Prudential Financial Inc. Acquires 5,705 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Prudential Financial Inc. grew its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 1.0% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 598,900 shares of the company’s stock after acquiring an additional 5,705 shares during the period. Prudential Financial Inc.’s holdings in Arcutis Biotherapeutics were worth $8,397,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. raised its stake in Arcutis Biotherapeutics by 10.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock valued at $124,000 after acquiring an additional 820 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Arcutis Biotherapeutics by 3.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,697 shares of the company’s stock valued at $464,000 after purchasing an additional 917 shares during the period. Creative Planning lifted its stake in shares of Arcutis Biotherapeutics by 8.2% during the 2nd quarter. Creative Planning now owns 19,575 shares of the company’s stock worth $274,000 after buying an additional 1,477 shares during the last quarter. Tocqueville Asset Management L.P. boosted its holdings in shares of Arcutis Biotherapeutics by 14.1% during the 1st quarter. Tocqueville Asset Management L.P. now owns 16,200 shares of the company’s stock worth $253,000 after buying an additional 2,000 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Arcutis Biotherapeutics by 3.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,417 shares of the company’s stock valued at $1,118,000 after buying an additional 2,063 shares during the last quarter.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Todd Watanabe sold 48,945 shares of the stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $30.36, for a total transaction of $1,485,970.20. Following the sale, the insider directly owned 740,537 shares in the company, valued at $22,482,703.32. This represents a 6.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Halley E. Gilbert sold 16,532 shares of the firm’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $27.55, for a total transaction of $455,456.60. Following the completion of the transaction, the director directly owned 22,123 shares in the company, valued at approximately $609,488.65. This represents a 42.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 372,331 shares of company stock valued at $8,870,939 over the last three months. 9.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ARQT shares. The Goldman Sachs Group raised their price objective on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Cowen reissued a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. Needham & Company LLC boosted their price target on Arcutis Biotherapeutics from $22.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, October 28th. Wall Street Zen upgraded Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 1st. Finally, Zacks Research raised shares of Arcutis Biotherapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $29.00.

Arcutis Biotherapeutics Price Performance

Arcutis Biotherapeutics stock opened at $30.47 on Friday. The firm has a market cap of $3.73 billion, a PE ratio of -84.64 and a beta of 1.97. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.50 and a quick ratio of 3.28. The stock’s fifty day moving average price is $22.94 and its two-hundred day moving average price is $17.68. Arcutis Biotherapeutics, Inc. has a one year low of $11.13 and a one year high of $31.27.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its earnings results on Tuesday, October 28th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16. The firm had revenue of $99.22 million during the quarter, compared to the consensus estimate of $86.69 million. Arcutis Biotherapeutics had a negative return on equity of 29.69% and a negative net margin of 13.94%. As a group, research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.