Federated Hermes Inc. Has $11.54 Million Holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Key Points

• Federated Hermes Inc. increased its holdings in Arcutis Biotherapeutics by 49.6%, owning approximately 737,555 shares valued at $11.54 million by the end of the first quarter.
• Analysts have set a consensus target price of $19.40 for Arcutis, with Needham & Company maintaining a "buy" rating and a target of $20.00.
• Insider trading activity included director Howard G. Welgus selling 10,139 shares at an average price of $13.37, leading to a significant reduction in his ownership stake.

Federated Hermes Inc. boosted its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 49.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 737,555 shares of the company's stock after buying an additional 244,633 shares during the quarter. Federated Hermes Inc. owned approximately 0.62% of Arcutis Biotherapeutics worth $11,535,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Essex Investment Management Co. LLC grew its position in shares of Arcutis Biotherapeutics by 33.5% in the first quarter. Essex Investment Management Co. LLC now owns 190,638 shares of the company's stock valued at $2,982,000 after purchasing an additional 47,815 shares during the last quarter. Nkcfo LLC acquired a new position in shares of Arcutis Biotherapeutics in the first quarter valued at approximately $109,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Arcutis Biotherapeutics by 3.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,697 shares of the company's stock valued at $464,000 after purchasing an additional 917 shares during the last quarter. Royce & Associates LP acquired a new position in shares of Arcutis Biotherapeutics in the first quarter valued at approximately $4,185,000. Finally, Legato Capital Management LLC grew its position in shares of Arcutis Biotherapeutics by 32.6% in the first quarter. Legato Capital Management LLC now owns 56,717 shares of the company's stock valued at $887,000 after purchasing an additional 13,946 shares during the last quarter.

Analysts Set New Price Targets

Several research firms have recently commented on ARQT. The Goldman Sachs Group began coverage on Arcutis Biotherapeutics in a research report on Friday, July 25th. They issued a "neutral" rating and a $18.00 target price on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Arcutis Biotherapeutics has an average rating of "Moderate Buy" and a consensus target price of $19.40.

Insider Buying and Selling

In related news, Director Howard G. Welgus sold 10,139 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $13.37, for a total value of $135,558.43. Following the completion of the sale, the director directly owned 109,414 shares in the company, valued at approximately $1,462,865.18. The trade was a 8.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Larry Todd Edwards sold 7,451 shares of the firm's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $14.07, for a total value of $104,835.57. Following the completion of the sale, the insider directly owned 183,104 shares in the company, valued at approximately $2,576,273.28. This represents a 3.91% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 7,434 shares of company stock valued at $99,277 and have sold 52,011 shares valued at $750,607. Company insiders own 9.40% of the company's stock.

Arcutis Biotherapeutics Trading Down 2.0%

Shares of ARQT stock opened at $14.29 on Friday. The company has a current ratio of 3.55, a quick ratio of 3.37 and a debt-to-equity ratio of 0.75. The stock has a market cap of $1.70 billion, a P/E ratio of -13.74 and a beta of 1.84. The stock has a 50 day simple moving average of $14.18 and a 200 day simple moving average of $14.09. Arcutis Biotherapeutics, Inc. has a 1 year low of $7.86 and a 1 year high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.01. The business had revenue of $65.85 million during the quarter, compared to analysts' expectations of $64.80 million. Arcutis Biotherapeutics had a negative return on equity of 80.66% and a negative net margin of 60.95%. On average, research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

About Arcutis Biotherapeutics

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.

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