The Manufacturers Life Insurance Company Increases Stake in Arcutis Biotherapeutics, Inc. $ARQT

The Manufacturers Life Insurance Company raised its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 300.0% in the first quarter, HoldingsChannel reports. The fund owned 503,856 shares of the company’s stock after purchasing an additional 377,877 shares during the period. The Manufacturers Life Insurance Company’s holdings in Arcutis Biotherapeutics were worth $11,871,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC lifted its stake in shares of Arcutis Biotherapeutics by 21.4% in the 1st quarter. AQR Capital Management LLC now owns 248,196 shares of the company’s stock valued at $3,882,000 after purchasing an additional 43,716 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Arcutis Biotherapeutics by 3.0% during the first 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 period. Creative Planning increased its holdings in Arcutis Biotherapeutics by 8.2% in the second quarter. Creative Planning now owns 19,575 shares of the company’s stock valued at $274,000 after buying an additional 1,477 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Arcutis Biotherapeutics by 1.0% in the second quarter. JPMorgan Chase & Co. now owns 548,789 shares of the company’s stock valued at $7,694,000 after buying an additional 5,407 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Arcutis Biotherapeutics by 4,562.5% in the second quarter. Russell Investments Group Ltd. now owns 11,190 shares of the company’s stock worth $157,000 after acquiring an additional 10,950 shares during the period.

Analysts Set New Price Targets

ARQT has been the topic of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Wednesday, June 24th. Needham & Company LLC reiterated a “buy” rating and set a $36.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, May 7th. Finally, Wall Street Zen raised Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $34.00.

Arcutis Biotherapeutics Price Performance

ARQT stock opened at $26.86 on Monday. The stock has a market capitalization of $3.36 billion, a P/E ratio of -895.03 and a beta of 1.48. The firm has a 50-day simple moving average of $25.55 and a 200-day simple moving average of $24.69. The company has a quick ratio of 2.46, a current ratio of 2.68 and a debt-to-equity ratio of 0.54. Arcutis Biotherapeutics, Inc. has a 52 week low of $13.69 and a 52 week high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. The company had revenue of $105.40 million during the quarter, compared to analysts’ expectations of $103.67 million. Equities analysts forecast that Arcutis Biotherapeutics, Inc. will post 0.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Howard G. Welgus sold 4,096 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $24.41, for a total value of $99,983.36. Following the completion of the transaction, the director directly owned 38,378 shares of the company’s stock, valued at approximately $936,806.98. This represents a 9.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sue-Jean Lin sold 4,946 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $24.38, for a total transaction of $120,583.48. Following the sale, the director directly owned 27,567 shares of the company’s stock, valued at $672,083.46. The trade was a 15.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 10,334 shares of company stock valued at $250,697 in the last three months. Insiders own 9.40% of the company’s stock.

Arcutis Biotherapeutics Profile

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.