Jennison Associates LLC Acquires 676,295 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Jennison Associates LLC grew its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 5.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,339,792 shares of the company’s stock after buying an additional 676,295 shares during the period. Jennison Associates LLC owned approximately 10.54% of Arcutis Biotherapeutics worth $171,893,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of ARQT. Victory Capital Management Inc. raised its stake in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock worth $119,000 after buying an additional 1,155 shares during the period. China Universal Asset Management Co. Ltd. increased its holdings in shares of Arcutis Biotherapeutics by 10.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 24,818 shares of the company’s stock valued at $346,000 after acquiring an additional 2,336 shares in the last quarter. Point72 DIFC Ltd acquired a new position in shares of Arcutis Biotherapeutics during the third quarter worth approximately $25,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Arcutis Biotherapeutics by 1.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 276,691 shares of the company’s stock worth $2,573,000 after purchasing an additional 2,912 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Arcutis Biotherapeutics by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 859,846 shares of the company’s stock valued at $7,997,000 after purchasing an additional 8,522 shares during the period.

Analyst Ratings Changes

A number of analysts have commented on ARQT shares. 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. Mizuho increased their price target on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, January 7th. Finally, Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $16.60.

Arcutis Biotherapeutics Trading Down 3.1 %

ARQT stock opened at $13.24 on Monday. The stock’s fifty day simple moving average is $13.57 and its two-hundred day simple moving average is $11.05. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. Arcutis Biotherapeutics, Inc. has a 1-year low of $5.38 and a 1-year high of $16.20.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.09. The business had revenue of $44.76 million during the quarter, compared to analyst estimates of $38.05 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. On average, equities analysts expect that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 16,023 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $10.14, for a total value of $162,473.22. Following the completion of the transaction, the insider now directly owns 128,669 shares of the company’s stock, valued at $1,304,703.66. This trade represents a 11.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Terrie Curran sold 8,687 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $10.85, for a total value of $94,253.95. Following the transaction, the director now owns 10,139 shares of the company’s stock, valued at approximately $110,008.15. The trade was a 46.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 63,276 shares of company stock worth $797,936 in the last quarter. 9.50% of the stock is owned by company insiders.

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.