Pictet Asset Management Holding SA Grows Stock Position in Arcutis Biotherapeutics, Inc. $ARQT

Pictet Asset Management Holding SA increased its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 57.5% in the 1st quarter, Holdings Channel.com reports. The firm owned 138,112 shares of the company’s stock after purchasing an additional 50,425 shares during the period. Pictet Asset Management Holding SA’s holdings in Arcutis Biotherapeutics were worth $2,984,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ARQT. Suvretta Capital Management LLC increased its stake in Arcutis Biotherapeutics by 14.2% in the 4th quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock valued at $347,435,000 after buying an additional 1,486,000 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Arcutis Biotherapeutics by 1,228.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,166,348 shares of the company’s stock worth $33,872,000 after acquiring an additional 1,078,546 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Arcutis Biotherapeutics in the fourth quarter valued at about $26,136,000. State Street Corp boosted its holdings in shares of Arcutis Biotherapeutics by 18.2% in the fourth quarter. State Street Corp now owns 5,488,301 shares of the company’s stock valued at $159,380,000 after acquiring an additional 846,986 shares in the last quarter. Finally, Voloridge Investment Management LLC purchased a new stake in shares of Arcutis Biotherapeutics in the third quarter valued at about $15,711,000.

Arcutis Biotherapeutics Price Performance

Arcutis Biotherapeutics stock opened at $25.81 on Friday. The company has a market cap of $3.23 billion, a P/E ratio of -860.05 and a beta of 1.48. Arcutis Biotherapeutics, Inc. has a one year low of $13.06 and a one year high of $31.77. The business has a fifty day moving average of $23.20 and a two-hundred day moving average of $24.87. 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 (NASDAQ:ARQT) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%.The company had revenue of $105.40 million for the quarter, compared to analyst estimates of $103.67 million. As a group, analysts predict that Arcutis Biotherapeutics, Inc. will post 0.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ARQT. Needham & Company LLC reissued a “buy” rating and set a $36.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Wednesday, June 24th. Finally, Wall Street Zen cut Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Arcutis Biotherapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $34.00.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Todd Watanabe sold 3,172 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $23.61, for a total value of $74,890.92. Following the completion of the transaction, the insider directly owned 720,755 shares of the company’s stock, valued at approximately $17,017,025.55. This trade represents a 0.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 Arcutis Biotherapeutics stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $23.61, for a total transaction of $31,661.01. Following the sale, the chief financial officer owned 86,413 shares of the company’s stock, valued at approximately $2,040,210.93. The trade was a 1.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders sold a total of 30,931 shares of company stock valued at $730,086 in the last ninety days. Company insiders own 9.40% of the company’s stock.

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.