Franklin Resources Inc. Decreases Stock Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Franklin Resources Inc. decreased its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 4.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,250,418 shares of the company’s stock after selling 187,761 shares during the quarter. Franklin Resources Inc. owned approximately 3.63% of Arcutis Biotherapeutics worth $41,399,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Jennison Associates LLC grew its position in shares of Arcutis Biotherapeutics by 0.8% during the third quarter. Jennison Associates LLC now owns 11,663,497 shares of the company’s stock worth $108,471,000 after buying an additional 91,803 shares in the last quarter. Rubric Capital Management LP lifted its stake in Arcutis Biotherapeutics by 11.7% in the third quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock worth $101,990,000 after acquiring an additional 1,150,000 shares during the last quarter. Suvretta Capital Management LLC lifted its stake in 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 holdings in Arcutis Biotherapeutics by 9.9% during the 3rd 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 in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Arcutis Biotherapeutics by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock valued at $22,977,000 after purchasing an additional 48,868 shares during the last quarter.

Arcutis Biotherapeutics Trading Up 9.5 %

NASDAQ ARQT opened at $14.86 on Wednesday. The firm’s fifty day moving average price is $10.37 and its 200 day moving average price is $9.83. Arcutis Biotherapeutics, Inc. has a 12 month low of $2.28 and a 12 month high of $15.02. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of -8.30 and a beta of 1.32.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $38.05 million. On average, sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ARQT has been the subject of a number of analyst reports. Jefferies Financial Group began coverage on shares of Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They set a “buy” rating and a $15.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Terrie Curran sold 8,687 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $10.85, for a total value of $94,253.95. Following the completion of the sale, the director now directly owns 10,139 shares of the company’s stock, valued at approximately $110,008.15. This represents a 46.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David Joseph Topper sold 11,626 shares of the stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $9.48, for a total transaction of $110,214.48. Following the sale, the chief financial officer now owns 158,374 shares of the company’s stock, valued at $1,501,385.52. This trade represents a 6.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,951 shares of company stock valued at $770,144 in the last three months. 9.50% of the stock is currently 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.