Principal Financial Group Inc. Makes New $3.98 Million Investment in Arcutis Biotherapeutics, Inc. $ARQT

Principal Financial Group Inc. acquired a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the 1st quarter, HoldingsChannel.com reports. The fund acquired 168,826 shares of the company’s stock, valued at approximately $3,978,000.

A number of other large investors have also made changes to their positions in the stock. SBI Securities Co. Ltd. grew its position in Arcutis Biotherapeutics by 325.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock worth $32,000 after buying an additional 833 shares in the last quarter. Global Retirement Partners LLC acquired a new position in Arcutis Biotherapeutics in the 4th quarter valued at approximately $35,000. EverSource Wealth Advisors LLC raised its holdings in Arcutis Biotherapeutics by 124.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock valued at $37,000 after acquiring an additional 698 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Arcutis Biotherapeutics by 209.0% in the 4th quarter. NewEdge Advisors LLC now owns 1,545 shares of the company’s stock worth $45,000 after acquiring an additional 1,045 shares during the period. Finally, Truvestments Capital LLC lifted its position in shares of Arcutis Biotherapeutics by 114.2% in the 4th quarter. Truvestments Capital LLC now owns 3,012 shares of the company’s stock worth $87,000 after acquiring an additional 1,606 shares during the period.

Arcutis Biotherapeutics Trading Up 2.1%

Shares of ARQT opened at $28.42 on Wednesday. The company has a current ratio of 2.68, a quick ratio of 2.46 and a debt-to-equity ratio of 0.54. The stock has a market cap of $3.55 billion, a PE ratio of -947.02 and a beta of 1.48. Arcutis Biotherapeutics, Inc. has a 1 year low of $13.69 and a 1 year high of $31.77. The stock has a 50 day simple moving average of $25.15 and a 200-day simple moving average of $24.70.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly 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 during the quarter, compared to analyst estimates of $103.67 million. On average, sell-side analysts predict that Arcutis Biotherapeutics, Inc. will post 0.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ARQT shares. Needham & Company LLC reissued a “buy” rating and set a $36.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, May 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Wednesday, June 24th. Finally, Wall Street Zen raised 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Arcutis Biotherapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Sue-Jean Lin sold 4,946 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $24.38, for a total value of $120,583.48. Following the sale, the director owned 27,567 shares of the company’s stock, valued at approximately $672,083.46. This represents a 15.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Latha Vairavan sold 1,341 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $23.61, for a total transaction of $31,661.01. Following the sale, the chief financial officer owned 86,413 shares of the company’s stock, valued at $2,040,210.93. This trade represents a 1.53% decrease in their position. The SEC filing for this sale provides additional information. 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 90 days, insiders sold 30,931 shares of company stock valued at $730,086. Insiders own 9.40% of the company’s stock.

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.