Jennison Associates LLC Has $23.54 Million Holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Jennison Associates LLC grew its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQTFree Report) by 3.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,432,175 shares of the company’s stock after purchasing an additional 138,209 shares during the quarter. Jennison Associates LLC owned about 7.19% of Arcutis Biotherapeutics worth $23,535,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. State Street Corp grew its holdings in Arcutis Biotherapeutics by 44.6% in the 2nd quarter. State Street Corp now owns 5,226,009 shares of the company’s stock valued at $49,804,000 after buying an additional 1,611,228 shares in the last quarter. BlackRock Inc. grew its stake in shares of Arcutis Biotherapeutics by 11.0% in the third quarter. BlackRock Inc. now owns 5,081,744 shares of the company’s stock valued at $97,110,000 after acquiring an additional 503,591 shares in the last quarter. Rubric Capital Management LP increased its position in Arcutis Biotherapeutics by 39.6% during the second quarter. Rubric Capital Management LP now owns 4,884,530 shares of the company’s stock worth $46,550,000 after acquiring an additional 1,384,530 shares during the period. Marshall Wace LLP raised its stake in Arcutis Biotherapeutics by 0.5% in the 2nd quarter. Marshall Wace LLP now owns 2,317,541 shares of the company’s stock worth $22,086,000 after purchasing an additional 12,205 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Arcutis Biotherapeutics by 25.3% in the 3rd quarter. Vanguard Group Inc. now owns 2,252,939 shares of the company’s stock valued at $43,053,000 after purchasing an additional 454,276 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ARQT shares. HC Wainwright dropped their price target on shares of Arcutis Biotherapeutics from $22.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, November 6th. Morgan Stanley dropped their price objective on Arcutis Biotherapeutics from $45.00 to $10.00 and set an “overweight” rating for the company in a report on Monday, November 13th. Mizuho raised Arcutis Biotherapeutics from a “neutral” rating to a “buy” rating and increased their target price for the stock from $4.00 to $8.00 in a report on Tuesday, January 2nd. Jonestrading reaffirmed a “hold” rating on shares of Arcutis Biotherapeutics in a research note on Wednesday, November 8th. Finally, Needham & Company LLC cut their price objective on shares of Arcutis Biotherapeutics from $22.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, November 6th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Arcutis Biotherapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.22.

Read Our Latest Report on ARQT

Arcutis Biotherapeutics Stock Performance

NASDAQ:ARQT opened at $3.34 on Thursday. Arcutis Biotherapeutics, Inc. has a twelve month low of $1.76 and a twelve month high of $17.57. The company has a quick ratio of 6.39, a current ratio of 6.72 and a debt-to-equity ratio of 4.30. The stock’s 50-day simple moving average is $2.66 and its 200 day simple moving average is $5.44. The firm has a market capitalization of $315.23 million, a PE ratio of -0.76 and a beta of 0.93.

Arcutis Biotherapeutics (NASDAQ:ARQTGet Free Report) last posted its earnings results on Friday, November 3rd. The company reported ($0.73) EPS for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.17. The firm had revenue of $38.11 million during the quarter, compared to analysts’ expectations of $9.54 million. Arcutis Biotherapeutics had a negative net margin of 546.23% and a negative return on equity of 224.85%. On average, analysts anticipate that Arcutis Biotherapeutics, Inc. will post -3.78 EPS for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In related news, major shareholder Life Sciences Viii L. Frazier bought 80,000 shares of the firm’s stock in a transaction on Tuesday, October 24th. The shares were purchased at an average price of $2.50 per share, with a total value of $200,000.00. Following the completion of the purchase, the insider now owns 8,764,232 shares in the company, valued at approximately $21,910,580. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 20.70% of the stock is owned by insiders.

Arcutis Biotherapeutics Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Arcutis Biotherapeutics (NASDAQ:ARQT)

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