Zweig DiMenna Associates LLC Buys New Stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Zweig DiMenna Associates LLC bought a new position in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) in the fourth quarter, HoldingsChannel.com reports. The firm bought 41,500 shares of the company’s stock, valued at approximately $578,000.

Other hedge funds also recently bought and sold shares of the company. Jennison Associates LLC grew its holdings in Arcutis Biotherapeutics by 0.8% in the 3rd quarter. Jennison Associates LLC now owns 11,663,497 shares of the company’s stock valued at $108,471,000 after buying an additional 91,803 shares during the last quarter. Rubric Capital Management LP boosted its position in shares of Arcutis Biotherapeutics by 11.7% in the third quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after acquiring an additional 1,150,000 shares during the period. Suvretta Capital Management LLC grew its stake in shares of Arcutis Biotherapeutics by 7.2% in the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after acquiring an additional 717,019 shares during the last quarter. State Street Corp grew its stake in shares of Arcutis Biotherapeutics by 9.9% in the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after acquiring an additional 506,788 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Arcutis Biotherapeutics by 2.0% during the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock worth $22,977,000 after acquiring an additional 48,868 shares during the period.

Insider Activity at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 5,015 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $8.68, for a total transaction of $43,530.20. Following the completion of the sale, the insider now owns 178,273 shares of the company’s stock, valued at approximately $1,547,409.64. This trade represents a 2.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $8.65, for a total transaction of $86,500.00. Following the completion of the transaction, the director now owns 171,944 shares of the company’s stock, valued at $1,487,315.60. This trade represents a 5.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 78,291 shares of company stock valued at $927,966 in the last 90 days. 9.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ARQT shares. Mizuho raised their price target on shares of Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 7th. Needham & Company LLC reissued a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. Finally, HC Wainwright restated a “buy” rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $16.60.

Arcutis Biotherapeutics Price Performance

Shares of Arcutis Biotherapeutics stock opened at $13.98 on Friday. Arcutis Biotherapeutics, Inc. has a twelve month low of $4.44 and a twelve month high of $16.20. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. The firm has a market cap of $1.64 billion, a P/E ratio of -7.81 and a beta of 1.30. The firm’s 50-day simple moving average is $13.03 and its 200-day simple moving average is $10.88.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The company had revenue of $44.76 million for the quarter, compared to the consensus estimate of $38.05 million. As a group, research analysts expect that Arcutis Biotherapeutics, Inc. will post -1.35 EPS for the current fiscal year.

Arcutis Biotherapeutics Profile

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.