Citizens Financial Group Inc. RI Takes Position in Arcutis Biotherapeutics, Inc. $ARQT

Citizens Financial Group Inc. RI acquired a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 35,148 shares of the company’s stock, valued at approximately $922,000.

Other large investors have also recently bought and sold shares of the company. SBI Securities Co. Ltd. grew its holdings in Arcutis Biotherapeutics by 325.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock worth $32,000 after acquiring an additional 833 shares during the last quarter. Global Retirement Partners LLC bought a new position in shares of Arcutis Biotherapeutics during the fourth quarter valued at $35,000. EverSource Wealth Advisors LLC raised its stake in shares of Arcutis Biotherapeutics by 124.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock valued at $37,000 after acquiring an additional 698 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Arcutis Biotherapeutics by 209.0% during the fourth quarter. NewEdge Advisors LLC now owns 1,545 shares of the company’s stock worth $45,000 after purchasing an additional 1,045 shares during the period. Finally, Truvestments Capital LLC grew its stake in shares of Arcutis Biotherapeutics by 114.2% in the fourth quarter. Truvestments Capital LLC now owns 3,012 shares of the company’s stock worth $87,000 after purchasing an additional 1,606 shares during the last quarter.

Analysts Set New Price Targets

A number of equities analysts 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. Morgan Stanley increased their target price on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. 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. Weiss Ratings raised Arcutis Biotherapeutics from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, August 6th. Finally, Guggenheim increased 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. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $35.57.

Arcutis Biotherapeutics Trading Up 3.6%

NASDAQ:ARQT opened at $26.54 on Wednesday. Arcutis Biotherapeutics, Inc. has a 52 week low of $15.10 and a 52 week high of $31.77. The firm has a 50-day moving average price of $26.68 and a two-hundred day moving average price of $24.68. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of 126.39 and a beta of 1.49.

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

Insider Buying and Selling

In related news, Director Howard G. Welgus sold 4,096 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $24.41, for a total transaction of $99,983.36. Following the completion of the transaction, the director owned 38,378 shares in the company, valued at approximately $936,806.98. This represents a 9.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 Arcutis Biotherapeutics stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $26.12, for a total transaction of $114,275.00. Following the completion of the sale, the insider directly owned 717,203 shares in the company, valued at $18,733,342.36. This trade 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. Insiders sold 31,237 shares of company stock worth $803,066 in the last ninety days. Corporate insiders own 9.40% of the company’s stock.

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.