Summary by Moomoo AI
On February 29, 2024, Jennison Associates LLC filed an amended Schedule 13G/A with the Securities and Exchange Commission, disclosing a 10.8% ownership stake in Arcutis Biotherapeutics, Inc., amounting to 12,128,533 shares. Jennison Associates, a Delaware-based investment adviser, reported this stake as a result of its advisory role to various investment companies and institutional clients. Prudential Financial, Inc., which owns Jennison Associates, may also be deemed to have influence over the voting and disposal of the shares held by Jennison's managed portfolios. The filing clarified that the shares were acquired in the ordinary course of business and not with the intent to change or influence the control of Arcutis Biotherapeutics. The statement also emphasized that no single client owns more than 5% of the class of securities, and the shares are not held for any purpose related to changing or influencing the control of the company.