Arcutis Biotherapeutics Inc. has made a secondary offering with 4 million shares of its stock.

The Westlake Village research company, which focuses on skin treatments, said that in conjunction with the offering, it will sell $35 million in stock to OrbiMed Advisors, an affiliate of one of its directors, in a private placement.

The company announced the stock sale Tuesday, when shares closed at $31.04, making 4 million shares were worth about $124 million.

Shares of Arcutis (ARQT) closed Thursday down $1.68, or 5.7 percent, to $27.62 on the Nasdaq.