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 $30.98 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.
Currently, there are 96.79M common shares owned by the public and among those 78.91M shares have been available to trade.
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Insiders at the company have transacted a total of 57 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 23 of these insider trades were purchases, accounting for 426,138 shares. Insider sales of the common stock occurred on 34 occasions, with total insider shares sold totaling 54,564 shares.
The top 3 mutual fund holders in Arcutis Biotherapeutics Inc are Polar Capital Funds Plc – Biotech, PGIM Jennison Health Sciences Fun, and FTIF SICAV – Biotechnology Discov. Polar Capital Funds Plc – Biotech owns 5.39 million shares of the company’s stock, all valued at over $17.41 million. The company sold -0.89 million shares recently to bring their total holdings to about 5.71% of the shares outstanding. FTIF SICAV – Biotechnology Discov bought 1.91 million shares to bring its total holdings to over 2.78 million shares at a value of $8.97 million. FTIF SICAV – Biotechnology Discov now owns shares totaling to 2.94% of the shares outstanding.
The company’s stock has a 5-day price change of 71.19% and 155.70% over the past three months. ARQT shares are trading 87.62% year to date (YTD), with the 12-month market performance down to -62.36% 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 4.99 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 57.48%, 109.81%, and -13.14% respectively.
Institutional ownership of Arcutis Biotherapeutics Inc (NASDAQ: ARQT) shares accounts for 65.23% of the company’s 96.79M shares outstanding. Mutual fund holders own 30.61%, while other institutional holders and individual stakeholders account for 36.31% and 17.68% respectively.
It has a market capitalization of $586.55M and a beta (3y monthly) value of 1.00. 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 14.57% over the week and 13.24% over the month.
Analysts forecast that Arcutis Biotherapeutics Inc (ARQT) will achieve an EPS of -$0.78 for the current quarter, -$0.8 for the next quarter and -$2.6 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.96 while analysts give the company a high EPS estimate of -$0.48. Comparatively, EPS for the current quarter was -$1.18 a year ago. Earnings per share for the fiscal year are expected to increase by 30.77%, and 33.96% 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.
Looking at the support for the ARQT, a number of firms have released research notes about the stock. Mizuho stated their Buy rating for the stock in a research note on January 03, 2024, with the firm’s price target at $4-$8.
