Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Shares Acquired by Suvretta Capital Management LLC

Suvretta Capital Management LLC raised its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 7.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,721,511 shares of the company’s stock after buying an additional 717,019 shares during the quarter. Arcutis Biotherapeutics comprises 3.2% of Suvretta Capital Management LLC’s portfolio, making the stock its 5th largest position. Suvretta Capital Management LLC owned approximately 9.16% of Arcutis Biotherapeutics worth $99,710,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ARQT. Victory Capital Management Inc. increased its holdings in shares of Arcutis Biotherapeutics by 9.9% in the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after acquiring an additional 1,155 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Arcutis Biotherapeutics by 3.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 47,753 shares of the company’s stock valued at $474,000 after purchasing an additional 1,681 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Arcutis Biotherapeutics by 1.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 276,691 shares of the company’s stock worth $2,573,000 after purchasing an additional 2,912 shares during the period. CWM LLC lifted its position in shares of Arcutis Biotherapeutics by 6,740.0% in the 2nd quarter. CWM LLC now owns 4,104 shares of the company’s stock worth $38,000 after buying an additional 4,044 shares during the last quarter. Finally, Dark Forest Capital Management LP boosted its holdings 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 buying an additional 6,362 shares during the period.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. Jefferies Financial Group began coverage on Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price target on the stock.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $10.77, for a total transaction of $107,700.00. Following the sale, the director now directly owns 191,944 shares in the company, valued at approximately $2,067,236.88. The trade was a 4.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Patrick Burnett sold 16,023 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $10.14, for a total transaction of $162,473.22. Following the completion of the transaction, the insider now owns 128,669 shares of the company’s stock, valued at $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. In the last quarter, insiders sold 76,951 shares of company stock worth $752,744. 9.50% of the stock is owned by company insiders.

Arcutis Biotherapeutics Trading Up 1.7 %

Shares of NASDAQ:ARQT opened at $11.71 on Friday. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The company’s 50-day moving average price is $9.62 and its 200 day moving average price is $9.50. The company has a market cap of $1.37 billion, a PE ratio of -6.54 and a beta of 1.18. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $1.76 and a fifty-two week high of $13.17.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $44.76 million for the quarter, compared to analysts’ expectations of $38.05 million. Sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current year.

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.