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

Needham & Company LLC restated their buy rating on shares of Arcutis Biotherapeutics (NASDAQ:ARQT) in a research report released on Thursday,Benzinga reports. They currently have a $20.00 price target on the stock.

Other equities analysts have also issued reports about the stock. Jefferies Financial Group boosted their price target on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, March 11th. Mizuho boosted their target price on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. The Goldman Sachs Group increased their price target on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Thursday, February 27th. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday, February 24th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $19.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $18.80.

Arcutis Biotherapeutics Price Performance

Shares of Arcutis Biotherapeutics stock opened at $14.73 on Thursday. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The business has a 50 day simple moving average of $14.20 and a two-hundred day simple moving average of $12.43. The stock has a market capitalization of $1.75 billion, a P/E ratio of -8.23 and a beta of 1.67. Arcutis Biotherapeutics has a 12 month low of $6.99 and a 12 month high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The firm had revenue of $71.36 million during the quarter, compared to the consensus estimate of $60.52 million. As a group, analysts predict that Arcutis Biotherapeutics will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Patrick Burnett sold 2,819 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $13.03, for a total transaction of $36,731.57. Following the completion of the transaction, the insider now owns 167,043 shares of the company’s stock, valued at approximately $2,176,570.29. This trade represents a 1.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $12.71, for a total value of $127,100.00. Following the transaction, the director now owns 141,944 shares in the company, valued at $1,804,108.24. This trade represents a 6.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,099 shares of company stock worth $631,256. Company insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Fishman Jay A Ltd. MI grew its position in Arcutis Biotherapeutics by 28.3% in the 4th quarter. Fishman Jay A Ltd. MI now owns 536,400 shares of the company’s stock valued at $7,472,000 after acquiring an additional 118,400 shares in the last quarter. Barclays PLC boosted its stake in shares of Arcutis Biotherapeutics by 45.8% in the third quarter. Barclays PLC now owns 253,392 shares of the company’s stock valued at $2,356,000 after purchasing an additional 79,579 shares during the period. State Street Corp grew its holdings in shares of Arcutis Biotherapeutics by 9.9% in the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after purchasing an additional 506,788 shares in the last quarter. Geode Capital Management LLC increased its stake in Arcutis Biotherapeutics by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock worth $22,977,000 after buying an additional 48,868 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in Arcutis Biotherapeutics during the 3rd quarter worth approximately $2,273,000.

Arcutis Biotherapeutics Company 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.