Prudential Financial Inc. Has $8.25 Million Holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Prudential Financial Inc. grew its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 3.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 592,565 shares of the company’s stock after purchasing an additional 19,950 shares during the period. Prudential Financial Inc. owned about 0.51% of Arcutis Biotherapeutics worth $8,254,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Victory Capital Management Inc. grew its position in Arcutis Biotherapeutics by 9.9% during the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after purchasing an additional 1,155 shares in the last quarter. Intech Investment Management LLC purchased a new position in shares of Arcutis Biotherapeutics during the 3rd quarter valued at $345,000. Charles Schwab Investment Management Inc. increased its stake in shares of Arcutis Biotherapeutics by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 859,846 shares of the company’s stock worth $7,997,000 after acquiring an additional 8,522 shares during the last quarter. Algert Global LLC raised its holdings in shares of Arcutis Biotherapeutics by 595.9% during the third quarter. Algert Global LLC now owns 72,480 shares of the company’s stock worth $674,000 after acquiring an additional 62,065 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Arcutis Biotherapeutics by 30.2% during the third quarter. The Manufacturers Life Insurance Company now owns 52,503 shares of the company’s stock valued at $488,000 after purchasing an additional 12,180 shares during the last quarter.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Todd Franklin Watanabe sold 1,500 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $17.52, for a total value of $26,280.00. Following the completion of the sale, the insider now directly owns 927,414 shares of the company’s stock, valued at approximately $16,248,293.28. This represents a 0.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Masaru Matsuda sold 8,338 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $12.70, for a total transaction of $105,892.60. Following the transaction, the insider now directly owns 178,692 shares in the company, valued at $2,269,388.40. This trade represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 57,790 shares of company stock worth $801,630. Company insiders own 9.50% of the company’s stock.

Arcutis Biotherapeutics Trading Down 2.2 %

NASDAQ:ARQT opened at $15.73 on Friday. The company’s 50 day moving average is $13.98 and its 200-day moving average is $12.25. 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, Inc. has a 12 month low of $6.99 and a 12 month high of $17.75. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of -8.79 and a beta of 1.48.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The firm had revenue of $71.36 million for the quarter, compared to the consensus estimate of $60.52 million. Equities analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Analyst Ratings Changes

Several brokerages have weighed in on ARQT. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. Jefferies Financial Group raised their price objective on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, March 11th. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday, February 24th. HC Wainwright restated a “buy” rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Wednesday, February 26th. Finally, The Goldman Sachs Group lifted their price objective on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Thursday, February 27th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.80.

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.