Summary by Moomoo AI
Prudential Financial, Inc. has filed an amendment to its Schedule 13G with the Securities and Exchange Commission, disclosing its ownership stake in Arcutis Biotherapeutics Inc. As of December 31, 2023, Prudential Financial holds an aggregate of 9,884,137 shares of Arcutis Biotherapeutics' common stock, representing 10.47% of the company's class of securities. The filing, dated February 14, 2024, indicates that Prudential Financial has both sole and shared voting and dispositive power over a significant number of shares. The shares are beneficially owned through various subsidiaries, including Jennison Associates LLC and PGIM, Inc., among others. Prudential Financial asserts that the acquisition of these shares is in the ordinary course of business and not for the purpose of changing or influencing the control of Arcutis Biotherapeutics. The filing also clarifies that this should not be considered an admission that Prudential Financial is the beneficial owner of the shares for the purposes of Sections 13 or 16 of the Securities Exchange Act of 1934.