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

Federated Hermes Inc. boosted its holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Free Report) by 769.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 521,469 shares of the company's stock after purchasing an additional 461,469 shares during the quarter. Federated Hermes Inc. owned approximately 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 added to or reduced their stakes in ARQT. China Universal Asset Management Co. Ltd. boosted its holdings 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 acquiring an additional 9,330 shares during the period. Fox Run Management L.L.C. acquired a new position in shares of Arcutis Biotherapeutics during the third quarter valued at $60,000. Jump Financial LLC acquired a new position in shares of Arcutis Biotherapeutics during the third quarter valued at $108,000. SG Americas Securities LLC acquired a new position in shares of Arcutis Biotherapeutics during the fourth quarter valued at $79,000. Finally, Deutsche Bank AG boosted its holdings in shares of Arcutis Biotherapeutics by 13.7% during the third quarter. Deutsche Bank AG now owns 30,362 shares of the company's stock valued at $161,000 after acquiring an additional 3,655 shares during the period.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 3,760 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $11.12, for a total transaction of $41,811.20. Following the transaction, the insider now owns 190,424 shares in the company, valued at $2,117,514.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 20.70% of the stock is currently owned by corporate insiders.

Arcutis Biotherapeutics Stock Down 5.2 %

NASDAQ:ARQT traded down $0.46 on Tuesday, hitting $8.32. 1,756,567 shares of the company's stock traded hands, compared to its average volume of 4,533,318. The company has a current ratio of 7.08, a quick ratio of 6.80 and a debt-to-equity ratio of 2.28. Arcutis Biotherapeutics, Inc. has a 1 year low of $1.76 and a 1 year high of $15.21. The firm has a 50-day moving average price of $10.15 and a 200-day moving average price of $5.83. The company has a market cap of $805.46 million, a PE ratio of -2.24 and a beta of 1.14.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its earnings results on Tuesday, February 27th. The company reported ($0.72) earnings per share 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 for the quarter, compared to analysts' expectations of $11.78 million. During the same period last year, the firm earned ($1.18) EPS. Equities analysts anticipate that Arcutis Biotherapeutics, Inc. will post -2.49 EPS for the current fiscal year.

Analyst Ratings Changes

ARQT has been the subject of several analyst reports. Mizuho reissued a "buy" rating and set a $16.00 price target (up previously from $8.00) on shares of Arcutis Biotherapeutics in a report on Friday, February 23rd. Needham & Company LLC reaffirmed a "buy" rating and issued a $16.00 price objective on shares of Arcutis Biotherapeutics in a report on Friday, April 12th. Finally, The Goldman Sachs Group upped their price objective on shares of Arcutis Biotherapeutics from $6.00 to $11.00 and gave the stock a "neutral" rating in a report on Wednesday, February 28th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $26.56.

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.