Wesbanco Bank Inc. Invests $955,000 in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Wesbanco Bank Inc. bought a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 102,700 shares of the company’s stock, valued at approximately $955,000.

Other large investors have also recently made changes to their positions in the company. Jennison Associates LLC increased its holdings in Arcutis Biotherapeutics by 34.3% in the first quarter. Jennison Associates LLC now owns 12,176,315 shares of the company’s stock valued at $120,667,000 after buying an additional 3,110,233 shares in the last quarter. Rubric Capital Management LP grew its position in shares of Arcutis Biotherapeutics by 30.7% during the 2nd quarter. Rubric Capital Management LP now owns 9,816,672 shares of the company’s stock valued at $91,295,000 after acquiring an additional 2,306,672 shares during the period. Vanguard Group Inc. increased its stake in shares of 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 purchasing an additional 269,904 shares in the last quarter. Farallon Capital Management LLC acquired a new position in Arcutis Biotherapeutics in the 1st quarter worth about $17,640,000. Finally, Perceptive Advisors LLC boosted its position in Arcutis Biotherapeutics by 107.8% during the second quarter. Perceptive Advisors LLC now owns 1,558,500 shares of the company’s stock worth $14,494,000 after purchasing an additional 808,500 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ARQT shares. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, August 15th. Jefferies Financial Group began coverage on shares of Arcutis Biotherapeutics in a report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price target for the company. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.33.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ:ARQT opened at $9.35 on Wednesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 8.46 and a quick ratio of 8.19. Arcutis Biotherapeutics, Inc. has a 1 year low of $1.76 and a 1 year high of $13.17. The firm has a market capitalization of $1.08 billion, a PE ratio of -3.19 and a beta of 1.17. The business’s 50 day moving average price is $9.84 and its 200-day moving average price is $9.49.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Wednesday, August 14th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.06. The company had revenue of $30.86 million for the quarter, compared to analysts’ expectations of $31.00 million. Arcutis Biotherapeutics had a negative net margin of 150.51% and a negative return on equity of 145.41%. During the same quarter in the previous year, the company posted ($1.16) EPS. As a group, equities research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.56 earnings per share for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, SVP Larry Todd Edwards sold 3,725 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total value of $37,287.25. Following the transaction, the senior vice president now directly owns 136,635 shares of the company’s stock, valued at $1,367,716.35. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $9.87, for a total transaction of $98,700.00. Following the transaction, the director now directly owns 176,953 shares of the company’s stock, valued at $1,746,526.11. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 transaction of $37,287.25. Following the completion of the transaction, the senior vice president now owns 136,635 shares in the company, valued at $1,367,716.35. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,299 shares of company stock valued at $507,911. Corporate insiders own 9.50% of the company’s stock.

About Arcutis Biotherapeutics

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.