The Manufacturers Life Insurance Company Has $488,000 Stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

The Manufacturers Life Insurance Company boosted its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 30.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 52,503 shares of the company’s stock after acquiring an additional 12,180 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Arcutis Biotherapeutics were worth $488,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. SG Americas Securities LLC lifted its position in Arcutis Biotherapeutics by 531.2% in the 2nd quarter. SG Americas Securities LLC now owns 99,161 shares of the company’s stock valued at $922,000 after acquiring an additional 83,452 shares in the last quarter. GSA Capital Partners LLP raised its stake in shares of Arcutis Biotherapeutics by 730.0% during the 3rd quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock worth $2,206,000 after purchasing an additional 208,599 shares during the period. Wesbanco Bank Inc. bought a new stake in shares of Arcutis Biotherapeutics during the 3rd quarter worth $955,000. AMI Asset Management Corp boosted its holdings in shares of Arcutis Biotherapeutics by 36.2% in the 3rd quarter. AMI Asset Management Corp now owns 223,681 shares of the company’s stock worth $2,080,000 after buying an additional 59,487 shares during the last quarter. Finally, Algert Global LLC grew its position in Arcutis Biotherapeutics by 595.9% during the third quarter. Algert Global LLC now owns 72,480 shares of the company’s stock valued at $674,000 after buying an additional 62,065 shares during the period.

Arcutis Biotherapeutics Price Performance

Arcutis Biotherapeutics stock opened at $12.69 on Friday. The business has a 50-day simple moving average of $10.30 and a 200 day simple moving average of $9.79. Arcutis Biotherapeutics, Inc. has a 52 week low of $2.28 and a 52 week high of $13.50. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of -7.09 and a beta of 1.32. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The company had revenue of $44.76 million for the quarter, compared to analysts’ expectations of $38.05 million. On average, research analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO David Joseph Topper sold 11,626 shares of Arcutis Biotherapeutics stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $9.48, for a total value of $110,214.48. Following the transaction, the chief financial officer now directly owns 158,374 shares of the company’s stock, valued at $1,501,385.52. The trade was a 6.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $8.65, for a total transaction of $86,500.00. Following the transaction, the director now directly owns 171,944 shares of the company’s stock, valued at approximately $1,487,315.60. This trade represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,951 shares of company stock worth $770,144. Corporate insiders own 9.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group initiated coverage on shares of Arcutis Biotherapeutics in a research note 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 price target on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th.

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.