Kornitzer Capital Management Inc. KS Acquires 62,485 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Kornitzer Capital Management Inc. KS raised its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 55.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 175,870 shares of the company’s stock after acquiring an additional 62,485 shares during the period. Kornitzer Capital Management Inc. KS owned about 0.14% of Arcutis Biotherapeutics worth $4,143,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. Zevenbergen Capital Investments LLC bought a new position in Arcutis Biotherapeutics in the fourth quarter valued at approximately $12,140,000. UBS Group AG increased its position in shares of Arcutis Biotherapeutics by 10.0% during the fourth quarter. UBS Group AG now owns 3,243,432 shares of the company’s stock worth $94,189,000 after acquiring an additional 294,994 shares in the last quarter. Nordea Investment Management AB bought a new stake in shares of Arcutis Biotherapeutics during the fourth quarter worth $5,850,000. Ally Bridge Group NY LLC acquired a new stake in shares of Arcutis Biotherapeutics during the third quarter worth $4,396,000. Finally, Tudor Investment Corp ET AL acquired a new stake in shares of Arcutis Biotherapeutics during the third quarter worth $1,319,000.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ARQT shares. Wall Street Zen lowered shares of Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Wednesday, June 24th. Finally, Needham & Company LLC restated a “buy” rating and issued a $36.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, May 7th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Arcutis Biotherapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $34.00.

Insider Buying and Selling

In related news, Director Howard G. Welgus sold 4,096 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $24.41, for a total value of $99,983.36. Following the sale, the director owned 38,378 shares in the company, valued at approximately $936,806.98. This represents a 9.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Todd Watanabe sold 3,172 shares of the firm’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $23.61, for a total value of $74,890.92. Following the sale, the insider directly owned 720,755 shares of the company’s stock, valued at $17,017,025.55. This represents a 0.44% 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. Over the last 90 days, insiders sold 30,931 shares of company stock valued at $730,086. Insiders own 9.40% of the company’s stock.

Arcutis Biotherapeutics Stock Performance

ARQT stock traded down $1.04 during trading hours on Friday, reaching $27.74. The stock had a trading volume of 1,572,129 shares, compared to its average volume of 1,740,885. The stock has a 50-day simple moving average of $23.67 and a 200 day simple moving average of $24.85. Arcutis Biotherapeutics, Inc. has a fifty-two week low of $13.69 and a fifty-two week high of $31.77. The stock has a market capitalization of $3.47 billion, a PE ratio of -924.36 and a beta of 1.48. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.68 and a quick ratio of 2.46.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The firm had revenue of $105.40 million during the quarter, compared to analyst estimates of $103.67 million. Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. Analysts predict that Arcutis Biotherapeutics, Inc. will post 0.15 EPS for the current fiscal year.

About Arcutis Biotherapeutics

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.