Tejara Capital Ltd Lowers Stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Tejara Capital Ltd lowered its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 23.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 886,838 shares of the company’s stock after selling 278,471 shares during the quarter. Arcutis Biotherapeutics accounts for about 7.9% of Tejara Capital Ltd’s investment portfolio, making the stock its biggest position. Tejara Capital Ltd owned about 0.76% of Arcutis Biotherapeutics worth $12,354,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ARQT. Victory Capital Management Inc. increased its stake in Arcutis Biotherapeutics by 9.9% in the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after acquiring an additional 1,155 shares during the period. Quest Partners LLC bought a new stake in Arcutis Biotherapeutics during the third quarter worth about $398,000. Jennison Associates LLC grew its stake in Arcutis Biotherapeutics by 0.8% during the third quarter. Jennison Associates LLC now owns 11,663,497 shares of the company’s stock worth $108,471,000 after buying an additional 91,803 shares during the last quarter. Intech Investment Management LLC bought a new stake in Arcutis Biotherapeutics during the third quarter worth about $345,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Arcutis Biotherapeutics by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 859,846 shares of the company’s stock worth $7,997,000 after buying an additional 8,522 shares during the last quarter.

Insider Activity at Arcutis Biotherapeutics

In related news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $14.67, for a total value of $146,700.00. Following the transaction, the director now directly owns 151,944 shares in the company, valued at $2,229,018.48. This represents a 6.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Masaru Matsuda sold 8,338 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $12.70, for a total transaction of $105,892.60. Following the completion of the transaction, the insider now owns 178,692 shares in the company, valued at $2,269,388.40. This represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 70,090 shares of company stock worth $981,768 over the last ninety days. Company insiders own 9.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ARQT shares. HC Wainwright reaffirmed a “buy” rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday, February 26th. Jefferies Financial Group upped their price objective on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, March 11th. Mizuho upped their price objective on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 26th. The Goldman Sachs Group upped their price objective on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday, February 27th. Finally, Guggenheim reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Arcutis Biotherapeutics has an average rating of “Moderate Buy” and an average price target of $18.80.

Arcutis Biotherapeutics Price Performance

Shares of ARQT stock opened at $16.42 on Tuesday. Arcutis Biotherapeutics, Inc. has a 1 year low of $6.99 and a 1 year high of $17.70. The firm’s 50 day moving average is $13.55 and its 200-day moving average is $11.89. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of -9.17 and a beta of 1.48. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The company had revenue of $71.36 million for the quarter, compared to analyst estimates of $60.52 million. Sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current fiscal year.

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.