Man Group plc Purchases New Shares in Arcutis Biotherapeutics, Inc. $ARQT

Man Group plc acquired a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 94,272 shares of the company’s stock, valued at approximately $2,472,000. Man Group plc owned about 0.08% of Arcutis Biotherapeutics as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. SBI Securities Co. Ltd. grew its position in Arcutis Biotherapeutics by 325.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock worth $32,000 after acquiring an additional 833 shares in the last quarter. Global Retirement Partners LLC bought a new stake in shares of Arcutis Biotherapeutics in the 4th quarter valued at approximately $35,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Arcutis Biotherapeutics by 124.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock worth $37,000 after purchasing an additional 698 shares during the period. NewEdge Advisors LLC increased its position in shares of Arcutis Biotherapeutics by 209.0% during the 4th quarter. NewEdge Advisors LLC now owns 1,545 shares of the company’s stock valued at $45,000 after purchasing an additional 1,045 shares during the last quarter. Finally, Truvestments Capital LLC raised its holdings in Arcutis Biotherapeutics by 114.2% during the 4th quarter. Truvestments Capital LLC now owns 3,012 shares of the company’s stock valued at $87,000 after buying an additional 1,606 shares during the period.

Arcutis Biotherapeutics Trading Down 0.9%

Shares of ARQT opened at $23.75 on Wednesday. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of 113.10 and a beta of 1.50. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.92 and a quick ratio of 2.67. Arcutis Biotherapeutics, Inc. has a 1-year low of $15.13 and a 1-year high of $31.77. The company has a 50-day moving average of $26.54 and a 200 day moving average of $24.58.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, August 5th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. The business had revenue of $129.86 million for the quarter, compared to analyst estimates of $118.85 million. On average, research analysts expect that Arcutis Biotherapeutics, Inc. will post 0.4 EPS for the current year.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, Director Terrie Curran sold 38,200 shares of the firm’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $25.03, for a total transaction of $956,146.00. Following the transaction, the director directly owned 23,526 shares in the company, valued at $588,855.78. This trade represents a 61.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Howard G. Welgus sold 4,730 shares of Arcutis Biotherapeutics stock in a transaction on Monday, August 17th. The shares were sold at an average price of $26.18, for a total value of $123,831.40. Following the sale, the director directly owned 36,475 shares of the company’s stock, valued at approximately $954,915.50. This trade represents a 11.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 75,239 shares of company stock valued at $1,910,959 over the last 90 days. 9.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on ARQT shares. Wall Street Zen raised shares of Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Weiss Ratings raised shares of Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 20th. Morgan Stanley raised their target price on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Guggenheim lifted their price target on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Needham & Company LLC upped their price target on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $35.57.

Arcutis Biotherapeutics Profile

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.