Rubric Capital Management LP Buys 1,150,000 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Rubric Capital Management LP grew its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 11.7% in the third quarter, HoldingsChannel.com reports. The fund owned 10,966,672 shares of the company’s stock after acquiring an additional 1,150,000 shares during the period. Arcutis Biotherapeutics makes up 1.7% of Rubric Capital Management LP’s investment portfolio, making the stock its 11th largest position. Rubric Capital Management LP owned approximately 0.09% of Arcutis Biotherapeutics worth $101,990,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Jennison Associates LLC increased its position in shares of Arcutis Biotherapeutics by 0.8% in the 3rd quarter. Jennison Associates LLC now owns 11,663,497 shares of the company’s stock valued at $108,471,000 after buying an additional 91,803 shares in the last quarter. Vanguard Group Inc. raised its position in Arcutis Biotherapeutics by 5.5% in the 1st quarter. Vanguard Group Inc. now owns 5,166,417 shares of the company’s stock valued at $51,199,000 after buying an additional 269,904 shares during the last quarter. Farallon Capital Management LLC acquired a new position in Arcutis Biotherapeutics during the 1st quarter worth approximately $17,640,000. Perceptive Advisors LLC lifted its position in Arcutis Biotherapeutics by 107.8% during the 2nd quarter. Perceptive Advisors LLC now owns 1,558,500 shares of the company’s stock worth $14,494,000 after buying an additional 808,500 shares in the last quarter. Finally, Candriam S.C.A. bought a new stake in Arcutis Biotherapeutics during the second quarter worth about $12,159,000.

Insider Buying and Selling

In other news, insider Patrick Burnett sold 16,023 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $10.14, for a total value of $162,473.22. Following the completion of the sale, the insider now owns 128,669 shares of the company’s stock, valued at approximately $1,304,703.66. This represents a 11.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Larry Todd Edwards sold 3,725 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total value of $37,287.25. Following the completion of the transaction, the senior vice president now directly owns 136,635 shares in the company, valued at $1,367,716.35. This represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,951 shares of company stock worth $752,744 in the last three months. 9.50% of the stock is owned by corporate insiders.

Arcutis Biotherapeutics Price Performance

ARQT opened at $11.51 on Wednesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. Arcutis Biotherapeutics, Inc. has a 52-week low of $1.76 and a 52-week high of $13.17. The business’s fifty day moving average is $9.57 and its 200-day moving average is $9.46.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.09. The business had revenue of $44.76 million during the quarter, compared to the consensus estimate of $38.05 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. Sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. Jefferies Financial Group assumed coverage on Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price objective on the stock.

Arcutis Biotherapeutics 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.