Inspire Investing LLC Reduces Stock Holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Inspire Investing LLC cut its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 34.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,923 shares of the company’s stock after selling 15,421 shares during the quarter. Inspire Investing LLC’s holdings in Arcutis Biotherapeutics were worth $403,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC raised its stake in Arcutis Biotherapeutics by 727.5% in the 2nd quarter. AQR Capital Management LLC now owns 257,357 shares of the company’s stock valued at $2,393,000 after acquiring an additional 226,258 shares during the period. Dark Forest Capital Management LP raised its position in shares of Arcutis Biotherapeutics by 29.9% in the second quarter. Dark Forest Capital Management LP now owns 27,612 shares of the company’s stock valued at $257,000 after purchasing an additional 6,362 shares during the period. Millennium Management LLC lifted its stake in shares of Arcutis Biotherapeutics by 35.3% during the 2nd quarter. Millennium Management LLC now owns 512,696 shares of the company’s stock valued at $4,768,000 after buying an additional 133,645 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Arcutis Biotherapeutics by 31.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 40,323 shares of the company’s stock worth $375,000 after buying an additional 9,537 shares during the period. Finally, Algert Global LLC purchased a new position in Arcutis Biotherapeutics in the 2nd quarter valued at approximately $97,000.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. HC Wainwright restated a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research report on Monday, January 13th. Mizuho increased their price objective on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, January 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $16.60.

Arcutis Biotherapeutics Stock Up 1.8 %

ARQT opened at $13.85 on Friday. The firm has a market capitalization of $1.62 billion, a P/E ratio of -7.74 and a beta of 1.30. Arcutis Biotherapeutics, Inc. has a one year low of $4.44 and a one year high of $16.20. The company has a fifty day moving average price of $13.19 and a 200-day moving average price of $10.93. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The business had revenue of $44.76 million for the quarter, compared to analyst estimates of $38.05 million. Equities research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.35 earnings per share for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 5,015 shares of the stock in a transaction on Monday, November 4th. The shares were sold at an average price of $8.68, for a total value of $43,530.20. Following the transaction, the insider now owns 178,273 shares of the company’s stock, valued at $1,547,409.64. This represents a 2.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Patrick Burnett sold 16,023 shares of Arcutis Biotherapeutics stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $10.14, for a total transaction of $162,473.22. Following the sale, the insider now directly owns 128,669 shares of the company’s stock, valued at $1,304,703.66. This represents a 11.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,291 shares of company stock valued at $927,966 over the last three months. 9.50% of the stock is owned by corporate insiders.

About Arcutis Biotherapeutics

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.