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

Federated Hermes Inc. increased its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 3.0% during the third quarter, HoldingsChannel reports. The firm owned 759,573 shares of the company’s stock after acquiring an additional 22,204 shares during the period. Federated Hermes Inc.’s holdings in Arcutis Biotherapeutics were worth $14,318,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Y Intercept Hong Kong Ltd purchased a new stake in Arcutis Biotherapeutics in the third quarter worth $714,000. Jennison Associates LLC grew its stake 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 worth $230,990,000 after acquiring an additional 1,144,714 shares during the period. Strs Ohio grew its stake in shares of Arcutis Biotherapeutics by 68.5% during the 3rd quarter. Strs Ohio now owns 21,400 shares of the company’s stock worth $403,000 after acquiring an additional 8,700 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Arcutis Biotherapeutics in the 3rd quarter worth about $1,630,000. Finally, Campbell & CO Investment Adviser LLC raised its stake in Arcutis Biotherapeutics by 146.9% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 39,879 shares of the company’s stock valued at $752,000 after acquiring an additional 23,730 shares during the period.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ARQT. Wall Street Zen lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 23rd. Mizuho boosted their target price on shares of Arcutis Biotherapeutics from $32.00 to $37.00 and gave the company an “outperform” rating in a report on Friday, November 28th. Zacks Research lowered Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, October 29th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Monday, December 29th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.20.

Arcutis Biotherapeutics Price Performance

NASDAQ:ARQT opened at $25.37 on Friday. Arcutis Biotherapeutics, Inc. has a 52-week low of $11.13 and a 52-week high of $31.77. The stock has a fifty day moving average of $28.52 and a 200 day moving average of $22.21. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.28 and a current ratio of 3.50. The firm has a market capitalization of $3.11 billion, a price-to-earnings ratio of -70.47 and a beta of 1.71.

Insider Buying and Selling

In other news, insider Larry Todd Edwards sold 29,131 shares of the stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $25.16, for a total value of $732,935.96. Following the transaction, the insider owned 150,193 shares of the company’s stock, valued at $3,778,855.88. This represents a 16.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Neha Krishnamohan sold 40,504 shares of the firm’s stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $23.20, for a total transaction of $939,692.80. Following the sale, the director owned 22,123 shares in the company, valued at approximately $513,253.60. This trade represents a 64.67% 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 90 days. 9.40% of the stock is owned by company insiders.

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.