Arcutis Biotherapeutics, Inc. $ARQT Shares Sold by Simplify Asset Management Inc.

Simplify Asset Management Inc. trimmed its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 22.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 317,997 shares of the company’s stock after selling 91,435 shares during the period. Arcutis Biotherapeutics makes up about 0.1% of Simplify Asset Management Inc.’s holdings, making the stock its 27th largest holding. Simplify Asset Management Inc. owned about 0.27% of Arcutis Biotherapeutics worth $5,994,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ARQT. Frazier Life Sciences Management L.P. boosted its holdings in Arcutis Biotherapeutics by 12.4% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock valued at $138,441,000 after acquiring an additional 1,089,227 shares during the period. State Street Corp boosted its stake in shares of Arcutis Biotherapeutics by 1.2% in the second quarter. State Street Corp now owns 4,526,937 shares of the company’s stock valued at $63,468,000 after purchasing an additional 52,734 shares during the period. Gilder Gagnon Howe & Co. LLC grew its holdings in shares of Arcutis Biotherapeutics by 1.5% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 4,155,763 shares of the company’s stock valued at $58,264,000 after purchasing an additional 59,712 shares in the last quarter. Geode Capital Management LLC increased its stake in Arcutis Biotherapeutics by 1.4% during the 2nd quarter. Geode Capital Management LLC now owns 2,582,567 shares of the company’s stock worth $36,213,000 after buying an additional 35,620 shares during the period. Finally, Perpetual Ltd lifted its holdings in Arcutis Biotherapeutics by 7,534.3% during the 3rd quarter. Perpetual Ltd now owns 2,024,606 shares of the company’s stock worth $38,164,000 after buying an additional 1,998,086 shares in the last quarter.

Analyst Ratings Changes

ARQT has been the subject of several research reports. The Goldman Sachs Group boosted their price target on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Needham & Company LLC boosted their target price on Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Monday, December 22nd. Mizuho lifted their price objective on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the company an “outperform” rating in a research note on Friday, November 28th. Finally, Wall Street Zen lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.00.

Arcutis Biotherapeutics Stock Down 1.4%

Shares of NASDAQ ARQT opened at $28.56 on Tuesday. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of -79.33 and a beta of 1.69. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.50 and a quick ratio of 3.28. The business has a 50-day moving average of $27.04 and a two-hundred day moving average of $20.04. Arcutis Biotherapeutics, Inc. has a 1 year low of $11.13 and a 1 year high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16. Arcutis Biotherapeutics had a negative return on equity of 29.69% and a negative net margin of 13.94%.The business had revenue of $99.22 million for the quarter, compared to the consensus estimate of $86.69 million. On average, analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Sue-Jean Lin sold 25,272 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $30.78, for a total value of $777,872.16. Following the transaction, the director directly owned 26,735 shares of the company’s stock, valued at $822,903.30. This trade represents a 48.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Todd Watanabe sold 48,945 shares of the business’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $30.36, for a total transaction of $1,485,970.20. Following the completion of the sale, the insider directly owned 740,537 shares of the company’s stock, valued at approximately $22,482,703.32. This trade represents a 6.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 339,229 shares of company stock valued at $8,638,027 over the last three months. 9.40% of the stock is currently owned by insiders.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.