Jennison Associates LLC Purchases 4,633,907 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Jennison Associates LLC lifted its position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 104.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,066,082 shares of the company’s stock after buying an additional 4,633,907 shares during the quarter. Jennison Associates LLC owned approximately 9.61% of Arcutis Biotherapeutics worth $29,283,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ARQT. China Universal Asset Management Co. Ltd. grew its position in shares of Arcutis Biotherapeutics by 586.8% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,920 shares of the company’s stock worth $35,000 after buying an additional 9,330 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of Arcutis Biotherapeutics during the 3rd quarter worth $60,000. SG Americas Securities LLC purchased a new stake in shares of Arcutis Biotherapeutics during the 4th quarter worth $79,000. Jump Financial LLC purchased a new stake in shares of Arcutis Biotherapeutics during the 3rd quarter worth $108,000. Finally, Deutsche Bank AG lifted its stake in shares of Arcutis Biotherapeutics by 13.7% during the 3rd quarter. Deutsche Bank AG now owns 30,362 shares of the company’s stock worth $161,000 after purchasing an additional 3,655 shares during the last quarter.

Arcutis Biotherapeutics Stock Up 0.1 %

Arcutis Biotherapeutics stock opened at $8.75 on Thursday. The firm has a market cap of $847.09 million, a price-to-earnings ratio of -2.23 and a beta of 1.14. Arcutis Biotherapeutics, Inc. has a 52 week low of $1.76 and a 52 week high of $15.21. The business’s 50-day moving average price is $10.14 and its 200 day moving average price is $5.71. The company has a quick ratio of 6.80, a current ratio of 7.08 and a debt-to-equity ratio of 2.28.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Tuesday, February 27th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.64) by ($0.08). Arcutis Biotherapeutics had a negative return on equity of 294.85% and a negative net margin of 439.79%. The company had revenue of $13.53 million for the quarter, compared to analyst estimates of $11.78 million. During the same period last year, the business earned ($1.18) earnings per share. As a group, sell-side analysts anticipate that Arcutis Biotherapeutics, Inc. will post -2.49 earnings per share for the current year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 3,760 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $11.12, for a total value of $41,811.20. Following the sale, the insider now directly owns 190,424 shares of the company’s stock, valued at $2,117,514.88. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 20.70% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on ARQT. Needham & Company LLC restated a “buy” rating and set a $16.00 price objective on shares of Arcutis Biotherapeutics in a research note on Friday, April 12th. The Goldman Sachs Group upped their price objective on Arcutis Biotherapeutics from $6.00 to $11.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 28th. Finally, Mizuho restated a “buy” rating and set a $16.00 price objective (up from $8.00) on shares of Arcutis Biotherapeutics in a research note on Friday, February 23rd. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Arcutis Biotherapeutics has a consensus rating of “Moderate Buy” and an average target price of $26.56.

About Arcutis Biotherapeutics

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.