Arcutis Biotherapeutics (NASDAQ:ARQT) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Arcutis Biotherapeutics (NASDAQ:ARQTGet Rating) from a sell rating to a hold rating in a report published on Thursday morning, Zacks.com reports.

According to Zacks, “Arcutis Biotherapeutics Inc. is late-stage biopharmaceutical company. It is focused on developing and commercializing treatments for unmet needs in immune-mediated dermatological diseases. The company’s product pipeline consists of ARQ-151, ARQ-154 and ARQ-252 for multiple indications, including psoriasis, atopic dermatitis, seborrheic dermatitis and eczema, which are in clinical stage. Arcutis Biotherapeutics Inc. is based in Westlake Village, California. “

Several other brokerages also recently weighed in on ARQT. Mizuho reduced their price target on Arcutis Biotherapeutics from $58.00 to $57.00 and set a buy rating for the company in a report on Thursday, April 7th. The Goldman Sachs Group assumed coverage on Arcutis Biotherapeutics in a report on Thursday, March 17th. They issued a buy rating and a $45.00 price objective for the company. Cantor Fitzgerald reiterated an overweight rating on shares of Arcutis Biotherapeutics in a report on Wednesday, February 23rd. Finally, Morgan Stanley lifted their price objective on Arcutis Biotherapeutics from $35.00 to $37.00 and gave the stock an overweight rating in a report on Wednesday, March 2nd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Buy and a consensus target price of $41.50.

Shares of NASDAQ:ARQT opened at $19.66 on Thursday. Arcutis Biotherapeutics has a 1-year low of $13.59 and a 1-year high of $29.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 10.89 and a quick ratio of 12.09. The business has a fifty day moving average price of $19.72 and a 200-day moving average price of $18.15. The company has a market capitalization of $1.01 billion, a PE ratio of -4.21 and a beta of 0.28.

Arcutis Biotherapeutics (NASDAQ:ARQTGet Rating) last issued its quarterly earnings results on Thursday, May 5th. The company reported ($1.27) earnings per share for the quarter, beating the consensus estimate of ($1.50) by $0.23. On average, sell-side analysts anticipate that Arcutis Biotherapeutics will post -5.74 earnings per share for the current fiscal year.

In other Arcutis Biotherapeutics news, major shareholder Orbimed Advisors Llc sold 333,204 shares of the business’s stock in a transaction dated Wednesday, April 6th. The stock was sold at an average price of $20.69, for a total transaction of $6,893,990.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Franklin Watanabe sold 2,489 shares of Arcutis Biotherapeutics stock in a transaction dated Friday, March 4th. The shares were sold at an average price of $16.86, for a total value of $41,964.54. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 553,267 shares of company stock valued at $11,424,366. Corporate insiders own 39.00% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Neuberger Berman Group LLC lifted its position in shares of Arcutis Biotherapeutics by 5.9% during the 1st quarter. Neuberger Berman Group LLC now owns 129,276 shares of the company’s stock valued at $2,490,000 after buying an additional 7,179 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Arcutis Biotherapeutics during the 1st quarter valued at about $277,000. Quantbot Technologies LP purchased a new position in shares of Arcutis Biotherapeutics during the 1st quarter valued at about $44,000. Ensign Peak Advisors Inc lifted its position in shares of Arcutis Biotherapeutics by 18.1% during the 1st quarter. Ensign Peak Advisors Inc now owns 495,450 shares of the company’s stock valued at $9,544,000 after buying an additional 75,776 shares in the last quarter. Finally, Guggenheim Capital LLC lifted its position in shares of Arcutis Biotherapeutics by 14.4% during the 1st quarter. Guggenheim Capital LLC now owns 12,266 shares of the company’s stock valued at $236,000 after buying an additional 1,544 shares in the last quarter. 87.59% of the stock is currently owned by hedge funds and other institutional investors.

Arcutis Biotherapeutics Company Profile (Get Rating)

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.

Further Reading

Get a free copy of the Zacks research report on Arcutis Biotherapeutics (ARQT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Arcutis Biotherapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arcutis Biotherapeutics and related companies with MarketBeat.com's FREE daily email newsletter.