Geode Capital Management LLC Purchases 146,842 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Geode Capital Management LLC lifted its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 5.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,753,307 shares of the company’s stock after acquiring an additional 146,842 shares during the period. Geode Capital Management LLC’s holdings in Arcutis Biotherapeutics were worth $79,967,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Arcutis Biotherapeutics by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company’s stock worth $210,654,000 after acquiring an additional 107,846 shares during the period. Polar Capital Holdings Plc lifted its stake in Arcutis Biotherapeutics by 5.8% in the 3rd 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 during the last quarter. State Street Corp lifted its stake in Arcutis Biotherapeutics by 1.2% in the 2nd 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 during the last quarter. UBS Group AG lifted its stake in Arcutis Biotherapeutics by 10.0% in the 4th 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 during the last quarter. Finally, Bank of America Corp DE lifted its stake in Arcutis Biotherapeutics by 133.5% in the 2nd quarter. Bank of America Corp DE now owns 1,202,513 shares of the company’s stock valued at $16,859,000 after purchasing an additional 687,562 shares during the last quarter.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ ARQT opened at $21.23 on Monday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.46 and a current ratio of 2.68. Arcutis Biotherapeutics, Inc. has a 52-week low of $12.72 and a 52-week high of $31.77. The firm has a 50 day moving average price of $22.47 and a two-hundred day moving average price of $25.44. The stock has a market cap of $2.66 billion, a P/E ratio of -707.43 and a beta of 1.52.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. The business had revenue of $105.40 million during the quarter, compared to analyst estimates of $103.68 million. As a group, equities analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.15 EPS for the current year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $23.88, for a total value of $238,800.00. Following the completion of the transaction, the director directly owned 39,744 shares in the company, valued at approximately $949,086.72. This represents a 20.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Masaru Matsuda sold 8,256 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $23.31, for a total transaction of $192,447.36. Following the completion of the transaction, the insider owned 126,689 shares of the company’s stock, valued at approximately $2,953,120.59. This trade represents a 6.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. In the last quarter, insiders have sold 31,254 shares of company stock valued at $732,019. Insiders own 9.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ARQT shares. Guggenheim increased their price objective on shares of Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Wall Street Zen downgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Mizuho dropped their price objective on shares of Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating for the company in a research note on Monday, March 2nd. HC Wainwright increased their price objective on shares of Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Friday, March 27th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.