Ikarian Capital LLC Takes Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Ikarian Capital LLC bought a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 589,642 shares of the company’s stock, valued at approximately $5,843,000. Arcutis Biotherapeutics comprises approximately 0.6% of Ikarian Capital LLC’s portfolio, making the stock its 29th largest position. Ikarian Capital LLC owned about 0.51% of Arcutis Biotherapeutics as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of ARQT. Price T Rowe Associates Inc. MD lifted its holdings in Arcutis Biotherapeutics by 3.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 47,753 shares of the company’s stock worth $474,000 after buying an additional 1,681 shares during the period. PEAK6 Investments LLC lifted its holdings in Arcutis Biotherapeutics by 50.0% in the 1st quarter. PEAK6 Investments LLC now owns 30,000 shares of the company’s stock worth $297,000 after buying an additional 10,000 shares during the period. Ameritas Investment Partners Inc. lifted its stake in Arcutis Biotherapeutics by 55.2% in the first quarter. Ameritas Investment Partners Inc. now owns 7,871 shares of the company’s stock worth $78,000 after acquiring an additional 2,800 shares during the period. Vanguard Group Inc. boosted its holdings in Arcutis Biotherapeutics by 5.5% in the first quarter. Vanguard Group Inc. now owns 5,166,417 shares of the company’s stock valued at $51,199,000 after acquiring an additional 269,904 shares in the last quarter. Finally, Koshinski Asset Management Inc. bought a new stake in Arcutis Biotherapeutics in the first quarter valued at $198,000.

Insider Activity

In related news, SVP Larry Todd Edwards sold 7,640 shares of the company’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $8.98, for a total value of $68,607.20. Following the transaction, the senior vice president now owns 140,360 shares in the company, valued at approximately $1,260,432.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, SVP Larry Todd Edwards sold 7,640 shares of the company’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $8.98, for a total value of $68,607.20. Following the transaction, the senior vice president now owns 140,360 shares in the company, valued at approximately $1,260,432.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $9.31, for a total transaction of $93,100.00. Following the completion of the transaction, the director now owns 180,339 shares in the company, valued at approximately $1,678,956.09. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,415 shares of company stock worth $378,950. Corporate insiders own 9.50% of the company’s stock.

Arcutis Biotherapeutics Stock Down 5.9 %

Shares of ARQT stock traded down $0.59 during mid-day trading on Thursday, reaching $9.48. 1,670,830 shares of the company’s stock traded hands, compared to its average volume of 3,814,314. Arcutis Biotherapeutics, Inc. has a 12 month low of $1.76 and a 12 month high of $13.17. The company has a market cap of $1.10 billion, a P/E ratio of -3.40 and a beta of 1.18. The company has a quick ratio of 9.61, a current ratio of 9.89 and a debt-to-equity ratio of 0.90. The company’s 50-day moving average price is $9.21 and its 200-day moving average price is $8.82.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Tuesday, May 14th. The company reported ($0.32) EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.28. Arcutis Biotherapeutics had a negative net margin of 204.35% and a negative return on equity of 197.28%. The firm had revenue of $49.57 million for the quarter. During the same quarter last year, the firm posted ($1.31) EPS. On average, equities analysts expect that Arcutis Biotherapeutics, Inc. will post -1.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on ARQT shares. Mizuho lifted their price target on shares of Arcutis Biotherapeutics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.57.

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.