1,410,435 Shares in Arcutis Biotherapeutics, Inc. $ARQT Acquired by Jupiter Topco LLC

Jupiter Topco LLC bought a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the 2nd quarter, HoldingsChannel reports. The fund bought 1,410,435 shares of the company’s stock, valued at approximately $36,989,000.

Several other hedge funds have also recently added to or reduced their stakes in ARQT. UBS Group AG boosted its holdings in shares of 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 buying an additional 294,994 shares in the last quarter. Bank of America Corp DE lifted its position in Arcutis Biotherapeutics by 32.7% during the first quarter. Bank of America Corp DE now owns 2,221,289 shares of the company’s stock valued at $52,334,000 after acquiring an additional 547,835 shares during the last quarter. Kornitzer Capital Management Inc. KS boosted its stake in Arcutis Biotherapeutics by 55.1% in the first quarter. Kornitzer Capital Management Inc. KS now owns 175,870 shares of the company’s stock valued at $4,143,000 after acquiring an additional 62,485 shares in the last quarter. Tejara Capital Ltd purchased a new position in Arcutis Biotherapeutics in the second quarter worth $2,965,000. Finally, Vanguard Group Inc. increased its position in shares of Arcutis Biotherapeutics by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company’s stock worth $210,654,000 after purchasing an additional 107,846 shares in the last quarter.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, Director Sue-Jean Lin sold 4,946 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $24.38, for a total transaction of $120,583.48. Following the transaction, the director owned 27,567 shares in the company, valued at approximately $672,083.46. This trade represents a 15.21% decrease in their ownership of the stock. The sale was disclosed in a 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, Director Howard G. Welgus sold 4,730 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $26.18, for a total value of $123,831.40. Following the transaction, the director owned 36,475 shares in the company, valued at approximately $954,915.50. The trade was a 11.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 75,239 shares of company stock worth $1,910,959. 9.40% of the stock is owned by company insiders.

Arcutis Biotherapeutics Stock Performance

NASDAQ:ARQT opened at $23.78 on Friday. The company’s 50-day moving average price is $26.64 and its 200-day moving average price is $24.63. The company has a current ratio of 2.92, a quick ratio of 2.67 and a debt-to-equity ratio of 0.46. The company has a market cap of $2.99 billion, a P/E ratio of 113.24 and a beta of 1.49. Arcutis Biotherapeutics, Inc. has a twelve month low of $15.10 and a twelve month high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.05. The company had revenue of $129.86 million during the quarter, compared to analysts’ expectations of $118.85 million. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. On average, sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ARQT has been the topic of several research analyst reports. Guggenheim boosted their price target on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Weiss Ratings raised shares of Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 20th. Wall Street Zen raised shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Needham & Company LLC lifted their price target on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Morgan Stanley upped their price objective on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $35.57.

About Arcutis Biotherapeutics

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.