Dark Forest Capital Management LP Purchases 6,362 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Dark Forest Capital Management LP increased its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 29.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 27,612 shares of the company’s stock after acquiring an additional 6,362 shares during the period. Dark Forest Capital Management LP’s holdings in Arcutis Biotherapeutics were worth $257,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ARQT. Cantor Fitzgerald L. P. bought a new stake in shares of Arcutis Biotherapeutics during the fourth quarter worth about $33,000. CWM LLC grew its holdings in Arcutis Biotherapeutics by 6,740.0% during the 2nd quarter. CWM LLC now owns 4,104 shares of the company’s stock worth $38,000 after acquiring an additional 4,044 shares during the last quarter. Ameritas Investment Partners Inc. increased its position in Arcutis Biotherapeutics by 55.2% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,871 shares of the company’s stock valued at $78,000 after acquiring an additional 2,800 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Arcutis Biotherapeutics during the second quarter valued at $174,000. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Arcutis Biotherapeutics by 70.5% during the first quarter. China Universal Asset Management Co. Ltd. now owns 18,614 shares of the company’s stock worth $184,000 after purchasing an additional 7,694 shares during the period.

Arcutis Biotherapeutics Stock Up 2.2 %

Shares of NASDAQ:ARQT opened at $9.36 on Monday. Arcutis Biotherapeutics, Inc. has a 1 year low of $1.76 and a 1 year high of $13.17. The company has a debt-to-equity ratio of 1.09, a current ratio of 8.46 and a quick ratio of 8.19. The business’s 50-day moving average is $9.83 and its 200-day moving average is $9.51. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -3.19 and a beta of 1.18.

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

Analysts Set New Price Targets

ARQT has been the subject of several analyst reports. Jefferies Financial Group assumed coverage on Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They set a “buy” rating and a $15.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Arcutis Biotherapeutics has an average rating of “Moderate Buy” and a consensus target price of $13.33.

Insiders Place Their Bets

In other news, insider Masaru Matsuda sold 5,220 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $9.02, for a total value of $47,084.40. Following the completion of the sale, the insider now directly owns 183,288 shares in the company, valued at approximately $1,653,257.76. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics 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 completion of the transaction, the director now directly owns 191,944 shares in the company, valued at $2,067,236.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Masaru Matsuda sold 5,220 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was 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 $1,653,257.76. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,574 shares of company stock worth $378,024. 9.50% of the stock is currently owned by company insiders.

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.