Oregon Public Employees Retirement Fund Makes New Investment in Arcutis Biotherapeutics, Inc. $ARQT

Oregon Public Employees Retirement Fund purchased a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 25,700 shares of the company’s stock, valued at approximately $679,000.

Several other large investors have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in Arcutis Biotherapeutics in the 3rd quarter worth approximately $170,000. Profund Advisors LLC increased its position in shares of Arcutis Biotherapeutics by 19.3% during the 3rd quarter. Profund Advisors LLC now owns 49,700 shares of the company’s stock valued at $1,314,000 after purchasing an additional 8,045 shares during the last quarter. ProShare Advisors LLC increased its holdings in Arcutis Biotherapeutics by 5.0% during the third quarter. ProShare Advisors LLC now owns 20,045 shares of the company’s stock valued at $530,000 after buying an additional 958 shares during the last quarter. State of Wyoming raised its holdings in Arcutis Biotherapeutics by 20.8% in the 3rd quarter. State of Wyoming now owns 12,182 shares of the company’s stock worth $322,000 after purchasing an additional 2,094 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Arcutis Biotherapeutics in the third quarter worth about $864,000.

Insider Buying and Selling

In related news, EVP Patrick Burnett sold 943 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $31.86, for a total value of $30,043.98. Following the completion of the transaction, the executive vice president owned 116,649 shares of the company’s stock, valued at $3,716,437.14. The trade was a 0.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Masaru Matsuda sold 40,000 shares of Arcutis Biotherapeutics stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $34.32, for a total value of $1,372,800.00. Following the completion of the transaction, the executive vice president owned 111,289 shares in the company, valued at $3,819,438.48. This trade represents a 26.44% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 108,932 shares of company stock valued at $3,158,225 over the last ninety days. Company insiders own 9.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. TD Cowen lifted their target price on shares of Arcutis Biotherapeutics from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, November 5th. Needham & Company LLC set a $40.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, November 5th. Cantor Fitzgerald assumed coverage on shares of Arcutis Biotherapeutics in a report on Thursday, October 15th. They issued an “overweight” rating and a $48.00 price target on the stock. Jefferies Financial Group reissued a “buy” rating and set a $39.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, October 8th. Finally, Morgan Stanley upped their price objective on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Arcutis Biotherapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $39.75.

Arcutis Biotherapeutics Price Performance

ARQT opened at $27.39 on Wednesday. The business has a fifty day moving average of $27.28 and a 200 day moving average of $25.37. The company has a quick ratio of 2.66, a current ratio of 2.92 and a debt-to-equity ratio of 0.42. The stock has a market cap of $3.46 billion, a P/E ratio of 130.43 and a beta of 1.66. Arcutis Biotherapeutics, Inc. has a 52-week low of $19.30 and a 52-week high of $34.80.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, November 4th. The company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.12). The company had revenue of $143.92 million for the quarter, compared to analysts’ expectations of $142.59 million. Arcutis Biotherapeutics had a return on equity of 14.18% and a net margin of 5.88%. As a group, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post 0.28 EPS for the current year.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics is a biopharmaceutical company focused on developing and commercializing treatments for inflammatory skin diseases. Founded in 2016, the company is headquartered in Westlake Village, California. Arcutis primarily serves the U.S. market and continues to develop medicines for dermatologic conditions. Its leadership is headed by President and Chief Executive Officer Frank Watanabe.