Arizona State Retirement System Acquires New Stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Arizona State Retirement System acquired a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 28,968 shares of the company’s stock, valued at approximately $269,000.

A number of other hedge funds have also made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its stake in shares of 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 acquiring an additional 1,681 shares during the period. ProShare Advisors LLC increased its stake in shares of Arcutis Biotherapeutics by 9.8% during the first quarter. ProShare Advisors LLC now owns 20,990 shares of the company’s stock valued at $208,000 after acquiring an additional 1,870 shares during the period. Ameritas Investment Partners Inc. grew its position in Arcutis Biotherapeutics by 55.2% in the first quarter. Ameritas Investment Partners Inc. now owns 7,871 shares of the company’s stock worth $78,000 after buying an additional 2,800 shares during the last quarter. Amalgamated Bank grew its position in Arcutis Biotherapeutics by 48.9% in the fourth quarter. Amalgamated Bank now owns 11,078 shares of the company’s stock worth $36,000 after buying an additional 3,639 shares during the last quarter. Finally, CWM LLC grew its position in Arcutis Biotherapeutics by 6,740.0% in the second 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.

Analysts Set New Price Targets

Several research firms have issued reports on ARQT. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, August 15th. Jefferies Financial Group began coverage on shares of Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Arcutis Biotherapeutics currently has an average rating of “Moderate Buy” and an average price target of $13.33.

Insider Buying and Selling

In related news, insider Masaru Matsuda sold 5,220 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $9.02, for a total value of $47,084.40. Following the completion of the transaction, the insider now owns 183,288 shares of the company’s stock, valued at approximately $1,653,257.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $10.77, for a total transaction of $107,700.00. Following the completion of the sale, the director now owns 191,944 shares of the company’s stock, valued at approximately $2,067,236.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Masaru Matsuda sold 5,220 shares of Arcutis Biotherapeutics stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $9.02, for a total transaction of $47,084.40. Following the sale, the insider now directly owns 183,288 shares of the company’s stock, valued at approximately $1,653,257.76. The disclosure for this sale can be found here. In the last 90 days, insiders sold 36,948 shares of company stock valued at $360,910. Company insiders own 9.50% of the company’s stock.

Arcutis Biotherapeutics Trading Up 2.1 %

Arcutis Biotherapeutics stock opened at $10.37 on Wednesday. The company has a 50 day moving average price of $9.92 and a 200 day moving average price of $9.57. Arcutis Biotherapeutics, Inc. has a 52 week low of $1.76 and a 52 week high of $13.17. The company has a debt-to-equity ratio of 1.09, a quick ratio of 8.19 and a current ratio of 8.46. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of -3.54 and a beta of 1.18.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.42) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.06. Arcutis Biotherapeutics had a negative net margin of 150.51% and a negative return on equity of 145.41%. The firm had revenue of $30.86 million during the quarter, compared to analyst estimates of $31.00 million. During the same quarter last year, the business posted ($1.16) EPS. Research analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.56 EPS for the current year.

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.