ARCUTIS BIOTHERAPEUTICS INC ARQT
COM · Common Stock · CUSIP 03969K108
- SectorHealth care
- IndustryPharmaceutical Preparations
- HeadquartersWestlake Village, CA
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($1.3m this quarter). Holder counts are more reliable. Shares outstanding: 125.7m as of 2026-07-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $26.22. Options: 7 managers hold calls ($17.0m notional), 5 hold puts ($1.5m).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 140 |
| Q4 2022 | 143 |
| Q1 2023 | 146 |
| Q2 2023 | 138 |
| Q3 2023 | 135 |
| Q4 2023 | 134 |
| Q1 2024 | 169 |
| Q2 2024 | 187 |
| Q3 2024 | 189 |
| Q4 2024 | 209 |
| Q1 2025 | 242 |
| Q2 2025 | 231 |
| Q3 2025 | 239 |
| Q4 2025 | 283 |
| Q1 2026 | 270 |
| Q2 2026 | 272 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 99 | 79 |
| Q4 2024 | 99 | 93 |
| Q1 2025 | 129 | 108 |
| Q2 2025 | 121 | 110 |
| Q3 2025 | 120 | 103 |
| Q4 2025 | 167 | 103 |
| Q1 2026 | 135 | 134 |
| Q2 2026 | 134 | 136 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $10.9m | $2.8m | 0.25 |
| Q4 2025 | $21.1m | $2.6m | 0.12 |
| Q1 2026 | $10.0m | $2.3m | 0.23 |
| Q2 2026 | $17.0m | $1.5m | 0.09 |
Biggest buyers
| ORBIMED ADVISORS LLC | New | +2.0m |
| D. E. Shaw & Co., Inc. | Added | +1.5m |
| BlackRock, Inc. | Added | +1.3m |
| CITADEL ADVISORS LLC | Added | +1.1m |
| Jones Hill Capital LP | New | +1.1m |
| Polar Capital Holdings Plc | Added | +940.0k |
| BANK OF AMERICA CORP /DE/ | Added | +766.1k |
| MILLENNIUM MANAGEMENT LLC | Added | +514.7k |
| VANGUARD PORTFOLIO MANAGEMENT LLC | Added | +474.3k |
| AMERICAN CENTURY COMPANIES INC | Added | +461.8k |
Biggest sellers
| GILDER GAGNON HOWE & CO LLC | Reduced | -3.0m |
| MARSHALL WACE, LLP | Reduced | -2.0m |
| Driehaus Capital Management LLC | Reduced | -1.3m |
| JENNISON ASSOCIATES LLC | Reduced | -761.7k |
| MPM BIOIMPACT LLC | Sold out | -734.0k |
| STEMPOINT CAPITAL LP | Reduced | -728.6k |
| Squarepoint Ops LLC | Reduced | -565.7k |
| STATE STREET CORP | Reduced | -473.4k |
| M&G PLC | Sold out | -469.1k |
| Eversept Partners, LP | Reduced | -441.2k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $8.7m333.4k shares |
| JANE STREET GROUP, LLC | Reduced | $3.1m117.8k shares |
| CITADEL ADVISORS LLC | Added | $2.5m94.6k shares |
| GROUP ONE TRADING LLC | Added | $2.3m86.2k shares |
| SIMPLEX TRADING, LLC | Added | $422.1k16.1k shares |
| Walleye Capital LLC | Unchanged | $36.7k1.4k shares |
| SUMMIT SECURITIES GROUP LLC | New | $13.1k500 shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $456.2k17.4k shares |
| JANE STREET GROUP, LLC | Reduced | $385.4k14.7k shares |
| CITADEL ADVISORS LLC | Reduced | $367.1k14.0k shares |
| GROUP ONE TRADING LLC | Reduced | $259.6k9.9k shares |
| SIMPLEX TRADING, LLC | Reduced | $81.3k3.1k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution filed 2026-10-05 | 14.1% |
Frazier Life Sciences VIII, L.P.
13D · may seek influence
filed 2025-08-20
Stated purposeFLS VIII, FHM Life Sciences VIII, L.L.C, FLS X, FLSPF, FLSPOF, FLS XI and FLS XII each acquired the FLS VIII Shares (as defined below), the FHM Life Sciences VIII, L.L.C. Shares (as defined below), the FLS X Shares (as defined below), the FLSPF Shares (as defined below), the FLSPOF Shares (as defined below), the FLS XI Shares (as defined below) and the FLS XII Shares (as defined below), as the case me be, for investment purposes. Depending on market conditions, its continuing evaluation of the business and prospects of the Issuer and other factors, FLS VIII, FHM Life Sciences VIII, L.L.C, FLS X, FLSPF, FLSPOF, FLS XI and FLS XII and other Reporting Persons may dispose of or acquire additional shares of the Issuer. Except as set forth above, none of the Reporting Persons has any present pla… Full filing |
7.5% |
| Rubric Capital Management LP 13G · institution filed 2026-02-13 | 6.8% |
| Polar Capital Holdings Plc 13G · institution +1.1 pts · filed 2026-08-14 | 5.3% |
Fell to 5% or below in the last year: STATE STREET CORP (4.7%, 2026-08-07), PRUDENTIAL FINANCIAL INC (4.3%, 2026-05-08), JENNISON ASSOCIATES LLC (4.0%, 2026-05-06), VANGUARD GROUP INC (0.0%, 2026-03-26)
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 3 | $34.0k | 6 | $1.9m | $907.9k |
| Q1 2025 | 0 | — | 5 | $2.4m | $2.4m |
| Q2 2025 | 1 | $373.0k | 6 | $1.1m | $1.1m |
| Q3 2025 | 0 | — | 5 | $2.0m | $2.0m |
| Q4 2025 | 0 | — | 9 | $8.7m | $6.7m |
| Q1 2026 | 0 | — | 7 | $5.4m | $5.4m |
| Q2 2026 | 0 | — | 6 | $968.9k | $968.9k |
| Q3 2026 | 0 | — | 5 | $2.3m | $878.7k |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-09-16 | Matsuda Masaru Officer | Sold plan | $91.8k3.7k shares |
| 2026-09-15 | Welgus Howard G. Director | Sold plan | $114.4k4.7k shares |
| 2026-09-08 | Matsuda Masaru Officer | Sold plan | $250.0k10.0k shares |
| 2026-08-27 | Curran Terrie Director | Sold | $956.1k38.2k shares |
| 2026-08-20 | Curran Terrie Director | Sold | $27.9k1.1k shares |
| 2026-08-19 | Burnett Patrick Officer | Sold | $45.8k1.7k shares |
| 2026-08-17 | Welgus Howard G. Director | Sold plan | $123.8k4.7k shares |
| 2026-08-12 | Burnett Patrick Officer | Sold | $174.7k6.7k shares |
| 2026-08-11 | Burnett Patrick Officer | Sold | $220.1k8.3k shares |
| 2026-08-03 | Watanabe Todd Officer, director | Sold plan | $114.3k4.4k shares |
| 2026-08-03 | Matsuda Masaru Officer | Sold plan | $32.1k1.2k shares |
| 2026-08-03 | Burnett Patrick Officer | Sold plan | $24.9k955 shares |
| 2026-07-15 | Welgus Howard G. Director | Sold plan | $127.3k4.7k shares |
| 2026-06-17 | Welgus Howard G. Director | Sold plan | $16.3k635 shares |
| 2026-06-15 | LIN SUE-JEAN Director | Sold plan | $120.6k4.9k shares |
| 2026-06-15 | Welgus Howard G. Director | Sold plan | $100.0k4.1k shares |
| 2026-05-11 | Vairavan Latha SVP Chief Financial Officer | Sold plan | $9.2k435 shares |
| 2026-05-11 | Burnett Patrick Officer | Sold plan | $4.7k222 shares |
| 2026-05-04 | Matsuda Masaru Officer | Sold plan | $192.4k8.3k shares |
| 2026-05-04 | Watanabe Todd Officer, director | Sold plan | $74.9k3.2k shares |
| 2026-05-04 | Vairavan Latha SVP Chief Financial Officer | Sold plan | $31.7k1.3k shares |
| 2026-05-04 | Burnett Patrick Officer | Sold plan | $16.1k684 shares |
| 2026-05-01 | Welgus Howard G. Director | Sold plan | $164.2k7.1k shares |
| 2026-04-01 | Welgus Howard G. Director | Sold plan | $238.8k10.0k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| MONTANOVA CAPITAL, LLC 6.85% of their portfolio | 12.4m $326.1m | Added +110.0k |
| BlackRock, Inc. 0.00% of their portfolio | 10.5m $276.5m | Added +1.3m |
| Frazier Life Sciences Management, L.P. 5.64% of their portfolio | 9.9m $258.9m | Unchanged |
| Rubric Capital Management LP 1.99% of their portfolio | 8.3m $216.9m | Unchanged |
| Polar Capital Holdings Plc 0.49% of their portfolio | 6.6m $173.2m | Added +940.0k |
| STATE STREET CORP 0.00% of their portfolio | 5.8m $152.7m | Reduced -473.4k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 5.0m $130.8m | Added +117.2k |
| MORGAN STANLEY 0.01% of their portfolio | 4.5m $116.7m | Added +232.1k |
| JENNISON ASSOCIATES LLC 0.07% of their portfolio | 4.2m $110.6m | Reduced -761.7k |
| D. E. Shaw & Co., Inc. 0.06% of their portfolio | 3.9m $103.6m | Added +1.5m |
| UBS Group AG 0.01% of their portfolio | 3.3m $87.4m | Added +3.8k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 3.0m $78.3m | Added +766.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 3.0m $78.2m | Reduced -62.9k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 2.4m $63.7m | Added +474.3k |
| ORBIMED ADVISORS LLC 1.01% of their portfolio | 2.0m $53.5m | New |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 1.9m $50.6m | Reduced -367.0k |
| AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio | 1.9m $50.5m | Added +461.8k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 1.7m $43.7m | Added +65.4k |
| Jupiter Topco LLC 0.02% of their portfolio | 1.4m $37.0m | First filing |
| OBERWEIS ASSET MANAGEMENT INC/ 0.74% of their portfolio | 1.4m $36.0m | Added +7.0k |
| GILDER GAGNON HOWE & CO LLC 0.36% of their portfolio | 1.3m $34.4m | Reduced -3.0m |
| GW&K Investment Management, LLC 0.26% of their portfolio | 1.3m $33.8m | Added +299.6k |
| Pivotal bioVenture Partners Investment Advisor LLC 10.78% of their portfolio | 1.3m $33.2m | Reduced -90.6k |
| BAMCO INC /NY/ 0.05% of their portfolio | 1.3m $32.9m | Added +180.9k |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 1.2m $30.4m | Added +1.1m |
| FEDERATED HERMES, INC. 0.04% of their portfolio | 1.1m $29.5m | Added +47.4k |
| Perpetual Ltd 0.42% of their portfolio | 1.1m $29.1m | Added +200.1k |
| Aberdeen Group plc 0.04% of their portfolio | 1.1m $28.8m | Added +453.3k |
| Jones Hill Capital LP 6.07% of their portfolio | 1.1m $28.6m | New |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.1m $27.8m | Added +82.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 1.1m $27.6m | Added +38.4k |
| Ensign Peak Advisors, Inc 0.04% of their portfolio | 974.5k $25.6m | Reduced -269.9k |
| Candriam S.C.A. 0.11% of their portfolio | 949.8k $24.9m | Reduced -136.8k |
| Driehaus Capital Management LLC 0.13% of their portfolio | 878.4k $23.0m | Reduced -1.3m |
| Nuveen, LLC 0.01% of their portfolio | 834.3k $21.9m | Reduced -67.9k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 815.1k $21.4m | Added +43.4k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 811.8k $21.3m | Added +307.9k |
| TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio | 663.9k $17.4m | Added +429.6k |
| FISHMAN JAY A LTD/MI 1.24% of their portfolio | 595.0k $15.6m | Added +28.3k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 564.1k $14.8m | Added +514.7k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 547.3k $14.3m | Reduced -264.9k |
| Squarepoint Ops LLC 0.03% of their portfolio | 537.7k $14.1m | Reduced -565.7k |
| CAPITOLIS LIQUID GLOBAL MARKETS LLC 0.06% of their portfolio | 500.0k $13.1m | Unchanged |
| Nearwater Capital Markets, Ltd 0.22% of their portfolio | 486.7k $12.8m | Reduced -120.6k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.02% of their portfolio | 466.0k $12.2m | Added +100.0k |
| MARSHALL WACE, LLP 0.01% of their portfolio | 446.9k $11.7m | Reduced -2.0m |
| Privium Fund Management B.V. 1.92% of their portfolio | 399.4k $10.5m | Added +78.4k |
| NORGES BANK 0.00% of their portfolio | 392.3k $10.3m | Not comparable |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 382.7k $10.0m | Reduced -7.2k |
| Patient Square Capital LP 1.50% of their portfolio | 370.0k $9.7m | Reduced -30.6k |
| Point72 Asset Management, L.P. 0.01% of their portfolio | 362.4k $9.5m | Reduced -228.4k |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 361.7k $9.5m | Reduced -362.4k |
| Longaeva Partners L.P. 0.26% of their portfolio | 344.8k $9.0m | New |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 330.3k $8.7m | Reduced -137.9k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 330.1k $8.7m | Added +24.6k |
| FMR LLC 0.00% of their portfolio | 306.0k $8.0m | Added +27.2k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 296.0k $7.8m | Added +194.3k |
| PEREGRINE CAPITAL MANAGEMENT LLC 0.25% of their portfolio | 291.4k $7.6m | Reduced -14.8k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.01% of their portfolio | 284.8k $7.5m | Reduced -351.4k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 284.1k $7.4m | Reduced -67.2k |
| Invesco Ltd. 0.00% of their portfolio | 264.9k $6.9m | Added +125.1k |
| Walleye Capital LLC 0.03% of their portfolio | 260.0k $6.8m | Added +209.6k |
| Balyasny Asset Management L.P. 0.01% of their portfolio | 243.1k $6.4m | New |
| PFM Health Sciences, LP 0.55% of their portfolio | 242.1k $6.3m | New |
| MYDA Advisors LLC 1.53% of their portfolio | 240.0k $6.3m | Unchanged |
| Jump Financial, LLC 0.06% of their portfolio | 235.5k $6.2m | Added +185.9k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 231.2k $6.1m | Reduced -6.0k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 230.9k $6.1m | Added +130.0k |
| Swiss National Bank 0.00% of their portfolio | 224.0k $5.9m | Added +5.8k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 219.8k $5.8m | Added +107.6k |
| JUPITER ASSET MANAGEMENT LTD 0.03% of their portfolio | 202.5k $5.3m | Reduced -14.7k |
| Pictet Asset Management Holding SA 0.01% of their portfolio | 200.3k $5.4m | Added +62.2k |
| KORNITZER CAPITAL MANAGEMENT INC /KS 0.11% of their portfolio | 199.7k $5.2m | Added +23.8k |
| Woodline Partners LP 0.02% of their portfolio | 195.0k $5.1m | Unchanged |
| Pavaki Capital Management LLC 2.79% of their portfolio | 187.0k $4.9m | Unchanged |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 183.7k $4.8m | Added +14.8k |
| Cormorant Asset Management, LP 0.24% of their portfolio | 175.0k $4.6m | Reduced -275.0k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 170.5k $4.5m | Added +9.4k |
| Holocene Advisors, LP 0.01% of their portfolio | 163.7k $4.3m | New |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 157.8k $4.1m | Reduced -290.4k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.02% of their portfolio | 157.4k $4.1m | Reduced -383.1k |
| PDT Partners, LLC 0.21% of their portfolio | 155.1k $4.1m | Unchanged |
| Vontobel Holding Ltd. 0.01% of their portfolio | 153.2k $4.0m | Added +118.6k |
| CITIGROUP INC 0.00% of their portfolio | 151.4k $4.0m | Added +103.1k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 137.9k $3.6m | Reduced -16.5k |
| ESSEX INVESTMENT MANAGEMENT CO LLC 0.47% of their portfolio | 137.5k $3.6m | Reduced -6.4k |
| CASTLEARK MANAGEMENT LLC 0.10% of their portfolio | 137.4k $3.6m | Reduced -156.0k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 136.4k $3.2m | Added +18.2k |
| Eversept Partners, LP 0.19% of their portfolio | 135.4k $3.5m | Reduced -441.2k |
| LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio | 133.1k $3.5m | Reduced -21.4k |
| TUDOR INVESTMENT CORP ET AL 0.01% of their portfolio | 131.9k $3.5m | New |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 126.3k $3.3m | Reduced -2.1k |
| 1492 Capital Management LLC 0.90% of their portfolio | 116.2k $3.0m | Reduced -1.9k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 114.3k $3.0m | Reduced -91.9k |
| Tejara Capital Ltd 1.22% of their portfolio | 113.1k $3.0m | Reduced -53.1k |
| LPL Financial LLC 0.00% of their portfolio | 111.2k $2.9m | Reduced -8.2k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 109.1k $2.9m | Reduced -88.7k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio | 104.4k $2.8m | Unchanged |
| Legal & General Group Plc 0.00% of their portfolio | 100.8k $2.6m | Added +15.9k |
| STEMPOINT CAPITAL LP 0.45% of their portfolio | 98.9k $2.6m | Reduced -728.6k |