Jonathan Silverstein

ARQT

DIRECTOR · ARCUTIS BIOTHERAPEUTICS, INC. · CIK 0001171005

FILING MIX · LIFETIME73%/27%

BUYS

SELLS

TOTAL VALUE

$21.90M

COMPANIES

ACTIVE SINCE

Feb 2020

HOLDINGS NOW

4,267,564

AVG SELL PX

—

Trades · vs SPY

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Performance · forward returns vs SPY

4 backtested trades · 8 horizons

Forward-return performance of every backtestable P/S trade by Jonathan Silverstein, measured at 8 horizons from 7 days to 2 years. Deduped per economic event so co-filings count once. Excess return = trade return minus SPY return over the same window.

HORIZON	TRADES	WIN RATE	INSIDER RETURN	SPY RETURN	MEAN EXCESS	MEDIAN EXCESS	T-STAT
7d	4	+100.00%	+4.53%	+3.58%	+0.94%	+0.94%	—
14d	4	+100.00%	+2.22%	+3.97%	-1.75%	-1.75%	—
30d	4	+50.00%	-4.70%	-2.28%	-2.42%	-2.42%	—
60d	4	+100.00%	+3.74%	-6.66%	+10.41%	+10.41%	—
90d	4	+100.00%	+11.44%	+0.24%	+11.20%	+11.20%	—
180d	4	+100.00%	+15.21%	+10.70%	+4.50%	+4.50%	—
1y	4	+100.00%	+25.93%	+25.92%	+0.01%	+0.01%	—
2y	4	+0.00%	-29.23%	+29.37%	-58.60%	-58.60%	—

How to read this: Insider Returnis the average raw return of the filer's trades over the horizon. SPY Return is what SPY did over those same windows — reference only, not a comparison. The headline alpha number is Mean Excess = Insider − SPY; green means the filer beat SPY, red means they trailed it. Win rate is the share of individual trades where the filer beat SPY. T-statvalues above 2 mean the alpha is unlikely to be chance given the sample size. "Pending" counts trades where the horizon hasn't elapsed yet; their stats are not included in the row average.

Holdings over time

ARQT · 4,267,564 shares · as of Oct 2, 2020

Trading cadence · quarterly flow

BUY ● SELL ●

2020

FLOW · 8 buys / 3 sellsCOVERAGE · 4 quarters

Form 4 filings · all activity

COMPANY	TYPE	SHARES	PRICE	VALUE	HELD AFTER	TRADE DATE	FILED
ARQT ARCUTIS BIOTHERAPEUTICS, INC.	PURCHASE	296,000	$25.00	$7.40M	902,286	Oct 2, 2020	Oct 6, 2020 ↗
ARQT ARCUTIS BIOTHERAPEUTICS, INC.	PURCHASE	200,000	$25.00	$5.00M	4,267,564	Oct 2, 2020	Oct 6, 2020 ↗
ARQT ARCUTIS BIOTHERAPEUTICS, INC.	PURCHASEGRANT Stock grant	24,000	—	—	24,000	Feb 27, 2020	Mar 3, 2020 ↗
ARQT ARCUTIS BIOTHERAPEUTICS, INC.	SALE	429,786	—	—	0	Feb 4, 2020	Feb 4, 2020 ↗
ARQT ARCUTIS BIOTHERAPEUTICS, INC.	SALE	2,825,603	—	—	0	Feb 4, 2020	Feb 4, 2020 ↗
ARQT ARCUTIS BIOTHERAPEUTICS, INC.	PURCHASE	429,786	—	—	606,286	Feb 4, 2020	Feb 4, 2020 ↗
ARQT ARCUTIS BIOTHERAPEUTICS, INC.	PURCHASE	2,825,603	—	—	3,207,991	Feb 4, 2020	Feb 4, 2020 ↗
ARQT ARCUTIS BIOTHERAPEUTICS, INC.	PURCHASE	859,573	—	—	4,067,564	Feb 4, 2020	Feb 4, 2020 ↗
ARQT ARCUTIS BIOTHERAPEUTICS, INC.	SALE	859,573	—	—	0	Feb 4, 2020	Feb 4, 2020 ↗
ARQT ARCUTIS BIOTHERAPEUTICS, INC.	PURCHASE	382,388	$17.00	$6.50M	382,388	Feb 3, 2020	Feb 4, 2020 ↗
ARQT ARCUTIS BIOTHERAPEUTICS, INC.	PURCHASE	176,500	$17.00	$3.00M	176,500	Feb 3, 2020	Feb 4, 2020 ↗

Other insiders · ARQT

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About this filer

CIK 0001171005

ROLE

Director

PRIMARY

ARQT

COMPANIES

ACTIVE SINCE

Feb 2020

MARKETPEEL · /INSIDER/0001171005DATA · SEC EDGAR · FORM 4 · CONSOLIDATED TAPE

Jonathan Silverstein

The morning brief, before the bell.