Squarepoint Ops LLC Sells 565,743 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Squarepoint Ops LLC trimmed its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 51.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 537,747 shares of the company’s stock after selling 565,743 shares during the period. Squarepoint Ops LLC owned about 0.43% of Arcutis Biotherapeutics worth $14,100,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Arizona State Retirement System raised its stake in Arcutis Biotherapeutics by 1.7% during the 2nd quarter. Arizona State Retirement System now owns 30,802 shares of the company’s stock valued at $808,000 after purchasing an additional 521 shares during the period. Nykredit A S purchased a new stake in Arcutis Biotherapeutics during the 2nd quarter valued at approximately $63,000. California State Teachers Retirement System grew its holdings in Arcutis Biotherapeutics by 2,479.9% during the 2nd quarter. California State Teachers Retirement System now owns 3,310,485 shares of the company’s stock valued at $86,801,000 after buying an additional 3,182,168 shares in the last quarter. Montanova Capital LLC raised its position in shares of Arcutis Biotherapeutics by 0.9% during the second quarter. Montanova Capital LLC now owns 12,437,000 shares of the company’s stock valued at $326,098,000 after buying an additional 110,000 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Arcutis Biotherapeutics in the second quarter worth $401,000.

Arcutis Biotherapeutics Stock Down 2.3%

Shares of NASDAQ ARQT opened at $23.84 on Thursday. The company has a current ratio of 2.92, a quick ratio of 2.67 and a debt-to-equity ratio of 0.46. Arcutis Biotherapeutics, Inc. has a 12-month low of $16.57 and a 12-month high of $31.77. The firm’s 50-day moving average price is $26.21 and its 200-day moving average price is $24.46. The stock has a market capitalization of $3.00 billion, a price-to-earnings ratio of 113.53 and a beta of 1.50.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.06 by $0.05. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%.The company had revenue of $129.86 million during the quarter, compared to analyst estimates of $118.85 million. On average, equities research analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.4 EPS for the current fiscal year.

Insider Transactions at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 4,730 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $26.18, for a total value of $123,831.40. Following the sale, the director owned 36,475 shares of the company’s stock, valued at approximately $954,915.50. This represents a 11.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Todd Watanabe sold 4,375 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $26.12, for a total transaction of $114,275.00. Following the completion of the sale, the insider owned 717,203 shares of the company’s stock, valued at $18,733,342.36. This trade represents a 0.61% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 75,239 shares of company stock worth $1,910,959. 9.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on ARQT. Guggenheim boosted their price target on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Weiss Ratings cut Arcutis Biotherapeutics from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday. Wall Street Zen upgraded Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Needham & Company LLC increased their price target on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Morgan Stanley raised their price target on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.57.

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.