Arcutis Biotherapeutics, Inc. $ARQT Shares Sold by Cormorant Asset Management LP

Cormorant Asset Management LP decreased its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 35.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 500,000 shares of the company’s stock after selling 275,000 shares during the quarter. Arcutis Biotherapeutics makes up about 0.7% of Cormorant Asset Management LP’s portfolio, making the stock its 24th biggest holding. Cormorant Asset Management LP owned approximately 0.41% of Arcutis Biotherapeutics worth $14,520,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ARQT. Bamco Inc. NY acquired a new stake in shares of Arcutis Biotherapeutics during the fourth quarter valued at about $14,656,000. Guggenheim Capital LLC acquired a new stake in shares of Arcutis Biotherapeutics in the fourth quarter valued at $944,000. PDT Partners LLC raised its position in Arcutis Biotherapeutics by 0.6% in the 4th quarter. PDT Partners LLC now owns 155,075 shares of the company’s stock valued at $4,503,000 after purchasing an additional 967 shares in the last quarter. AQR Capital Management LLC raised its holdings in Arcutis Biotherapeutics by 13.2% in the fourth quarter. AQR Capital Management LLC now owns 499,418 shares of the company’s stock valued at $14,503,000 after acquiring an additional 58,103 shares in the last quarter. Finally, MPM Bioimpact LLC purchased a new stake in shares of Arcutis Biotherapeutics during the 4th quarter worth $15,426,000.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ARQT. HC Wainwright raised their price objective on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. TD Cowen raised their target price on shares of Arcutis Biotherapeutics from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Mizuho dropped their price objective on Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating on the stock in a report on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Friday, March 27th. Finally, Wall Street Zen lowered Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $34.00.

Arcutis Biotherapeutics Trading Up 2.1%

Shares of ARQT opened at $26.22 on Thursday. The firm has a market capitalization of $3.28 billion, a P/E ratio of -873.71 and a beta of 1.51. Arcutis Biotherapeutics, Inc. has a twelve month low of $13.06 and a twelve month high of $31.77. The company has a current ratio of 2.68, a quick ratio of 2.46 and a debt-to-equity ratio of 0.54. The stock’s fifty day simple moving average is $22.68 and its 200 day simple moving average is $25.15.

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

Insider Activity at Arcutis Biotherapeutics

In related news, insider Todd Watanabe sold 3,172 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $23.61, for a total transaction of $74,890.92. Following the completion of the sale, the insider owned 720,755 shares of the company’s stock, valued at $17,017,025.55. This represents a 0.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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, CFO Latha Vairavan sold 1,341 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $23.61, for a total value of $31,661.01. Following the completion of the sale, the chief financial officer owned 86,413 shares in the company, valued at $2,040,210.93. The trade was a 1.53% 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 90 days, insiders sold 40,931 shares of company stock worth $968,886. 9.40% of the stock is currently owned by insiders.

Arcutis Biotherapeutics Company 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.