Cibc World Markets Corp Makes New Investment in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Cibc World Markets Corp bought a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 10,059 shares of the company’s stock, valued at approximately $140,000.

A number of other large investors have also added to or reduced their stakes in the company. Jennison Associates LLC increased its position in shares of Arcutis Biotherapeutics by 5.8% during the 4th quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock valued at $171,893,000 after purchasing an additional 676,295 shares during the last quarter. Suvretta Capital Management LLC raised its stake in shares of Arcutis Biotherapeutics by 7.2% during the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock valued at $99,710,000 after acquiring an additional 717,019 shares in the last quarter. State Street Corp boosted its holdings in shares of Arcutis Biotherapeutics by 9.9% in the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after purchasing an additional 506,788 shares during the period. Geode Capital Management LLC grew its stake in Arcutis Biotherapeutics by 2.0% in the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock worth $22,977,000 after purchasing an additional 48,868 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Arcutis Biotherapeutics by 0.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,296,911 shares of the company’s stock worth $12,061,000 after purchasing an additional 11,833 shares during the period.

Analysts Set New Price Targets

Several brokerages have weighed in on ARQT. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. Mizuho upped their price objective on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 26th. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday, February 24th. HC Wainwright restated a “buy” rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. Finally, The Goldman Sachs Group increased their price objective on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $18.80.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 12,242 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $15.04, for a total value of $184,119.68. Following the completion of the sale, the insider now directly owns 121,936 shares in the company, valued at approximately $1,833,917.44. This trade represents a 9.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction dated 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 owns 151,944 shares in the company, valued at $2,229,018.48. The trade was a 6.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 57,790 shares of company stock valued at $801,630 in the last quarter. 9.50% of the stock is currently owned by corporate insiders.

Arcutis Biotherapeutics Stock Performance

ARQT stock opened at $16.09 on Friday. The firm has a 50-day simple moving average of $13.92 and a two-hundred day simple moving average of $12.20. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. Arcutis Biotherapeutics, Inc. has a one year low of $6.99 and a one year high of $17.75. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of -8.99 and a beta of 1.48.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The company had revenue of $71.36 million during the quarter, compared to analysts’ expectations of $60.52 million. On average, equities analysts forecast 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.