PDT Partners LLC Acquires Shares of 155,075 Arcutis Biotherapeutics, Inc. $ARQT

PDT Partners LLC bought a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 155,075 shares of the company’s stock, valued at approximately $4,066,000.

A number of other institutional investors have also modified their holdings of the stock. Suvretta Capital Management LLC boosted its holdings in shares of Arcutis Biotherapeutics by 14.2% in the fourth quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock valued at $347,435,000 after purchasing an additional 1,486,000 shares during the period. BlackRock Inc. bought a new position in Arcutis Biotherapeutics in the second quarter worth approximately $276,502,000. Vanguard Group Inc. increased its holdings in Arcutis Biotherapeutics by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company’s stock worth $210,654,000 after purchasing an additional 107,846 shares during the period. Polar Capital Holdings Plc increased its holdings in Arcutis Biotherapeutics by 4.9% during the 4th quarter. Polar Capital Holdings Plc now owns 5,556,169 shares of the company’s stock worth $161,351,000 after purchasing an additional 257,415 shares during the period. Finally, State Street Corp raised its position in Arcutis Biotherapeutics by 18.2% during the 4th quarter. State Street Corp now owns 5,488,301 shares of the company’s stock valued at $159,380,000 after purchasing an additional 846,986 shares in the last quarter.

Arcutis Biotherapeutics Trading Up 0.3%

Shares of NASDAQ ARQT opened at $24.86 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.92 and a quick ratio of 2.67. The stock has a market capitalization of $3.12 billion, a P/E ratio of 118.39 and a beta of 1.49. Arcutis Biotherapeutics, Inc. has a 1-year low of $15.10 and a 1-year high of $31.77. The business has a fifty day moving average price of $26.74 and a 200 day moving average price of $24.66.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.05. The company had revenue of $129.86 million for the quarter, compared to analyst estimates of $118.85 million. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%. Equities research analysts expect that Arcutis Biotherapeutics, Inc. will post 0.4 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on ARQT shares. Guggenheim upped their target price on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Morgan Stanley lifted their price objective on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Needham & Company LLC upped their price objective on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Weiss Ratings upgraded shares of Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 20th. Finally, Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Arcutis Biotherapeutics currently has an average rating of “Moderate Buy” and an average target price of $35.57.

Insider Transactions at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 4,730 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $26.18, for a total value of $123,831.40. Following the transaction, the director owned 36,475 shares of the company’s stock, valued at $954,915.50. The trade was a 11.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sue-Jean Lin sold 4,946 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was 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 of the company’s stock, valued at approximately $672,083.46. This trade 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 90 days, insiders have sold 37,039 shares of company stock worth $954,813. 9.40% of the stock is owned by corporate 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.