The Manufacturers Life Insurance Company Acquires Shares of 811,752 Arcutis Biotherapeutics, Inc. $ARQT

The Manufacturers Life Insurance Company acquired a new stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 811,752 shares of the company’s stock, valued at approximately $21,284,000.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Arcutis Biotherapeutics during the second quarter worth $276,502,000. Suvretta Capital Management LLC grew its stake in shares of Arcutis Biotherapeutics by 14.2% in 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 in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Arcutis Biotherapeutics by 1,228.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,166,348 shares of the company’s stock valued at $33,872,000 after acquiring an additional 1,078,546 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Arcutis Biotherapeutics in the fourth quarter valued at about $26,136,000. Finally, State Street Corp increased its position in Arcutis Biotherapeutics by 18.2% during the fourth quarter. State Street Corp now owns 5,488,301 shares of the company’s stock worth $159,380,000 after acquiring an additional 846,986 shares during the period.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Morgan Stanley lifted their price target on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Needham & Company LLC boosted 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. Guggenheim raised their price objective on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Weiss Ratings raised Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 20th. Six investment 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 has an average rating of “Moderate Buy” and an average target price of $35.57.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ:ARQT opened at $24.87 on Friday. The firm has a 50 day moving average of $26.69 and a 200-day moving average of $24.64. Arcutis Biotherapeutics, Inc. has a 12 month low of $15.10 and a 12 month high of $31.77. 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 stock has a market capitalization of $3.13 billion, a PE ratio of 118.43 and a beta of 1.49.

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

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 1,230 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $26.12, for a total transaction of $32,127.60. Following the completion of the sale, the insider directly owned 126,171 shares in the company, valued at $3,295,586.52. This represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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, insider Todd Watanabe sold 4,375 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $26.12, for a total value of $114,275.00. Following the completion of the sale, the insider directly owned 717,203 shares in the company, valued at approximately $18,733,342.36. This represents a 0.61% decrease in their position. 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 sold 37,039 shares of company stock valued at $954,813. 9.40% of the stock is currently owned by insiders.

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.