Kornitzer Capital Management Inc. KS Makes New $3.29 Million Investment in Arcutis Biotherapeutics, Inc. $ARQT

Kornitzer Capital Management Inc. KS purchased a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 113,385 shares of the company’s stock, valued at approximately $3,293,000.

Several other hedge funds also recently made changes to their positions in the stock. Jennison Associates LLC grew its position in shares of Arcutis Biotherapeutics by 10.3% in the third quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock valued at $230,990,000 after purchasing an additional 1,144,714 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Arcutis Biotherapeutics by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company’s stock valued at $210,654,000 after purchasing an additional 107,846 shares in the last quarter. Polar Capital Holdings Plc grew its position in shares of Arcutis Biotherapeutics by 5.8% in the third quarter. Polar Capital Holdings Plc now owns 5,298,754 shares of the company’s stock valued at $99,882,000 after purchasing an additional 292,279 shares in the last quarter. State Street Corp grew its position in shares of Arcutis Biotherapeutics by 1.2% in the second quarter. State Street Corp now owns 4,526,937 shares of the company’s stock valued at $63,468,000 after purchasing an additional 52,734 shares in the last quarter. Finally, UBS Group AG grew its position in shares of Arcutis Biotherapeutics by 10.0% in the fourth quarter. UBS Group AG now owns 3,243,432 shares of the company’s stock valued at $94,189,000 after purchasing an additional 294,994 shares in the last quarter.

Arcutis Biotherapeutics Price Performance

NASDAQ:ARQT opened at $23.35 on Friday. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of -166.77 and a beta of 1.58. Arcutis Biotherapeutics, Inc. has a 52-week low of $12.42 and a 52-week high of $31.77. The stock has a fifty day moving average of $23.86 and a 200 day moving average of $25.70. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.99 and a current ratio of 3.17.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.10. Arcutis Biotherapeutics had a negative return on equity of 10.26% and a negative net margin of 4.29%.The company had revenue of $129.50 million during the quarter, compared to analyst estimates of $110.79 million. On average, research analysts expect that Arcutis Biotherapeutics, Inc. will post 0.18 EPS for the current fiscal year.

Insider Activity

In other Arcutis Biotherapeutics news, insider Todd Watanabe sold 37,349 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $25.18, for a total transaction of $940,447.82. Following the completion of the sale, the insider owned 785,957 shares of the company’s stock, valued at $19,790,397.26. The trade was a 4.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Larry Todd Edwards sold 3,687 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $25.18, for a total value of $92,838.66. Following the sale, the insider directly owned 175,178 shares of the company’s stock, valued at approximately $4,410,982.04. This trade represents a 2.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 159,546 shares of company stock valued at $4,032,162. 9.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ARQT shares. HC Wainwright lifted their price target on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. TD Cowen lifted their price target on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Guggenheim lifted their price target on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Friday, March 27th. Finally, Mizuho dropped their price objective on Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating for the company in a research note on Monday, March 2nd. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.

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.