Bank of New York Mellon Corp Boosts Holdings in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)

Bank of New York Mellon Corp increased its holdings in shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 25.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 390,202 shares of the company’s stock after buying an additional 80,078 shares during the period. Bank of New York Mellon Corp owned about 0.34% of Arcutis Biotherapeutics worth $3,629,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Victory Capital Management Inc. acquired a new stake in Arcutis Biotherapeutics in the 4th quarter valued at about $34,000. Amalgamated Bank lifted its stake in Arcutis Biotherapeutics by 48.9% in the fourth quarter. Amalgamated Bank now owns 11,078 shares of the company’s stock worth $36,000 after acquiring an additional 3,639 shares during the last quarter. Franklin Resources Inc. grew its holdings in Arcutis Biotherapeutics by 260.2% during the 4th quarter. Franklin Resources Inc. now owns 4,655,544 shares of the company’s stock worth $15,037,000 after acquiring an additional 3,363,191 shares in the last quarter. Cape Investment Advisory Inc. purchased a new stake in shares of Arcutis Biotherapeutics in the 4th quarter valued at approximately $26,000. Finally, Vestal Point Capital LP acquired a new stake in shares of Arcutis Biotherapeutics in the 4th quarter valued at $8,721,000.

Arcutis Biotherapeutics Stock Up 1.3 %

ARQT opened at $10.66 on Friday. Arcutis Biotherapeutics, Inc. has a one year low of $1.76 and a one year high of $13.17. The company has a debt-to-equity ratio of 1.09, a quick ratio of 8.19 and a current ratio of 8.46. The stock has a market capitalization of $1.23 billion, a P/E ratio of -3.64 and a beta of 1.18. The business’s 50-day simple moving average is $9.92 and its 200-day simple moving average is $9.58.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.06. The company had revenue of $30.86 million for the quarter, compared to analyst estimates of $31.00 million. Arcutis Biotherapeutics had a negative return on equity of 145.41% and a negative net margin of 150.51%. During the same quarter in the previous year, the company posted ($1.16) earnings per share. Analysts anticipate that Arcutis Biotherapeutics, Inc. will post -1.56 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ARQT shares. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, August 15th. Jefferies Financial Group began coverage on Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Arcutis Biotherapeutics presently has an average rating of “Moderate Buy” and an average target price of $13.33.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 5,220 shares of Arcutis Biotherapeutics stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $9.02, for a total value of $47,084.40. Following the transaction, the insider now directly owns 183,288 shares in the company, valued at $1,653,257.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $9.31, for a total value of $93,100.00. Following the transaction, the director now directly owns 180,339 shares in the company, valued at approximately $1,678,956.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Masaru Matsuda sold 5,220 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $9.02, for a total value of $47,084.40. Following the sale, the insider now owns 183,288 shares of the company’s stock, valued at approximately $1,653,257.76. The disclosure for this sale can be found here. Insiders sold a total of 36,948 shares of company stock worth $360,910 in the last 90 days. 9.50% of the stock is owned by insiders.

Arcutis Biotherapeutics Profile

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.