Inspire Investing LLC Takes $412,000 Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Inspire Investing LLC bought a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the third quarter, Holdings Channel reports. The institutional investor bought 44,344 shares of the company’s stock, valued at approximately $412,000.

A number of other institutional investors have also modified their holdings of the business. Perceptive Advisors LLC increased its position in Arcutis Biotherapeutics by 107.8% in the 2nd quarter. Perceptive Advisors LLC now owns 1,558,500 shares of the company’s stock valued at $14,494,000 after acquiring an additional 808,500 shares during the period. Capital Impact Advisors LLC purchased a new position in shares of Arcutis Biotherapeutics in the 2nd quarter valued at approximately $606,000. Algert Global LLC acquired a new position in shares of Arcutis Biotherapeutics in the second quarter valued at approximately $97,000. The Manufacturers Life Insurance Company increased its holdings in shares of Arcutis Biotherapeutics by 31.0% in the second quarter. The Manufacturers Life Insurance Company now owns 40,323 shares of the company’s stock valued at $375,000 after purchasing an additional 9,537 shares during the period. Finally, Millennium Management LLC raised its stake in shares of Arcutis Biotherapeutics by 35.3% during the second quarter. Millennium Management LLC now owns 512,696 shares of the company’s stock worth $4,768,000 after purchasing an additional 133,645 shares during the last quarter.

Arcutis Biotherapeutics Stock Down 2.4 %

Arcutis Biotherapeutics stock opened at $9.49 on Friday. The stock’s 50 day moving average price is $9.87 and its 200 day moving average price is $9.49. Arcutis Biotherapeutics, Inc. has a 1-year low of $1.76 and a 1-year high of $13.17. The company has a market cap of $1.10 billion, a PE ratio of -3.24 and a beta of 1.17. The company has a debt-to-equity ratio of 1.09, a current ratio of 8.46 and a quick ratio of 8.19.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its earnings results on Wednesday, August 14th. The company reported ($0.42) EPS for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.06. Arcutis Biotherapeutics had a negative return on equity of 145.41% and a negative net margin of 150.51%. The company had revenue of $30.86 million during the quarter, compared to the consensus estimate of $31.00 million. During the same quarter last year, the company earned ($1.16) earnings per share. On average, sell-side analysts predict that Arcutis Biotherapeutics, Inc. will post -1.56 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on ARQT. Jefferies Financial Group initiated coverage on shares of Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, August 15th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.33.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, SVP Larry Todd Edwards sold 3,725 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total transaction of $37,287.25. Following the transaction, the senior vice president now directly owns 136,635 shares in the company, valued at approximately $1,367,716.35. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related 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 transaction of $37,287.25. Following the completion of the transaction, the senior vice president now directly owns 136,635 shares of the company’s stock, valued at approximately $1,367,716.35. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Masaru Matsuda sold 5,220 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $9.02, for a total value of $47,084.40. Following the sale, the insider now owns 183,288 shares in the company, valued at approximately $1,653,257.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,299 shares of company stock worth $507,911 over the last 90 days. Company insiders own 9.50% of the company’s stock.

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.