Stonepine Capital Management LLC Takes Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Stonepine Capital Management LLC bought a new position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 88,457 shares of the company’s stock, valued at approximately $823,000. Arcutis Biotherapeutics accounts for approximately 0.5% of Stonepine Capital Management LLC’s investment portfolio, making the stock its 28th biggest holding.

Several other hedge funds have also added to or reduced their stakes in the business. CWM LLC increased its stake in Arcutis Biotherapeutics by 6,740.0% during the 2nd quarter. CWM LLC now owns 4,104 shares of the company’s stock valued at $38,000 after purchasing an additional 4,044 shares in the last quarter. Algert Global LLC purchased a new position in Arcutis Biotherapeutics during the second quarter valued at approximately $97,000. Victory Capital Management Inc. increased its stake in shares of Arcutis Biotherapeutics by 9.9% in the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock worth $119,000 after purchasing an additional 1,155 shares in the last quarter. Creative Planning purchased a new position in shares of Arcutis Biotherapeutics during the 3rd quarter valued at $127,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Arcutis Biotherapeutics in the 2nd quarter worth $174,000.

Analyst Ratings Changes

ARQT has been the topic of several research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. Jefferies Financial Group initiated coverage on Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They issued a “buy” rating and a $15.00 target price on the stock.

Arcutis Biotherapeutics Stock Performance

ARQT traded up $0.17 on Wednesday, reaching $11.68. The stock had a trading volume of 283,457 shares, compared to its average volume of 3,187,183. The business’s 50-day moving average price is $9.60 and its two-hundred day moving average price is $9.49. The company has a market cap of $1.37 billion, a P/E ratio of -6.43 and a beta of 1.18. Arcutis Biotherapeutics, Inc. has a 12-month low of $1.76 and a 12-month high of $13.17. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.09. The business had revenue of $44.76 million for 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%. Sell-side analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current year.

Insider Transactions at Arcutis Biotherapeutics

In other news, Director Terrie Curran sold 8,687 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $10.85, for a total transaction of $94,253.95. Following the completion of the sale, the director now directly owns 10,139 shares in the company, valued at $110,008.15. This trade represents a 46.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $10.77, for a total value of $107,700.00. Following the sale, the director now owns 191,944 shares of the company’s stock, valued at approximately $2,067,236.88. This trade represents a 4.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,951 shares of company stock worth $752,744 over the last ninety days. 9.50% of the stock is currently owned by company insiders.

Arcutis Biotherapeutics Company 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.