Legal & General Group Plc Buys Shares of 100,808 Arcutis Biotherapeutics, Inc. $ARQT

Legal & General Group Plc bought a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 100,808 shares of the company’s stock, valued at approximately $2,643,000. Legal & General Group Plc owned approximately 0.08% of Arcutis Biotherapeutics as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. AQR Capital Management LLC lifted its stake in shares of Arcutis Biotherapeutics by 21.4% in the first quarter. AQR Capital Management LLC now owns 248,196 shares of the company’s stock valued at $3,882,000 after purchasing an additional 43,716 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Arcutis Biotherapeutics by 3.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,417 shares of the company’s stock worth $1,118,000 after buying an additional 2,063 shares during the period. Creative Planning grew its position in Arcutis Biotherapeutics by 8.2% during the second quarter. Creative Planning now owns 19,575 shares of the company’s stock worth $274,000 after buying an additional 1,477 shares during the period. JPMorgan Chase & Co. increased its holdings in Arcutis Biotherapeutics by 1.0% in the second quarter. JPMorgan Chase & Co. now owns 548,789 shares of the company’s stock valued at $7,694,000 after buying an additional 5,407 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Arcutis Biotherapeutics by 4,562.5% in the second quarter. Russell Investments Group Ltd. now owns 11,190 shares of the company’s stock valued at $157,000 after buying an additional 10,950 shares in the last quarter.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 4,730 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $26.18, for a total value of $123,831.40. Following the transaction, the director directly owned 36,475 shares in the company, valued at approximately $954,915.50. This represents a 11.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Todd Watanabe sold 4,375 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $26.12, for a total transaction of $114,275.00. Following the sale, the insider directly owned 717,203 shares in the company, valued at $18,733,342.36. This represents a 0.61% 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. Over the last quarter, insiders have sold 75,239 shares of company stock valued at $1,910,959. 9.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

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

Arcutis Biotherapeutics Trading Up 1.0%

Shares of ARQT opened at $23.90 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.92 and a quick ratio of 2.67. Arcutis Biotherapeutics, Inc. has a 1-year low of $16.21 and a 1-year high of $31.77. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of 113.81 and a beta of 1.50. The firm has a 50 day simple moving average of $26.35 and a 200-day simple moving average of $24.54.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. The firm had revenue of $129.86 million for the quarter, compared to analyst estimates of $118.85 million. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%. Equities analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.4 EPS for the current fiscal year.

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.