On February 5, Tejara Capital reported selling out of Arcutis Biotherapeutics (ARQT 4.34%), unloading 520,503 shares in an estimated $9.81 million trade based on quarterly average pricing.
What happened
According to a U.S. Securities and Exchange Commission (SEC) filing dated February 5, Tejara Capital reported selling its entire holding of 520,503 shares in Arcutis Biotherapeutics. The quarter-end net position change in value was a decrease of $9.81 million, reflecting the last-disclosed position value.
What else to know
Tejara Capital Ltd’s full exit from Arcutis Biotherapeutics reduces the position’s weight in the fund from 5.1% of AUM last quarter to zero.
Top holdings after the filing:
- NYSE:DEC: $29.07 million (12.09% of AUM)
- NASDAQ:GLNG: $13.73 million (5.71% of AUM)
- NYSE:SDRL: $12.73 million (5.29% of AUM)
- NYSE:NE: $9.85 million (4.09% of AUM)
- NASDAQ:MRVI: $9.82 million (4.08% of AUM)
As of February 4, shares of Arcutis Biotherapeutics were priced at $26.08, up 99.1% over the past year and vastly outperforming the S&P 500’s roughly 14% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Price (as of 2/4/26) | $26.08 |
| Market capitalization | $3.19 billion |
| Revenue (TTM) | $317.93 million |
| Net income (TTM) | ($44.32 million) |
Company Snapshot
- Arcutis Biotherapeutics develops and commercializes topical therapies for dermatological diseases, with lead products including roflumilast cream for plaque psoriasis and atopic dermatitis, and foam and cream formulations for other skin conditions.
- The company generates revenue through the sale of proprietary dermatology treatments, focusing on prescription-based therapies for chronic inflammatory skin disorders.
- Primary customers include dermatologists, healthcare providers, and patients with conditions such as psoriasis, atopic dermatitis, seborrheic dermatitis, and alopecia areata.
Arcutis Biotherapeutics, Inc. is a biopharmaceutical company specializing in topical treatments for chronic skin diseases. The company develops advanced formulations of roflumilast and other compounds for dermatological diseases.
What this transaction means for investors
A large part of the stock’s nearly 100% one-year gain happened during the fourth quarter, meaning this exit largely crystallized a sharp, fundamentals-driven run rather than stepping away too early.
That rally didn’t come out of nowhere. Third-quarter results showed net product revenue of $99.2 million, more than doubling year over year, as ZORYVE prescriptions accelerated across plaque psoriasis and atopic dermatitis. Management followed by reaffirming confidence in the commercial trajectory, guiding toward full-year 2026 net product sales of roughly $455 million to $470 million, a signal that demand is broadening rather than peaking.
For a concentrated fund like Tejara, exiting after a Q4 surge looks more like risk control than a bearish read on the business. The sale reduced portfolio exposure without disputing the underlying story. Ultimately, the valuation reset already happened, but the company has transitioned into a revenue-scale phase where execution matters more than trial headlines. Now, its future returns hinge on sustained prescription growth, operating leverage, and whether dermatology momentum can mature into durable cash generation.
