Suvretta Capital Management LLC Buys 717,019 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Suvretta Capital Management LLC boosted its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 7.2% in the third quarter, Holdings Channel.com reports. The firm owned 10,721,511 shares of the company’s stock after purchasing an additional 717,019 shares during the period. Arcutis Biotherapeutics comprises 3.2% of Suvretta Capital Management LLC’s holdings, making the stock its 5th largest holding. Suvretta Capital Management LLC owned approximately 0.09% of Arcutis Biotherapeutics worth $99,710,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ARQT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Arcutis Biotherapeutics by 1.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 276,691 shares of the company’s stock worth $2,573,000 after purchasing an additional 2,912 shares in the last quarter. Stonepine Capital Management LLC bought a new stake in Arcutis Biotherapeutics in the third quarter worth approximately $823,000. Rubric Capital Management LP raised its holdings in shares of Arcutis Biotherapeutics by 11.7% during the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after purchasing an additional 1,150,000 shares in the last quarter. FMR LLC boosted its holdings in Arcutis Biotherapeutics by 25.6% in the third quarter. FMR LLC now owns 171,219 shares of the company’s stock worth $1,592,000 after purchasing an additional 34,884 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Arcutis Biotherapeutics by 30.2% in the third quarter. The Manufacturers Life Insurance Company now owns 52,503 shares of the company’s stock worth $488,000 after purchasing an additional 12,180 shares in the last quarter.

Insider Transactions at Arcutis Biotherapeutics

In related news, insider Patrick Burnett sold 16,023 shares of Arcutis Biotherapeutics stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $10.14, for a total transaction of $162,473.22. Following the sale, the insider now directly owns 128,669 shares of the company’s stock, valued at $1,304,703.66. This trade represents a 11.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $10.77, for a total value of $107,700.00. Following the transaction, the director now owns 191,944 shares in the company, valued at $2,067,236.88. This represents a 4.95 % 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 over the last three months. 9.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ARQT has been the topic of several recent research reports. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. Jefferies Financial Group began coverage on Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price objective on the stock.

Arcutis Biotherapeutics Stock Up 1.7 %

Arcutis Biotherapeutics stock opened at $11.71 on Friday. 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 fifty-two week low of $1.76 and a fifty-two week high of $13.17. The firm has a fifty day moving average price of $9.62 and a two-hundred day moving average price of $9.50. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of -6.54 and a beta of 1.18.

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