Kornitzer Capital Management Inc. KS Buys 62,485 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Kornitzer Capital Management Inc. KS grew its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 55.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 175,870 shares of the company’s stock after acquiring an additional 62,485 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Arcutis Biotherapeutics were worth $4,143,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. SBI Securities Co. Ltd. lifted 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 purchasing an additional 833 shares during the last quarter. Global Retirement Partners LLC bought a new stake in Arcutis Biotherapeutics in the 4th quarter valued at $35,000. EverSource Wealth Advisors LLC grew its holdings in Arcutis Biotherapeutics by 124.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock valued at $37,000 after buying an additional 698 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Arcutis Biotherapeutics by 209.0% in the 4th quarter. NewEdge Advisors LLC now owns 1,545 shares of the company’s stock valued at $45,000 after buying an additional 1,045 shares in the last quarter. Finally, Truvestments Capital LLC increased its position in Arcutis Biotherapeutics by 114.2% during the 4th quarter. Truvestments Capital LLC now owns 3,012 shares of the company’s stock worth $87,000 after buying an additional 1,606 shares during the period.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 4,096 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $24.41, for a total transaction of $99,983.36. Following the sale, the director directly owned 38,378 shares of the company’s stock, valued at approximately $936,806.98. This represents a 9.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Latha Vairavan sold 1,341 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $23.61, for a total value of $31,661.01. Following the completion of the transaction, the chief financial officer owned 86,413 shares in the company, valued at $2,040,210.93. The trade was a 1.53% 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. 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 worth $730,086 in the last quarter. 9.40% of the stock is currently owned by corporate insiders.

Arcutis Biotherapeutics Price Performance

Shares of ARQT stock traded down $1.04 during trading on Friday, hitting $27.74. The company had a trading volume of 1,572,129 shares, compared to its average volume of 1,740,885. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.46 and a current ratio of 2.68. The firm has a market capitalization of $3.47 billion, a P/E ratio of -924.36 and a beta of 1.48. The stock’s 50-day moving average price is $23.67 and its 200 day moving average price is $24.85. Arcutis Biotherapeutics, Inc. has a one year low of $13.69 and a one year high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The company had revenue of $105.40 million for the quarter, compared to the consensus estimate of $103.67 million. Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%. Equities analysts expect that Arcutis Biotherapeutics, Inc. will post 0.15 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Wednesday, June 24th. Needham & Company LLC restated a “buy” rating and issued a $36.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Finally, Wall Street Zen lowered shares of Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Arcutis Biotherapeutics presently has an average rating of “Moderate Buy” and an average price target 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.