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

Bank of New York Mellon Corp reduced its position in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) by 1.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 305,007 shares of the company’s stock after selling 6,052 shares during the period. Bank of New York Mellon Corp owned about 0.26% of Arcutis Biotherapeutics worth $4,249,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ARQT. Point72 DIFC Ltd acquired a new stake in shares of Arcutis Biotherapeutics in the third quarter valued at approximately $25,000. Venturi Wealth Management LLC purchased a new stake in Arcutis Biotherapeutics in the 4th quarter valued at approximately $46,000. Erste Asset Management GmbH acquired a new stake in Arcutis Biotherapeutics during the 3rd quarter valued at $104,000. LVW Advisors LLC purchased a new position in Arcutis Biotherapeutics during the fourth quarter worth $166,000. Finally, Victory Capital Management Inc. increased its position in Arcutis Biotherapeutics by 9.9% during the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock worth $119,000 after buying an additional 1,155 shares in the last quarter.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, insider Todd Franklin Watanabe sold 15,000 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $15.17, for a total value of $227,550.00. Following the transaction, the insider now directly owns 823,430 shares in the company, valued at $12,491,433.10. This trade represents a 1.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Patrick Burnett sold 12,242 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $15.04, for a total value of $184,119.68. Following the sale, the insider now owns 121,936 shares of the company’s stock, valued at $1,833,917.44. The trade was a 9.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 70,090 shares of company stock worth $981,768 in the last quarter. 9.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ARQT shares. Jefferies Financial Group upped their price objective on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, March 11th. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday, February 26th. The Goldman Sachs Group raised their price target on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday, February 27th. HC Wainwright reissued a “buy” rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. Finally, Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday, February 24th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.80.

Arcutis Biotherapeutics Stock Performance

NASDAQ ARQT opened at $15.87 on Wednesday. The business’s 50-day moving average price is $13.55 and its 200 day moving average price is $11.92. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. Arcutis Biotherapeutics, Inc. has a twelve month low of $6.99 and a twelve month high of $17.70. The company has a market capitalization of $1.88 billion, a PE ratio of -8.87 and a beta of 1.48.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The business had revenue of $71.36 million for the quarter, compared to analyst estimates of $60.52 million. On average, research analysts predict that Arcutis Biotherapeutics, Inc. will post -1.33 earnings per share for the current 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.