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

Bank of New York Mellon Corp raised its stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQTFree Report) by 12.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 237,779 shares of the company’s stock after purchasing an additional 27,170 shares during the quarter. Bank of New York Mellon Corp’s holdings in Arcutis Biotherapeutics were worth $1,263,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Jennison Associates LLC increased its position in shares of Arcutis Biotherapeutics by 93.9% in the 2nd quarter. Jennison Associates LLC now owns 4,293,966 shares of the company’s stock worth $40,921,000 after purchasing an additional 2,079,476 shares during the last quarter. State Street Corp increased its position in shares of Arcutis Biotherapeutics by 44.6% in the 2nd quarter. State Street Corp now owns 5,226,009 shares of the company’s stock worth $49,804,000 after purchasing an additional 1,611,228 shares during the last quarter. Rubric Capital Management LP increased its position in shares of Arcutis Biotherapeutics by 39.6% in the 2nd quarter. Rubric Capital Management LP now owns 4,884,530 shares of the company’s stock worth $46,550,000 after purchasing an additional 1,384,530 shares during the last quarter. Bank of America Corp DE increased its position in shares of Arcutis Biotherapeutics by 578.5% in the 1st quarter. Bank of America Corp DE now owns 1,621,774 shares of the company’s stock worth $17,840,000 after purchasing an additional 1,382,736 shares during the last quarter. Finally, Cormorant Asset Management LP bought a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter valued at about $7,624,000.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Mizuho raised shares of Arcutis Biotherapeutics from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $4.00 to $8.00 in a research report on Tuesday, January 2nd. Needham & Company LLC lowered their price objective on shares of Arcutis Biotherapeutics from $22.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, November 6th. Jonestrading reaffirmed a “hold” rating on shares of Arcutis Biotherapeutics in a research report on Wednesday, November 8th. HC Wainwright lowered their price objective on shares of Arcutis Biotherapeutics from $22.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, November 6th. Finally, Morgan Stanley reduced their target price on shares of Arcutis Biotherapeutics from $45.00 to $10.00 and set an “overweight” rating for the company in a research note on Monday, November 13th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Arcutis Biotherapeutics has an average rating of “Moderate Buy” and a consensus price target of $24.22.

Read Our Latest Report on Arcutis Biotherapeutics

Arcutis Biotherapeutics Stock Down 0.2 %

ARQT stock opened at $5.70 on Friday. Arcutis Biotherapeutics, Inc. has a 12 month low of $1.76 and a 12 month high of $17.57. The firm has a market cap of $537.97 million, a PE ratio of -1.30 and a beta of 0.96. The firm has a 50 day simple moving average of $3.68 and a 200 day simple moving average of $4.96. The company has a debt-to-equity ratio of 4.30, a current ratio of 6.72 and a quick ratio of 6.39.

Arcutis Biotherapeutics Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Arcutis Biotherapeutics (NASDAQ:ARQT)

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