Man Group plc Takes $2.47 Million Position in Arcutis Biotherapeutics, Inc. $ARQT

Man Group plc acquired a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 94,272 shares of the company’s stock, valued at approximately $2,472,000.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Arcutis Biotherapeutics during the second quarter worth $276,502,000. Suvretta Capital Management LLC increased its holdings in shares of 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 acquiring an additional 1,486,000 shares during the period. Jupiter Topco LLC bought a new position in shares of Arcutis Biotherapeutics in the 2nd quarter worth $36,989,000. Price T Rowe Associates Inc. MD raised its position 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 in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Arcutis Biotherapeutics in the 4th quarter worth $26,136,000.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ARQT. Needham & Company LLC raised their price objective on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 20th. Guggenheim increased their price target on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Wall Street Zen upgraded shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Finally, Morgan Stanley lifted their price objective on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.57.

Insider Buying and Selling

In other news, Director Howard G. Welgus sold 4,730 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $26.18, for a total transaction of $123,831.40. Following the transaction, the director owned 36,475 shares in the company, valued at $954,915.50. This represents a 11.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Patrick Burnett sold 6,700 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $26.08, for a total transaction of $174,736.00. Following the completion of the transaction, the insider directly owned 119,289 shares of the company’s stock, valued at $3,111,057.12. The trade was a 5.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 75,239 shares of company stock valued at $1,910,959 in the last 90 days. 9.40% of the stock is owned by insiders.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT opened at $23.75 on Wednesday. Arcutis Biotherapeutics, Inc. has a 12 month low of $15.13 and a 12 month high of $31.77. The stock has a fifty day moving average price of $26.54 and a 200-day moving average price of $24.58. 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 firm has a market cap of $2.99 billion, a PE ratio of 113.10 and a beta of 1.50.

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 the consensus estimate of $0.06 by $0.05. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%.The firm had revenue of $129.86 million for the quarter, compared to the consensus estimate of $118.85 million. Equities research analysts predict that Arcutis Biotherapeutics, Inc. will post 0.4 earnings per share for the current fiscal year.

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.