Arcutis Biotherapeutics’ (ARQT) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Arcutis Biotherapeutics (NASDAQ:ARQT) in a research report report published on Wednesday morning, Marketbeat.com reports. Needham & Company LLC currently has a $20.00 price objective on the stock.

A number of other equities analysts also recently commented on ARQT. Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a report on Monday, February 24th. Mizuho boosted their price target on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 7th. Finally, HC Wainwright restated a “buy” rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Arcutis Biotherapeutics Stock Up 7.0 %

NASDAQ:ARQT opened at $13.69 on Wednesday. Arcutis Biotherapeutics has a twelve month low of $6.99 and a twelve month high of $16.20. The company has a market cap of $1.60 billion, a price-to-earnings ratio of -7.65 and a beta of 1.29. The stock has a fifty day simple moving average of $13.56 and a 200-day simple moving average of $11.43. 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 (NASDAQ:ARQT) last released its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.19. The firm had revenue of $71.36 million during the quarter, compared to the consensus estimate of $60.52 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. Analysts anticipate that Arcutis Biotherapeutics will post -1.33 EPS for the current year.

Insiders Place Their Bets

In other news, insider Todd Franklin Watanabe sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $15.17, for a total transaction of $227,550.00. Following the completion of the transaction, the insider now directly owns 823,430 shares of the company’s stock, valued at $12,491,433.10. This represents a 1.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $12.51, for a total value of $125,100.00. Following the completion of the transaction, the director now directly owns 161,944 shares of the company’s stock, valued at approximately $2,025,919.44. This represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,029 shares of company stock worth $756,017. Corporate insiders own 9.50% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

Several large investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC grew its holdings in Arcutis Biotherapeutics by 5.8% in the 4th quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock valued at $171,893,000 after buying an additional 676,295 shares in the last quarter. Suvretta Capital Management LLC grew its holdings in Arcutis Biotherapeutics by 6.3% in the 4th quarter. Suvretta Capital Management LLC now owns 11,399,138 shares of the company’s stock valued at $158,790,000 after buying an additional 677,627 shares in the last quarter. Rubric Capital Management LP grew its holdings in Arcutis Biotherapeutics by 11.7% in the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after buying an additional 1,150,000 shares in the last quarter. Polar Capital Holdings Plc grew its holdings in Arcutis Biotherapeutics by 7.2% in the 4th quarter. Polar Capital Holdings Plc now owns 7,377,381 shares of the company’s stock valued at $102,767,000 after buying an additional 493,009 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of Arcutis Biotherapeutics by 9.9% during the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after purchasing an additional 506,788 shares during the period.

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.