Federated Hermes Inc. Acquires 22,204 Shares of Arcutis Biotherapeutics, Inc. $ARQT

Federated Hermes Inc. raised its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 3.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 759,573 shares of the company’s stock after buying an additional 22,204 shares during the period. Federated Hermes Inc. owned about 0.62% of Arcutis Biotherapeutics worth $14,318,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ARQT. Frazier Life Sciences Management L.P. grew its holdings in Arcutis Biotherapeutics by 12.4% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock worth $138,441,000 after acquiring an additional 1,089,227 shares during the period. Perpetual Ltd boosted its position in shares of Arcutis Biotherapeutics by 7,534.3% during the 3rd quarter. Perpetual Ltd now owns 2,024,606 shares of the company’s stock valued at $38,164,000 after purchasing an additional 1,998,086 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Arcutis Biotherapeutics by 10.3% during the 3rd quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock valued at $230,990,000 after purchasing an additional 1,144,714 shares in the last quarter. Corton Capital Inc. acquired a new stake in Arcutis Biotherapeutics during the second quarter worth approximately $238,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Arcutis Biotherapeutics in the third quarter worth approximately $1,630,000.

Analyst Upgrades and Downgrades

ARQT has been the subject of a number of research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Monday, December 29th. Mizuho increased their price objective on shares of Arcutis Biotherapeutics from $32.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday, November 28th. Needham & Company LLC raised their target price on Arcutis Biotherapeutics from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Monday, January 26th. The Goldman Sachs Group boosted their target price on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Finally, Zacks Research lowered Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.20.

Arcutis Biotherapeutics Trading Down 1.4%

NASDAQ ARQT opened at $25.37 on Friday. The company has a current ratio of 3.50, a quick ratio of 3.28 and a debt-to-equity ratio of 0.68. The business has a fifty day simple moving average of $28.52 and a 200 day simple moving average of $22.21. Arcutis Biotherapeutics, Inc. has a 12 month low of $11.13 and a 12 month high of $31.77. The firm has a market capitalization of $3.11 billion, a P/E ratio of -70.47 and a beta of 1.71.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 17,250 shares of the business’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $24.18, for a total value of $417,105.00. Following the transaction, the insider owned 98,325 shares of the company’s stock, valued at approximately $2,377,498.50. The trade was a 14.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd Watanabe sold 48,945 shares of the company’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $30.36, for a total value of $1,485,970.20. Following the completion of the transaction, the insider owned 740,537 shares of the company’s stock, valued at $22,482,703.32. This trade represents a 6.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 253,912 shares of company stock valued at $6,884,105 in the last quarter. 9.40% of the stock is owned by company insiders.

Arcutis Biotherapeutics Company 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.