Intech Investment Management LLC Sells 35,672 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Intech Investment Management LLC lessened its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 41.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 50,610 shares of the company’s stock after selling 35,672 shares during the period. Intech Investment Management LLC’s holdings in Arcutis Biotherapeutics were worth $954,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Johnson Investment Counsel Inc. bought a new position in Arcutis Biotherapeutics during the third quarter valued at $30,000. PNC Financial Services Group Inc. increased its holdings in shares of Arcutis Biotherapeutics by 10.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock worth $124,000 after buying an additional 820 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Arcutis Biotherapeutics by 1,291.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock worth $124,000 after buying an additional 6,559 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter valued at about $145,000. Finally, Russell Investments Group Ltd. raised its position in shares of Arcutis Biotherapeutics by 4,562.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 11,190 shares of the company’s stock valued at $157,000 after buying an additional 10,950 shares in the last quarter.

Arcutis Biotherapeutics Price Performance

ARQT opened at $24.00 on Monday. Arcutis Biotherapeutics, Inc. has a 12-month low of $11.86 and a 12-month high of $31.77. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.57. The business’s fifty day simple moving average is $26.72 and its 200-day simple moving average is $24.20. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of -171.42 and a beta of 1.66.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.10. Arcutis Biotherapeutics had a negative return on equity of 10.26% and a negative net margin of 4.29%.The firm had revenue of $129.50 million during the quarter, compared to the consensus estimate of $110.79 million. On average, equities research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on ARQT. Zacks Research lowered Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Needham & Company LLC upped their price objective on Arcutis Biotherapeutics from $31.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. TD Cowen raised their price objective on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Wall Street Zen cut Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 14th. Finally, Guggenheim raised their price target on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.86.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Todd Watanabe sold 37,349 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $25.18, for a total transaction of $940,447.82. Following the transaction, the insider owned 785,957 shares of the company’s stock, valued at approximately $19,790,397.26. This trade represents a 4.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $25.05, for a total transaction of $250,500.00. Following the completion of the sale, the director owned 59,744 shares of the company’s stock, valued at approximately $1,496,587.20. This represents a 14.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 175,233 shares of company stock worth $4,537,485. 9.40% of the stock is currently owned by company 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.