Rubric Capital Management LP Has $101.99 Million Stock Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Rubric Capital Management LP lifted its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 11.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,966,672 shares of the company’s stock after purchasing an additional 1,150,000 shares during the period. Arcutis Biotherapeutics accounts for approximately 1.7% of Rubric Capital Management LP’s portfolio, making the stock its 11th biggest holding. Rubric Capital Management LP owned 9.37% of Arcutis Biotherapeutics worth $101,990,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in ARQT. Jennison Associates LLC lifted its holdings in shares of Arcutis Biotherapeutics by 0.8% during the third quarter. Jennison Associates LLC now owns 11,663,497 shares of the company’s stock worth $108,471,000 after buying an additional 91,803 shares during the last quarter. Vanguard Group Inc. grew its position in Arcutis Biotherapeutics by 5.5% in the 1st quarter. Vanguard Group Inc. now owns 5,166,417 shares of the company’s stock worth $51,199,000 after purchasing an additional 269,904 shares during the last quarter. Farallon Capital Management LLC bought a new position in shares of Arcutis Biotherapeutics during the 1st quarter worth about $17,640,000. Perceptive Advisors LLC raised its position 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. Finally, Candriam S.C.A. bought a new stake in shares of Arcutis Biotherapeutics in the second quarter valued at about $12,159,000.

Arcutis Biotherapeutics Stock Up 6.9 %

NASDAQ ARQT opened at $11.51 on Wednesday. Arcutis Biotherapeutics, Inc. has a 1-year low of $1.76 and a 1-year high of $13.17. The stock’s 50 day moving average is $9.57 and its two-hundred day moving average is $9.46. 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 data on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The firm had revenue of $44.76 million during the quarter, compared to analyst estimates of $38.05 million. As a group, equities analysts expect that Arcutis Biotherapeutics, Inc. will post -1.34 EPS for the current year.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, SVP Larry Todd Edwards sold 3,725 shares of Arcutis Biotherapeutics stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $10.01, for a total value of $37,287.25. Following the completion of the transaction, the senior vice president now owns 136,635 shares in the company, valued at approximately $1,367,716.35. The trade was a 2.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Patrick Burnett sold 16,023 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $10.14, for a total value of $162,473.22. Following the completion of the sale, the insider now owns 128,669 shares of the company’s stock, valued at approximately $1,304,703.66. This trade represents a 11.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 76,951 shares of company stock valued at $752,744. Corporate insiders own 9.50% of the company’s stock.

Analysts Set New Price Targets

ARQT has been the subject of several recent research reports. Jefferies Financial Group began coverage on Arcutis Biotherapeutics in a report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price target for the company. Needham & Company LLC reaffirmed 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 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.