Federated Hermes Inc. Buys 461,469 Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Federated Hermes Inc. lifted its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 769.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 521,469 shares of the company’s stock after acquiring an additional 461,469 shares during the period. Federated Hermes Inc. owned 0.55% of Arcutis Biotherapeutics worth $1,684,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ARQT. China Universal Asset Management Co. Ltd. lifted its position in shares of Arcutis Biotherapeutics by 586.8% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,920 shares of the company’s stock valued at $35,000 after buying an additional 9,330 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in Arcutis Biotherapeutics in the third quarter valued at approximately $60,000. SG Americas Securities LLC purchased a new position in Arcutis Biotherapeutics in the fourth quarter worth $79,000. Jump Financial LLC acquired a new position in shares of Arcutis Biotherapeutics during the third quarter worth $108,000. Finally, Deutsche Bank AG lifted its holdings in shares of Arcutis Biotherapeutics by 13.7% during the 3rd quarter. Deutsche Bank AG now owns 30,362 shares of the company’s stock valued at $161,000 after purchasing an additional 3,655 shares during the last quarter.

Insiders Place Their Bets

In other news, insider Masaru Matsuda sold 3,760 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $11.12, for a total value of $41,811.20. Following the completion of the transaction, the insider now owns 190,424 shares of the company’s stock, valued at approximately $2,117,514.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 20.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. The Goldman Sachs Group boosted their target price on Arcutis Biotherapeutics from $6.00 to $11.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 28th. Needham & Company LLC restated a “buy” rating and set a $16.00 price objective on shares of Arcutis Biotherapeutics in a report on Friday, April 12th. Finally, Mizuho reiterated a “buy” rating and issued a $16.00 target price (up from $8.00) on shares of Arcutis Biotherapeutics in a research note on Friday, February 23rd. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $26.56.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $8.78 on Tuesday. Arcutis Biotherapeutics, Inc. has a 52 week low of $1.76 and a 52 week high of $15.21. The business’s 50 day moving average price is $10.15 and its 200 day moving average price is $5.83. The company has a quick ratio of 6.80, a current ratio of 7.08 and a debt-to-equity ratio of 2.28. The firm has a market cap of $849.99 million, a P/E ratio of -2.24 and a beta of 1.14.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.64) by ($0.08). Arcutis Biotherapeutics had a negative net margin of 439.79% and a negative return on equity of 294.85%. The business had revenue of $13.53 million during the quarter, compared to analysts’ expectations of $11.78 million. During the same period last year, the company earned ($1.18) earnings per share. On average, sell-side analysts expect that Arcutis Biotherapeutics, Inc. will post -2.49 earnings per share for the current year.

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.