Essex Investment Management Co. LLC Cuts Stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Essex Investment Management Co. LLC cut its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 12.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 142,823 shares of the company’s stock after selling 21,141 shares during the quarter. Essex Investment Management Co. LLC owned approximately 0.12% of Arcutis Biotherapeutics worth $1,990,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ARQT. Point72 DIFC Ltd purchased a new position in shares of Arcutis Biotherapeutics in the third quarter valued at approximately $25,000. Venturi Wealth Management LLC acquired a new position in Arcutis Biotherapeutics in the 4th quarter valued at $46,000. Erste Asset Management GmbH purchased a new position in Arcutis Biotherapeutics in the 3rd quarter valued at $104,000. Victory Capital Management Inc. boosted its stake in Arcutis Biotherapeutics by 9.9% during the 3rd 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 last quarter. Finally, Creative Planning purchased a new stake in shares of Arcutis Biotherapeutics during the third quarter worth $127,000.

Arcutis Biotherapeutics Stock Up 1.5 %

ARQT stock opened at $14.72 on Monday. Arcutis Biotherapeutics, Inc. has a one year low of $6.99 and a one year high of $16.20. The firm has a market cap of $1.75 billion, a PE ratio of -8.22 and a beta of 1.48. The firm’s 50 day moving average price is $13.45 and its 200-day moving average price is $11.68. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46.

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

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 8,338 shares of the company’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 represents a 4.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.67, for a total value of $146,700.00. Following the transaction, the director now owns 151,944 shares of the company’s stock, valued at approximately $2,229,018.48. This represents a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 57,848 shares of company stock valued at $797,648 over the last 90 days. 9.50% of the stock is owned by company insiders.

Analyst Ratings Changes

ARQT has been the topic of several research reports. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday, February 24th. HC Wainwright reiterated a “buy” rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. Needham & Company LLC restated a “buy” rating and set a $20.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. The Goldman Sachs Group increased their price target on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Thursday, February 27th. Finally, Mizuho lifted their price objective on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Arcutis Biotherapeutics presently has an average rating of “Moderate Buy” and an average price target of $18.00.

Arcutis Biotherapeutics 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.