36,200 Shares in Arcutis Biotherapeutics, Inc. $ARQT Purchased by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board acquired a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 36,200 shares of the company’s stock, valued at approximately $949,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Castleark Management LLC purchased a new position in shares of Arcutis Biotherapeutics during the second quarter valued at approximately $3,603,000. Legal & General Group Plc purchased a new stake in shares of Arcutis Biotherapeutics in the 2nd quarter worth approximately $2,643,000. The Manufacturers Life Insurance Company bought a new position in Arcutis Biotherapeutics during the 2nd quarter valued at approximately $21,284,000. Commerce Bank purchased a new position in Arcutis Biotherapeutics during the second quarter valued at $431,000. Finally, TrinityBridge Ltd bought a new stake in Arcutis Biotherapeutics in the second quarter worth $498,000.

Analyst Upgrades and Downgrades

ARQT has been the subject of several analyst reports. Guggenheim raised 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. Weiss Ratings raised Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research 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. Needham & Company LLC increased their price objective 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 raised their price objective on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.57.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Todd Watanabe sold 4,375 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, August 3rd. The shares were 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 of the company’s stock, valued at $18,733,342.36. The trade was a 0.61% decrease in their ownership of the stock. The sale 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sue-Jean Lin sold 4,946 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $24.38, for a total transaction of $120,583.48. Following the transaction, the director directly owned 27,567 shares in the company, valued at $672,083.46. This represents a 15.21% 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. Insiders sold a total of 75,239 shares of company stock worth $1,910,959 in the last quarter. 9.40% of the stock is currently owned by insiders.

Arcutis Biotherapeutics Stock Up 0.8%

ARQT opened at $23.97 on Tuesday. The firm’s 50 day simple moving average is $26.59 and its two-hundred day simple moving average is $24.60. The company has a market capitalization of $3.01 billion, a PE ratio of 114.15 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 company has a current ratio of 2.92, a quick ratio of 2.67 and a debt-to-equity ratio of 0.46.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.11 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $118.85 million. As a group, equities analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.4 EPS for the current year.

About Arcutis Biotherapeutics

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.