Diametric Capital LP Decreases Stock Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Diametric Capital LP reduced its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 38.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 20,370 shares of the company’s stock after selling 12,537 shares during the quarter. Diametric Capital LP’s holdings in Arcutis Biotherapeutics were worth $284,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ARQT. Point72 DIFC Ltd purchased a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter valued at $25,000. Venturi Wealth Management LLC acquired a new stake in Arcutis Biotherapeutics in the fourth quarter valued at approximately $46,000. Erste Asset Management GmbH purchased a new stake in Arcutis Biotherapeutics in the 3rd quarter worth $104,000. Cibc World Markets Corp purchased a new stake in shares of Arcutis Biotherapeutics during the fourth quarter worth about $140,000. Finally, LVW Advisors LLC purchased a new stake in Arcutis Biotherapeutics during the 4th quarter worth approximately $166,000.

Arcutis Biotherapeutics Stock Down 4.2 %

NASDAQ:ARQT opened at $14.98 on Wednesday. Arcutis Biotherapeutics, Inc. has a 52 week low of $6.99 and a 52 week high of $17.75. The stock’s fifty day moving average is $14.08 and its two-hundred day moving average is $12.33. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of -8.37 and a beta of 1.48. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.19. The firm had revenue of $71.36 million for the quarter, compared to analyst estimates of $60.52 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. Research analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Wall Street Analyst Weigh In

ARQT has been the subject of a number of recent research reports. Mizuho increased their target price on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. HC Wainwright reiterated a “buy” rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. Jefferies Financial Group raised their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, March 11th. Guggenheim reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday, February 24th. Finally, Needham & Company LLC reissued a “buy” rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $18.80.

Insider Activity

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 8,338 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $12.70, for a total value of $105,892.60. Following the completion of the transaction, the insider now owns 178,692 shares of the company’s stock, valued at $2,269,388.40. This trade represents a 4.46 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $14.67, for a total value of $146,700.00. Following the sale, the director now directly owns 151,944 shares in the company, valued at $2,229,018.48. This represents a 6.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,099 shares of company stock valued at $777,956. 9.50% of the stock is currently owned by company insiders.

About Arcutis Biotherapeutics

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.