Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Stake Lifted by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 0.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,296,911 shares of the company’s stock after buying an additional 11,833 shares during the quarter. JPMorgan Chase & Co.’s holdings in Arcutis Biotherapeutics were worth $12,061,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Point72 DIFC Ltd bought a new position in shares of Arcutis Biotherapeutics in the third quarter worth $25,000. Algert Global LLC bought a new position in Arcutis Biotherapeutics in the 2nd quarter valued at about $97,000. Erste Asset Management GmbH acquired a new position in shares of Arcutis Biotherapeutics during the third quarter valued at approximately $104,000. Victory Capital Management Inc. lifted its position in Arcutis Biotherapeutics by 9.9% in the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock worth $119,000 after purchasing an additional 1,155 shares during the period. Finally, Creative Planning bought a new position in Arcutis Biotherapeutics during the 3rd quarter valued at $127,000.

Insider Activity

In other Arcutis Biotherapeutics news, insider Todd Franklin Watanabe sold 15,000 shares of Arcutis Biotherapeutics stock in a transaction on Friday, December 20th. The shares were sold at an average price of $15.17, for a total transaction of $227,550.00. Following the completion of the sale, the insider now owns 823,430 shares of the company’s stock, valued at $12,491,433.10. This trade represents a 1.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $14.67, for a total value of $146,700.00. Following the sale, the director now directly owns 151,944 shares of the company’s stock, valued at $2,229,018.48. This trade represents a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 78,291 shares of company stock worth $927,966 over the last quarter. Corporate insiders own 9.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ARQT shares. Needham & Company LLC restated a “buy” rating and issued a $18.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. Mizuho raised their price objective on shares of Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, January 7th. Finally, HC Wainwright initiated coverage on shares of Arcutis Biotherapeutics in a research note on Monday, December 30th. They set a “buy” rating and a $19.00 target price for the company. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.60.

Arcutis Biotherapeutics Trading Down 9.6 %

Shares of ARQT opened at $13.81 on Monday. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. Arcutis Biotherapeutics, Inc. has a 1-year low of $3.11 and a 1-year high of $16.20. The stock has a market capitalization of $1.62 billion, a P/E ratio of -7.72 and a beta of 1.30. The business’s 50-day moving average price is $12.50 and its 200 day moving average price is $10.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, beating 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 business had revenue of $44.76 million during the quarter, compared to the consensus estimate of $38.05 million. Analysts expect that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current year.

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.