Bank of New York Mellon Corp Acquires New Holdings in Arcutis Biotherapeutics, Inc. $ARQT

Key Points

• Bank of New York Mellon acquired 330,094 Arcutis Biotherapeutics shares valued at approximately $8.7 million, representing about 0.26% of the company. Several other institutional investors also increased their positions.
• Analysts remain broadly positive: six rate ARQT a Buy and three rate it a Hold, producing a consensus Moderate Buy rating and an average price target of $35.57. Needham, Morgan Stanley and Guggenheim recently raised their targets.
• Arcutis exceeded quarterly expectations, reporting $0.11 in earnings per share versus a $0.06 estimate and $129.86 million in revenue versus $118.85 million expected. However, insiders sold 75,239 shares worth about $1.91 million over the past 90 days.

Bank of New York Mellon Corp bought a new stake in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 330,094 shares of the company's stock, valued at approximately $8,655,000. Bank of New York Mellon Corp owned approximately 0.26% of Arcutis Biotherapeutics at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ARQT. SBI Securities Co. Ltd. increased its holdings in Arcutis Biotherapeutics by 325.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company's stock valued at $32,000 after buying an additional 833 shares in the last quarter. Global Retirement Partners LLC acquired a new position in shares of Arcutis Biotherapeutics during the 4th quarter worth approximately $35,000. EverSource Wealth Advisors LLC raised its holdings in shares of Arcutis Biotherapeutics by 124.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company's stock worth $37,000 after acquiring an additional 698 shares during the period. NewEdge Advisors LLC boosted its position in shares of Arcutis Biotherapeutics by 209.0% during the 4th quarter. NewEdge Advisors LLC now owns 1,545 shares of the company's stock valued at $45,000 after acquiring an additional 1,045 shares during the last quarter. Finally, Truvestments Capital LLC boosted its position in shares of Arcutis Biotherapeutics by 114.2% during the 4th quarter. Truvestments Capital LLC now owns 3,012 shares of the company's stock valued at $87,000 after acquiring an additional 1,606 shares during the last quarter.

Wall Street Analyst Weigh In

ARQT has been the subject of several recent analyst reports. Needham & Company LLC raised their price objective on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Wall Street Zen raised shares of Arcutis Biotherapeutics from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Weiss Ratings upgraded Arcutis Biotherapeutics from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 20th. Morgan Stanley increased their price objective on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Finally, Guggenheim raised their target price on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Arcutis Biotherapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $35.57.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Terrie Curran sold 38,200 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $25.03, for a total value of $956,146.00. Following the sale, the director owned 23,526 shares of the company's stock, valued at $588,855.78. This trade represents a 61.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Todd Watanabe sold 4,375 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $26.12, for a total value of $114,275.00. Following the completion of the transaction, the insider owned 717,203 shares of the company's stock, valued at $18,733,342.36. The trade was a 0.61% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 75,239 shares of company stock worth $1,910,959 over the last 90 days. 9.40% of the stock is currently owned by corporate insiders.

Arcutis Biotherapeutics Trading Up 0.4%

ARQT opened at $23.85 on Thursday. Arcutis Biotherapeutics, Inc. has a 52 week low of $15.13 and a 52 week high of $31.77. The company has a quick ratio of 2.67, a current ratio of 2.92 and a debt-to-equity ratio of 0.46. The business has a fifty day simple moving average of $26.47 and a 200-day simple moving average of $24.56. The firm has a market cap of $3.00 billion, a P/E ratio of 113.58 and a beta of 1.50.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.05. The company had revenue of $129.86 million during the quarter, compared to the consensus estimate of $118.85 million. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%. On average, equities analysts expect that Arcutis Biotherapeutics, Inc. will post 0.4 earnings per share for the current year.

Arcutis Biotherapeutics Profile

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company's research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.

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