abrdn plc Raises Holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

abrdn plc raised its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 223.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 482,074 shares of the company’s stock after acquiring an additional 333,200 shares during the period. abrdn plc’s holdings in Arcutis Biotherapeutics were worth $4,483,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Arcutis Biotherapeutics by 3.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 47,753 shares of the company’s stock worth $474,000 after purchasing an additional 1,681 shares during the period. ProShare Advisors LLC lifted its position in 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 buying an additional 1,870 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in Arcutis Biotherapeutics by 55.2% during 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 period. CWM LLC increased its position in shares of 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 acquiring an additional 4,044 shares in the last quarter. Finally, Dark Forest Capital Management LP increased its position in shares of Arcutis Biotherapeutics by 29.9% in the second quarter. Dark Forest Capital Management LP now owns 27,612 shares of the company’s stock worth $257,000 after acquiring an additional 6,362 shares in the last quarter.

Insider Activity

In related 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 value of $107,700.00. Following the completion of the sale, the director now owns 191,944 shares in the company, valued at approximately $2,067,236.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the firm’s 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 transaction, the director now directly owns 191,944 shares of the company’s stock, valued at $2,067,236.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David Joseph Topper sold 11,626 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $9.48, for a total transaction of $110,214.48. Following the completion of the sale, the chief financial officer now owns 158,374 shares in the company, valued at approximately $1,501,385.52. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 37,079 shares of company stock worth $362,127. 9.50% of the stock is currently owned by insiders.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock opened at $8.67 on Monday. 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 company’s fifty day moving average price is $9.77 and its two-hundred day moving average price is $9.30. The firm has a market capitalization of $1.01 billion, a P/E ratio of -3.96 and a beta of 1.18. Arcutis Biotherapeutics, Inc. has a 12 month low of $1.76 and a 12 month high of $13.17.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly 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 firm had revenue of $30.86 million during the quarter, compared to the consensus estimate of $31.00 million. During the same quarter in the prior year, the business posted ($1.16) earnings per share. On average, research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ARQT. Jefferies Financial Group initiated coverage on shares of Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They set 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, August 15th. Two 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 has an average rating of “Moderate Buy” and an average price target of $13.33.

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.