Jennison Associates LLC Raises Holdings in Arcutis Biotherapeutics, Inc. $ARQT

Jennison Associates LLC increased its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 10.3% in the third quarter, Holdings Channel reports. The firm owned 12,254,119 shares of the company’s stock after buying an additional 1,144,714 shares during the period. Jennison Associates LLC owned about 0.10% of Arcutis Biotherapeutics worth $230,990,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ARQT. Frazier Life Sciences Management L.P. boosted its holdings in Arcutis Biotherapeutics by 12.4% in the second quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock valued at $138,441,000 after purchasing an additional 1,089,227 shares during the period. State Street Corp raised its position in shares of Arcutis Biotherapeutics by 1.2% during the 2nd quarter. State Street Corp now owns 4,526,937 shares of the company’s stock worth $63,468,000 after acquiring an additional 52,734 shares in the last quarter. Gilder Gagnon Howe & Co. LLC boosted its stake in Arcutis Biotherapeutics by 1.5% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 4,155,763 shares of the company’s stock valued at $58,264,000 after acquiring an additional 59,712 shares in the last quarter. Geode Capital Management LLC raised its position in Arcutis Biotherapeutics by 1.4% during the 2nd quarter. Geode Capital Management LLC now owns 2,582,567 shares of the company’s stock worth $36,213,000 after buying an additional 35,620 shares during the last quarter. Finally, Perpetual Ltd lifted its holdings in Arcutis Biotherapeutics by 7,534.3% in the third quarter. Perpetual Ltd now owns 2,024,606 shares of the company’s stock valued at $38,164,000 after acquiring an additional 1,998,086 shares during the period.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ARQT. Wall Street Zen downgraded Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Friday. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday, December 29th. The Goldman Sachs Group increased their price target on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Zacks Research lowered Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Finally, Needham & Company LLC raised their price target on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, October 28th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Todd Watanabe sold 48,945 shares of the business’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $30.36, for a total transaction of $1,485,970.20. Following the completion of the transaction, the insider directly owned 740,537 shares in the company, valued at approximately $22,482,703.32. The trade was a 6.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Sue-Jean Lin sold 25,272 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $30.78, for a total transaction of $777,872.16. Following the sale, the director owned 26,735 shares in the company, valued at $822,903.30. This trade represents a 48.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 293,912 shares of company stock valued at $7,885,305. Corporate insiders own 9.40% of the company’s stock.

Arcutis Biotherapeutics Price Performance

Shares of ARQT opened at $26.20 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.28 and a current ratio of 3.50. The firm has a market cap of $3.21 billion, a PE ratio of -72.78 and a beta of 1.71. The firm’s 50 day moving average price is $28.70 and its 200 day moving average price is $21.78. Arcutis Biotherapeutics, Inc. has a twelve month low of $11.13 and a twelve month high of $31.77.

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

About Arcutis Biotherapeutics

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.