. Alpha DNA Investment Management LLC acquired a new stake in shares of Arcutis Biotherapeutics during the second quarter worth about $486,000. AQR Capital Management LLC lifted its holdings in shares of Arcutis Biotherapeutics by 727.5% in the 2nd quarter. AQR Capital Management LLC now owns 257,357 shares of the company’s stock valued at $2,393,000 after purchasing an additional 226,258 shares during the last quarter. Finally, Dark Forest Capital Management LP boosted its position in shares of Arcutis Biotherapeutics by 29.9% in the 2nd quarter. Dark Forest Capital Management LP now owns 27,612 shares of the company’s stock valued at $257,000 after purchasing an additional 6,362 shares during the period.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $8.65, for a total transaction of $86,500.00. Following the transaction, the director now directly owns 171,944 shares in the company, valued at $1,487,315.60. This represents a 5.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Terrie Curran sold 8,687 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $10.85, for a total transaction of $94,253.95. Following the completion of the sale, the director now directly owns 10,139 shares in the company, valued at $110,008.15. This represents a 46.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 78,291 shares of company stock valued at $927,966. 9.50% of the stock is owned by insiders.

Arcutis Biotherapeutics Stock Down 7.8 %

NASDAQ ARQT opened at $12.68 on Tuesday. Arcutis Biotherapeutics, Inc. has a 1-year low of $3.11 and a 1-year high of $16.20. The business has a 50 day moving average price of $12.91 and a 200 day moving average price of $10.84. 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 (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate 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 analyst estimates of $38.05 million. As a group, analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ARQT has been the topic of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. HC Wainwright reiterated a “buy” rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Monday, January 13th. Finally, Mizuho boosted their target price on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, January 7th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.60.

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.