AMI Asset Management Corp Buys 59,487 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

AMI Asset Management Corp lifted its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 36.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 223,681 shares of the company’s stock after purchasing an additional 59,487 shares during the period. AMI Asset Management Corp owned 0.19% of Arcutis Biotherapeutics worth $2,080,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in ARQT. CWM LLC increased its position in Arcutis Biotherapeutics by 6,740.0% during the second quarter. CWM LLC now owns 4,104 shares of the company’s stock worth $38,000 after buying an additional 4,044 shares during the last quarter. Ameritas Investment Partners Inc. raised its stake in Arcutis Biotherapeutics by 55.2% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,871 shares of the company’s stock valued at $78,000 after acquiring an additional 2,800 shares during the period. Algert Global LLC acquired a new stake in Arcutis Biotherapeutics during the 2nd quarter valued at $97,000. Creative Planning acquired a new position in shares of Arcutis Biotherapeutics in the third quarter valued at $127,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Arcutis Biotherapeutics in the second quarter valued at about $174,000.

Arcutis Biotherapeutics Stock Up 0.6 %

ARQT stock opened at $8.61 on Wednesday. The firm has a market capitalization of $1.01 billion, a PE ratio of -3.91 and a beta of 1.17. The company has a quick ratio of 8.19, a current ratio of 8.46 and a debt-to-equity ratio of 1.09. Arcutis Biotherapeutics, Inc. has a twelve month low of $1.76 and a twelve month high of $13.17. The stock’s 50 day moving average is $9.78 and its 200-day moving average is $9.34.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.06. The firm had revenue of $30.86 million for the quarter, compared to the consensus estimate of $31.00 million. Arcutis Biotherapeutics had a negative net margin of 150.51% and a negative return on equity of 145.41%. During the same period in the previous year, the firm earned ($1.16) EPS. Sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post -1.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, SVP Larry Todd Edwards sold 3,725 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total transaction of $37,287.25. Following the transaction, the senior vice president now owns 136,635 shares of the company’s stock, valued at $1,367,716.35. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $9.26, for a total value of $92,600.00. Following the transaction, the director now directly owns 181,944 shares of the company’s stock, valued at approximately $1,684,801.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Larry Todd Edwards sold 3,725 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $10.01, for a total transaction of $37,287.25. Following the sale, the senior vice president now owns 136,635 shares of the company’s stock, valued at $1,367,716.35. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,299 shares of company stock valued at $507,911. Corporate insiders own 9.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, August 15th. Jefferies Financial Group initiated coverage on Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price target for the company. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.33.

Arcutis Biotherapeutics 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.