Squarepoint Ops LLC Trims Stock Holdings in Arcutis Biotherapeutics, Inc. $ARQT

Squarepoint Ops LLC lowered its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 51.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 537,747 shares of the company’s stock after selling 565,743 shares during the quarter. Squarepoint Ops LLC’s holdings in Arcutis Biotherapeutics were worth $14,100,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ARQT. Montanova Capital LLC lifted its position in shares of Arcutis Biotherapeutics by 0.9% during the second quarter. Montanova Capital LLC now owns 12,437,000 shares of the company’s stock worth $326,098,000 after purchasing an additional 110,000 shares during the last quarter. Suvretta Capital Management LLC grew its holdings in shares of Arcutis Biotherapeutics by 14.2% in the fourth quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock worth $347,435,000 after purchasing an additional 1,486,000 shares during the last quarter. BlackRock Inc. purchased a new position in Arcutis Biotherapeutics in the 2nd quarter worth about $276,502,000. Polar Capital Holdings Plc increased its stake in Arcutis Biotherapeutics by 4.9% in the 4th quarter. Polar Capital Holdings Plc now owns 5,556,169 shares of the company’s stock worth $161,351,000 after buying an additional 257,415 shares during the period. Finally, State Street Corp increased its stake in Arcutis Biotherapeutics by 18.2% in the 4th quarter. State Street Corp now owns 5,488,301 shares of the company’s stock worth $159,380,000 after buying an additional 846,986 shares during the period.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 6,700 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $26.08, for a total value of $174,736.00. Following the completion of the sale, the insider directly owned 119,289 shares in the company, valued at approximately $3,111,057.12. This trade represents a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Howard Welgus sold 4,730 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $26.18, for a total value of $123,831.40. Following the sale, the director owned 36,475 shares in the company, valued at $954,915.50. The trade was a 11.48% decrease in their position. 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 sold a total of 75,239 shares of company stock valued at $1,910,959 in the last 90 days. 9.40% of the stock is owned by insiders.

Arcutis Biotherapeutics Price Performance

Shares of ARQT opened at $23.84 on Thursday. The company has a market cap of $3.00 billion, a price-to-earnings ratio of 113.53 and a beta of 1.50. Arcutis Biotherapeutics, Inc. has a twelve month low of $16.57 and a twelve month high of $31.77. The company has a quick ratio of 2.67, a current ratio of 2.92 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average of $26.21 and a two-hundred day moving average of $24.46.

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