Federated Hermes Inc. Has $6.87 Million Position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Federated Hermes Inc. lessened its stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 1.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 492,922 shares of the company’s stock after selling 8,909 shares during the period. Federated Hermes Inc. owned 0.42% of Arcutis Biotherapeutics worth $6,866,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ARQT. Fishman Jay A Ltd. MI increased its position in shares of Arcutis Biotherapeutics by 28.3% in the fourth quarter. Fishman Jay A Ltd. MI now owns 536,400 shares of the company’s stock worth $7,472,000 after purchasing an additional 118,400 shares during the period. Barclays PLC grew its stake in Arcutis Biotherapeutics by 45.8% during the third quarter. Barclays PLC now owns 253,392 shares of the company’s stock worth $2,356,000 after buying an additional 79,579 shares in the last quarter. State Street Corp increased its holdings in Arcutis Biotherapeutics by 9.9% in the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after buying an additional 506,788 shares during the period. Geode Capital Management LLC raised its position in shares of Arcutis Biotherapeutics by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock valued at $22,977,000 after buying an additional 48,868 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Arcutis Biotherapeutics by 1.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 276,691 shares of the company’s stock worth $2,573,000 after acquiring an additional 2,912 shares during the period.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock opened at $13.44 on Friday. The business’s 50-day moving average price is $14.24 and its 200-day moving average price is $12.57. Arcutis Biotherapeutics, Inc. has a 12 month low of $6.99 and a 12 month high of $17.75. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of -7.51 and a beta of 1.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.19. The firm had revenue of $71.36 million during the quarter, compared to analysts’ expectations of $60.52 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. Equities research analysts forecast that Arcutis Biotherapeutics, Inc. will post -1.33 EPS for the current year.

Insider Activity at Arcutis Biotherapeutics

In related news, insider Masaru Matsuda sold 8,338 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $12.70, for a total value of $105,892.60. Following the transaction, the insider now directly owns 178,692 shares of the company’s stock, valued at $2,269,388.40. The trade was a 4.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick Burnett sold 12,242 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $15.04, for a total transaction of $184,119.68. Following the sale, the insider now directly owns 121,936 shares of the company’s stock, valued at $1,833,917.44. This represents a 9.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,099 shares of company stock worth $631,256 over the last three months. Company insiders own 9.50% of the company’s stock.

Wall Street Analysts Forecast Growth

ARQT has been the subject of several research analyst reports. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a research report on Wednesday. Mizuho boosted their price target on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. HC Wainwright reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. Finally, Jefferies Financial Group raised their price target on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Tuesday, March 11th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.80.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.