Essex Investment Management Co. LLC Has $2.98 Million Stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Essex Investment Management Co. LLC grew its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 33.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 190,638 shares of the company’s stock after purchasing an additional 47,815 shares during the period. Essex Investment Management Co. LLC’s holdings in Arcutis Biotherapeutics were worth $2,982,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Suvretta Capital Management LLC increased its holdings in shares of Arcutis Biotherapeutics by 6.3% in the 4th quarter. Suvretta Capital Management LLC now owns 11,399,138 shares of the company’s stock valued at $158,790,000 after purchasing an additional 677,627 shares during the period. Polar Capital Holdings Plc increased its holdings in shares of Arcutis Biotherapeutics by 7.2% in the 4th quarter. Polar Capital Holdings Plc now owns 7,377,381 shares of the company’s stock valued at $102,767,000 after purchasing an additional 493,009 shares during the period. Gilder Gagnon Howe & Co. LLC increased its holdings in shares of Arcutis Biotherapeutics by 9.8% in the 4th quarter. Gilder Gagnon Howe & Co. LLC now owns 3,902,991 shares of the company’s stock valued at $54,369,000 after purchasing an additional 349,153 shares during the period. D. E. Shaw & Co. Inc. grew its stake in shares of Arcutis Biotherapeutics by 44.0% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,513,577 shares of the company’s stock valued at $35,014,000 after buying an additional 768,553 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in Arcutis Biotherapeutics by 101.3% in the fourth quarter. Millennium Management LLC now owns 2,310,163 shares of the company’s stock worth $32,181,000 after buying an additional 1,162,690 shares during the last quarter.

Analyst Ratings Changes

A number of research firms recently commented on ARQT. HC Wainwright restated a “buy” rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Arcutis Biotherapeutics in a report on Friday, May 23rd. Guggenheim restated a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Finally, The Goldman Sachs Group began coverage on Arcutis Biotherapeutics in a report on Friday. They issued a “neutral” rating and a $18.00 price objective on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.40.

Arcutis Biotherapeutics Stock Up 0.7%

Shares of Arcutis Biotherapeutics stock opened at $14.96 on Tuesday. The stock has a market capitalization of $1.78 billion, a P/E ratio of -14.38 and a beta of 1.77. The company has a quick ratio of 3.37, a current ratio of 3.55 and a debt-to-equity ratio of 0.75. The stock has a 50 day moving average price of $14.13 and a two-hundred day moving average price of $14.07. Arcutis Biotherapeutics, Inc. has a 12-month low of $7.86 and a 12-month high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. The firm had revenue of $65.85 million during the quarter, compared to analysts’ expectations of $64.80 million. Arcutis Biotherapeutics had a negative return on equity of 80.66% and a negative net margin of 60.95%. Equities analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current year.

Insider Activity

In other Arcutis Biotherapeutics news, insider Larry Todd Edwards sold 7,451 shares of the company’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $14.07, for a total transaction of $104,835.57. Following the completion of the sale, the insider owned 183,104 shares of the company’s stock, valued at $2,576,273.28. This represents a 3.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Masaru Matsuda sold 5,030 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $15.20, for a total value of $76,456.00. Following the sale, the insider directly owned 204,399 shares of the company’s stock, valued at $3,106,864.80. The trade was a 2.40% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 7,434 shares of company stock valued at $99,277 and have sold 57,041 shares valued at $827,063. Company insiders own 9.40% of the company’s stock.

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.