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 10.16% valued currently at $17.65 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 8.53 million Arcutis Biotherapeutics Inc (ARQT) shares trading Friday and a closing price of $2.96 on the day, the dollar volume was approximately $25.25 million. The shares have shown a negative half year performance of -65.36% and its price on 12/22/23 gained nearly 13.85%. Currently, there are 94.38M common shares owned by the public and among those 77.25M shares have been available to trade.
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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 64,539 shares.
The top 3 mutual fund holders in Arcutis Biotherapeutics Inc are Polar Capital Funds Plc – Biotech, SPDR S&P Biotech ETF, and PGIM Jennison Health Sciences Fun. Polar Capital Funds Plc – Biotech owns 6.28 million shares of the company’s stock, all valued at over $11.55 million. The company bought an additional 3.53 million shares recently to bring their total holdings to about 6.65% of the shares outstanding. SPDR S&P Biotech ETF bought 17175.0 shares to see its total holdings expand to 3.68 million shares valued at over $6.78 million and representing 3.90% of the shares outstanding. PGIM Jennison Health Sciences Fun bought 1.84 million shares to bring its total holdings to over 3.39 million shares at a value of $6.24 million. PGIM Jennison Health Sciences Fun now owns shares totaling to 3.59% of the shares outstanding.
Shares of Arcutis Biotherapeutics Inc (NASDAQ: ARQT) opened at $2.63, up $0.03 from a prior closing price of $2.60. However, the script later moved the day high at 3.1300, up 13.85%. The company’s stock has a 5-day price change of 21.31% and -48.79% over the past three months. ARQT shares are trading -80.00% year to date (YTD), with the 12-month market performance down to -78.80% lower. It has a 12-month low price of $1.76 and touched a high of $17.57 over the same period. ARQT has an average intraday trading volume of 3.86 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 33.68%, 24.65%, and -62.27% respectively.
Institutional ownership of Arcutis Biotherapeutics Inc (NASDAQ: ARQT) shares accounts for 70.06% of the company’s 94.38M shares outstanding. Mutual fund holders own 27.03%, while other institutional holders and individual stakeholders account for 43.05% and 17.44% respectively.
It has a market capitalization of $279.36M and a beta (3y monthly) value of 0.84. 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 21.39% over the week and 14.42% 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 34.36%, and 27.77% 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.
