Fishman Jay A Ltd. MI Buys 118,400 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Fishman Jay A Ltd. MI boosted its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 28.3% during the 4th quarter, Holdings Channel reports. The fund owned 536,400 shares of the company’s stock after buying an additional 118,400 shares during the period. Arcutis Biotherapeutics comprises about 0.7% of Fishman Jay A Ltd. MI’s portfolio, making the stock its 22nd largest position. Fishman Jay A Ltd. MI’s holdings in Arcutis Biotherapeutics were worth $7,472,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Jennison Associates LLC grew its holdings in Arcutis Biotherapeutics by 5.8% during the 4th quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock worth $171,893,000 after acquiring an additional 676,295 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Arcutis Biotherapeutics by 10.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 24,818 shares of the company’s stock worth $346,000 after acquiring an additional 2,336 shares in the last quarter. Zweig DiMenna Associates LLC bought a new position in Arcutis Biotherapeutics during the 4th quarter worth about $578,000. SG Americas Securities LLC grew its holdings in Arcutis Biotherapeutics by 25.4% during the 4th quarter. SG Americas Securities LLC now owns 48,087 shares of the company’s stock worth $670,000 after acquiring an additional 9,754 shares in the last quarter. Finally, LVW Advisors LLC bought a new position in Arcutis Biotherapeutics during the 4th quarter worth about $166,000.

Insider Activity at Arcutis Biotherapeutics

In related news, insider Patrick Burnett sold 16,023 shares of the stock in a transaction that occurred 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 SEC, which is available through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $12.51, for a total transaction of $125,100.00. Following the transaction, the director now directly owns 161,944 shares of the company’s stock, valued at $2,025,919.44. This represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 72,927 shares of company stock valued at $936,675 in the last three months. 9.50% of the stock is owned by insiders.

Arcutis Biotherapeutics Stock Performance

ARQT stock opened at $11.40 on Wednesday. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of -6.37 and a beta of 1.29. The firm has a 50-day simple moving average of $13.62 and a two-hundred day simple moving average of $11.17. Arcutis Biotherapeutics, Inc. has a one year low of $6.05 and a one year 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.

Wall Street Analysts Forecast Growth

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

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.