Suvretta Capital Management LLC recently announced the acquisition of new stake in Arcutis Biotherapeutics Inc (NASDAQ:ARQT). The institutional investor has increased its shareholding in the Healthcare company by 744.96% to 9.59 million shares with purchase of 8.46 million shares. This fresh investment now brings its stake to 10.19% valued currently at $21.58 million. In addition, Jennison Associates LLC raised its holdings by 4.49 million to 8.92 million shares. And Polar Capital LLP has lifted its position by 128.29% or 4.0 million shares – to 7.12 million shares.
With over 7.18 million Arcutis Biotherapeutics Inc (ARQT) shares trading Monday and a closing price of $2.07 on the day, the dollar volume was approximately $14.87 million. The shares have shown a negative half year performance of -78.96% and its price on 11/20/23 gained nearly 1.47%. Currently, there are 94.38M common shares owned by the public and among those 77.27M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for ARQT have a consensus price objective of $15.86. The analysts have set the share’s price value over the next 12 months at a high of $44.00 and a low of $4.00. The average price target is 86.95% above its recent price level and an upside to the estimated low will see the stock gain 48.25% over that period. But an upside of 95.3% will see the stock hit the forecast high price target while median target price for the stock is $10.00.
Insiders at the company have transacted a total of 60 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 24 of these insider trades were purchases, accounting for 434,638 shares. Insider sales of the common stock occurred on 36 occasions, with total insider shares sold totaling 65,670 shares.
The top 3 mutual fund holders in Arcutis Biotherapeutics Inc are SPDR S&P Biotech ETF, Polar Capital Funds Plc – Biotech, and Vanguard Total Stock Market ETF. SPDR S&P Biotech ETF owns 3.63 million shares of the company’s stock, all valued at over $8.17 million. The company bought an additional 21717.0 shares recently to bring their total holdings to about 3.86% of the shares outstanding. Vanguard Total Stock Market ETF bought 0.96 million shares to bring its total holdings to over 2.5 million shares at a value of $5.63 million. Vanguard Total Stock Market ETF now owns shares totaling to 2.66% of the shares outstanding.
Shares of Arcutis Biotherapeutics Inc (NASDAQ: ARQT) opened at $2.12, up $0.08 from a prior closing price of $2.04. However, the script later moved the day high at 2.3350, up 1.47%. The company’s stock has a 5-day price change of -1.90% and -72.40% over the past three months. ARQT shares are trading -86.01% year to date (YTD), with the 12-month market performance down to -88.97% lower. It has a 12-month low price of $1.80 and touched a high of $19.10 over the same period. ARQT has an average intraday trading volume of 2.15 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -7.00%, -48.39%, and -78.08% respectively.
Institutional ownership of Arcutis Biotherapeutics Inc (NASDAQ: ARQT) shares accounts for 70.40% of the company’s 94.38M shares outstanding. Mutual fund holders own 35.16%, while other institutional holders and individual stakeholders account for 35.42% and 17.59% respectively.
It has a market capitalization of $195.37M and a beta (3y monthly) value of 0.83. The earnings-per-share (ttm) stands at -$5.65. Price movements for the stock have been influenced by the stock’s volatility, which stands at 11.05% over the week and 10.39% over the month.
Analysts forecast that Arcutis Biotherapeutics Inc (ARQT) will achieve an EPS of -$0.75 for the current quarter, -$0.83 for the next quarter and -$2.65 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.96 while analysts give the company a high EPS estimate of -$0.43. Comparatively, EPS for the current quarter was -$1.18 a year ago. Earnings per share for the fiscal year are expected to increase by 34.35%, and 27.76% over the next financial year. EPS should grow at an annualized rate of 9.80% over the next five years, compared to -110.36% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Arcutis Biotherapeutics Inc (ARQT) as a “Strong Buy” at a consensus score of 1.86. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 3 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ARQT, a number of firms have released research notes about the stock. Mizuho stated their Neutral rating for the stock in a research note on October 26, 2023, with the firm’s price target at $57-$4.
