Arcutis Biotherapeutics, Inc. $ARQT Holdings Boosted by Eversept Partners LP

Eversept Partners LP grew its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 32.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 576,580 shares of the company’s stock after purchasing an additional 141,946 shares during the quarter. Eversept Partners LP’s holdings in Arcutis Biotherapeutics were worth $13,584,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Suvretta Capital Management LLC lifted its holdings in shares of Arcutis Biotherapeutics by 14.2% in the 4th quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock worth $347,435,000 after purchasing an additional 1,486,000 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Arcutis Biotherapeutics by 1,228.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,166,348 shares of the company’s stock worth $33,872,000 after buying an additional 1,078,546 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Arcutis Biotherapeutics in the fourth quarter worth $26,136,000. State Street Corp lifted its stake in Arcutis Biotherapeutics by 18.2% in the fourth quarter. State Street Corp now owns 5,488,301 shares of the company’s stock valued at $159,380,000 after buying an additional 846,986 shares during the last quarter. Finally, Voloridge Investment Management LLC bought a new stake in Arcutis Biotherapeutics in the third quarter valued at $15,711,000.

Arcutis Biotherapeutics Stock Performance

ARQT stock opened at $27.84 on Tuesday. The company has a market capitalization of $3.48 billion, a P/E ratio of -927.69 and a beta of 1.48. The company has a 50-day simple moving average of $24.97 and a 200 day simple moving average of $24.71. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $13.69 and a fifty-two week high of $31.77. The company has a quick ratio of 2.46, a current ratio of 2.68 and a debt-to-equity ratio of 0.54.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its earnings results on Wednesday, May 6th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. The company had revenue of $105.40 million for the quarter, compared to analyst estimates of $103.67 million. Sell-side analysts predict that Arcutis Biotherapeutics, Inc. will post 0.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently commented on ARQT. Needham & Company LLC restated a “buy” rating and set a $36.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Wednesday, June 24th. Finally, Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $34.00.

Insiders Place Their Bets

In other news, CFO Latha Vairavan sold 1,341 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $23.61, for a total value of $31,661.01. Following the completion of the transaction, the chief financial officer directly owned 86,413 shares in the company, valued at $2,040,210.93. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sue-Jean Lin sold 4,946 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $24.38, for a total transaction of $120,583.48. Following the transaction, the director owned 27,567 shares in the company, valued at $672,083.46. This represents a 15.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 30,931 shares of company stock valued at $730,086. 9.40% of the stock is currently owned by insiders.

Arcutis Biotherapeutics 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.