Renaissance Technologies LLC Purchases 167,000 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Renaissance Technologies LLC lifted its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 60.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 440,999 shares of the company’s stock after purchasing an additional 167,000 shares during the quarter. Renaissance Technologies LLC owned 0.35% of Arcutis Biotherapeutics worth $10,390,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of ARQT. Suvretta Capital Management LLC grew its position in Arcutis Biotherapeutics by 14.2% during the fourth quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock valued at $347,435,000 after acquiring an additional 1,486,000 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings 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 last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Arcutis Biotherapeutics in the 4th quarter worth approximately $26,136,000. State Street Corp boosted its stake in shares of Arcutis Biotherapeutics by 18.2% in the 4th quarter. State Street Corp now owns 5,488,301 shares of the company’s stock valued at $159,380,000 after purchasing 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 3rd quarter valued at $15,711,000.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Todd Watanabe sold 3,172 shares of the stock in a transaction on 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 SEC, which is available at 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, Director Sue-Jean Lin sold 4,946 shares of the firm’s stock in a transaction 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 completion of the sale, the director directly owned 27,567 shares in the company, valued at approximately $672,083.46. This trade represents a 15.21% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 23,787 shares of company stock worth $565,846 over the last ninety days. 9.40% of the stock is owned by company insiders.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock opened at $26.86 on Friday. 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 fifty-two week low of $13.69 and a fifty-two week high of $31.77. The stock has a 50 day moving average price of $25.55 and a two-hundred day moving average price of $24.70. The company has a market capitalization of $3.36 billion, a P/E ratio of -895.03 and a beta of 1.48.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data 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 net margin of 0.57% and a negative return on equity of 1.41%. The company had revenue of $105.40 million for the quarter, compared to analysts’ expectations of $103.67 million. Analysts expect that Arcutis Biotherapeutics, Inc. will post 0.16 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on ARQT. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Wednesday, June 24th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $36.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. 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. According to data from MarketBeat, the stock 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.