Rafferty Asset Management LLC Sells 3,932 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Rafferty Asset Management LLC decreased its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 9.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,761 shares of the company’s stock after selling 3,932 shares during the period. Rafferty Asset Management LLC owned 0.08% of Arcutis Biotherapeutics worth $1,030,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Polar Capital Holdings Plc grew its holdings in Arcutis Biotherapeutics by 101.0% during the first quarter. Polar Capital Holdings Plc now owns 1,557,543 shares of the company’s stock worth $45,060,000 after purchasing an additional 782,543 shares during the period. Meeder Asset Management Inc. grew its holdings in Arcutis Biotherapeutics by 65.8% during the second quarter. Meeder Asset Management Inc. now owns 2,277 shares of the company’s stock worth $62,000 after purchasing an additional 904 shares during the period. Birchview Capital LP bought a new position in Arcutis Biotherapeutics during the first quarter worth about $260,000. California State Teachers Retirement System grew its holdings in Arcutis Biotherapeutics by 11.3% during the first quarter. California State Teachers Retirement System now owns 34,863 shares of the company’s stock worth $1,009,000 after purchasing an additional 3,541 shares during the period. Finally, Pinz Capital Management LP bought a new position in Arcutis Biotherapeutics during the first quarter worth about $130,000. Institutional investors own 90.35% of the company’s stock.

In other news, CEO Todd Franklin Watanabe sold 1,750 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Tuesday, July 6th. The shares were sold at an average price of $26.58, for a total value of $46,515.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Howard G. Welgus sold 2,200 shares of the business’s stock in a transaction that occurred on Thursday, July 1st. The shares were sold at an average price of $26.13, for a total transaction of $57,486.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,679 shares of company stock valued at $165,999. 39.00% of the stock is owned by company insiders.

A number of equities analysts recently commented on ARQT shares. Zacks Investment Research cut Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a report on Monday, August 2nd. Morgan Stanley reduced their price objective on Arcutis Biotherapeutics from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, July 16th. Finally, Mizuho initiated coverage on Arcutis Biotherapeutics in a report on Tuesday, June 29th. They set a “buy” rating and a $58.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $49.83.

Shares of NASDAQ:ARQT opened at $21.86 on Tuesday. Arcutis Biotherapeutics, Inc. has a 12-month low of $17.51 and a 12-month high of $38.49. The stock has a market cap of $1.10 billion, a PE ratio of -6.43 and a beta of 0.27. The business has a 50 day moving average of $22.27 and a 200-day moving average of $26.26.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Thursday, August 5th. The company reported ($0.84) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.10. On average, analysts forecast that Arcutis Biotherapeutics, Inc. will post -4.38 earnings per share for the current year.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.

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Institutional Ownership by Quarter for Arcutis Biotherapeutics (NASDAQ:ARQT)

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