Profund Advisors LLC Raises Stock Holdings in Arcutis Biotherapeutics, Inc. $ARQT

Profund Advisors LLC grew its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 97.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 64,171 shares of the company’s stock after acquiring an additional 31,615 shares during the quarter. Profund Advisors LLC’s holdings in Arcutis Biotherapeutics were worth $1,864,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Focus Partners Wealth increased its holdings in shares of Arcutis Biotherapeutics by 0.8% in the 3rd quarter. Focus Partners Wealth now owns 65,196 shares of the company’s stock valued at $1,237,000 after acquiring an additional 490 shares during the period. Arizona State Retirement System increased its stake in Arcutis Biotherapeutics by 1.8% in the third quarter. Arizona State Retirement System now owns 31,685 shares of the company’s stock valued at $597,000 after purchasing an additional 568 shares during the period. AlphaQuest LLC increased its stake in Arcutis Biotherapeutics by 5.7% in the third quarter. AlphaQuest LLC now owns 12,603 shares of the company’s stock valued at $238,000 after purchasing an additional 682 shares during the period. DNB Asset Management AS boosted its stake in shares of Arcutis Biotherapeutics by 3.0% during the fourth quarter. DNB Asset Management AS now owns 27,786 shares of the company’s stock worth $807,000 after buying an additional 802 shares during the period. Finally, SBI Securities Co. Ltd. boosted its stake in shares of Arcutis Biotherapeutics by 325.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock worth $32,000 after buying an additional 833 shares during the period.

Analyst Ratings Changes

Several equities analysts recently issued reports on ARQT shares. Guggenheim boosted their price target on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, February 27th. TD Cowen increased their price target on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Friday, March 27th. Mizuho cut their price objective on shares of Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating for the company in a research report on Monday, March 2nd. Finally, HC Wainwright lifted their target price on shares of Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.00.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock opened at $20.47 on Thursday. The company has a current ratio of 2.68, a quick ratio of 2.46 and a debt-to-equity ratio of 0.54. The stock has a 50 day simple moving average of $22.85 and a 200-day simple moving average of $25.71. The company has a market cap of $2.56 billion, a price-to-earnings ratio of -682.11 and a beta of 1.58. Arcutis Biotherapeutics, Inc. has a 12-month low of $12.72 and a 12-month high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings results 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 business had revenue of $105.40 million during the quarter, compared to analysts’ expectations of $103.68 million. On average, equities analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.15 EPS for the current year.

Insider Activity at Arcutis Biotherapeutics

In related news, CFO Latha Vairavan sold 1,341 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $23.61, for a total value of $31,661.01. Following the completion of the sale, the chief financial officer owned 86,413 shares in the company, valued at $2,040,210.93. This trade represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 Masaru Matsuda sold 8,256 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $23.31, for a total transaction of $192,447.36. Following the sale, the insider directly owned 126,689 shares in the company, valued at approximately $2,953,120.59. This represents a 6.12% 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. In the last ninety days, insiders sold 93,488 shares of company stock worth $2,309,329. 9.40% of the stock is currently owned by insiders.

Arcutis Biotherapeutics Company 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.