BlackRock Inc. Purchases Shares of 10,545,466 Arcutis Biotherapeutics, Inc. $ARQT

BlackRock Inc. purchased a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 10,545,466 shares of the company’s stock, valued at approximately $276,502,000. BlackRock Inc. owned 0.08% of Arcutis Biotherapeutics as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. SBI Securities Co. Ltd. lifted its holdings in shares of Arcutis Biotherapeutics by 325.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock valued at $32,000 after buying an additional 833 shares during the period. Global Retirement Partners LLC purchased a new stake in shares of Arcutis Biotherapeutics in the fourth quarter worth about $35,000. EverSource Wealth Advisors LLC grew its holdings in Arcutis Biotherapeutics by 124.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock worth $37,000 after acquiring an additional 698 shares during the period. NewEdge Advisors LLC grew its holdings in Arcutis Biotherapeutics by 209.0% during the fourth 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 raised its position in Arcutis Biotherapeutics by 114.2% during the fourth quarter. Truvestments Capital LLC now owns 3,012 shares of the company’s stock valued at $87,000 after acquiring an additional 1,606 shares in the last quarter.

Arcutis Biotherapeutics Price Performance

Arcutis Biotherapeutics stock opened at $25.14 on Thursday. The stock has a market capitalization of $3.16 billion, a P/E ratio of 119.72 and a beta of 1.49. The company’s fifty day moving average price is $26.72 and its 200 day moving average price is $24.65. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92. Arcutis Biotherapeutics, Inc. has a 1 year low of $15.10 and a 1 year high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. The company had revenue of $129.86 million during the quarter, compared to analysts’ expectations of $118.85 million. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. As a group, equities research analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, insider Masaru Matsuda sold 1,230 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $26.12, for a total value of $32,127.60. Following the sale, the insider directly owned 126,171 shares in the company, valued at approximately $3,295,586.52. The trade was a 0.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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, insider Patrick Burnett sold 6,700 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $26.08, for a total value of $174,736.00. Following the sale, the insider owned 119,289 shares of the company’s stock, valued at approximately $3,111,057.12. This trade represents a 5.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 37,039 shares of company stock valued at $954,813. Corporate insiders own 9.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Guggenheim boosted their price target on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Morgan Stanley raised 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. Weiss Ratings raised shares of Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 20th. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Finally, Needham & Company LLC increased their price target on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Six analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.57.

Arcutis Biotherapeutics Company 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.