State of Alaska Department of Revenue Buys New Stake in Arcutis Biotherapeutics, Inc. $ARQT

State of Alaska Department of Revenue bought a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 24,772 shares of the company’s stock, valued at approximately $653,000.

Several other institutional investors have also bought and sold shares of the stock. Bank of America Corp DE raised its stake in Arcutis Biotherapeutics by 32.7% during the first quarter. Bank of America Corp DE now owns 2,221,289 shares of the company’s stock worth $52,334,000 after acquiring an additional 547,835 shares in the last quarter. Tejara Capital Ltd bought a new position in shares of Arcutis Biotherapeutics during the second quarter valued at $2,965,000. Kornitzer Capital Management Inc. KS lifted its holdings in shares of Arcutis Biotherapeutics by 55.1% during the first quarter. Kornitzer Capital Management Inc. KS now owns 175,870 shares of the company’s stock valued at $4,143,000 after acquiring an additional 62,485 shares during the period. Sei Investments Co. boosted its stake in shares of Arcutis Biotherapeutics by 97.7% in the 1st quarter. Sei Investments Co. now owns 206,141 shares of the company’s stock valued at $4,857,000 after purchasing an additional 101,855 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Arcutis Biotherapeutics in the 2nd quarter valued at $2,643,000.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 6,700 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $26.08, for a total transaction of $174,736.00. Following the sale, the insider owned 119,289 shares of the company’s stock, valued at $3,111,057.12. This represents a 5.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Todd Watanabe sold 4,375 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $26.12, for a total transaction of $114,275.00. Following the transaction, the insider owned 717,203 shares in the company, valued at $18,733,342.36. The trade was a 0.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. In the last ninety days, insiders have sold 83,953 shares of company stock valued at $2,143,291. 9.40% of the stock is currently owned by company insiders.

Arcutis Biotherapeutics Stock Down 3.1%

NASDAQ ARQT opened at $31.20 on Friday. The stock’s 50 day simple moving average is $26.04 and its 200 day simple moving average is $25.12. Arcutis Biotherapeutics, Inc. has a one year low of $19.30 and a one year high of $33.30. The firm has a market cap of $3.92 billion, a PE ratio of 153.33 and a beta of 1.57. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.92 and a quick ratio of 2.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings data 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. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%. The firm had revenue of $129.86 million during the quarter, compared to the consensus estimate of $118.85 million. As a group, sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on ARQT shares. Jefferies Financial Group reaffirmed a “buy” rating and issued a $39.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, October 8th. Cantor Fitzgerald assumed coverage on shares of Arcutis Biotherapeutics in a report on Thursday, October 15th. They set an “overweight” rating and a $48.00 price target for the company. Guggenheim lifted their price target on shares of Arcutis Biotherapeutics from $38.00 to $44.00 and gave the company a “buy” rating in a report on Monday. Needham & Company LLC boosted their price target on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Finally, Morgan Stanley upped their price objective on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $38.00.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and delivering treatments for dermatologic conditions. The company’s portfolio is centered on therapies designed to address inflammatory skin diseases, with an emphasis on nonsteroidal topical medicines that may help patients manage chronic conditions.

Arcutis’s lead product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor. ZORYVE has received U.S. Food and Drug Administration approvals for multiple dermatological uses, including plaque psoriasis, seborrheic dermatitis and atopic dermatitis, in different cream and foam formulations.