Arcutis Biotherapeutics (NASDAQ:ARQT) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Arcutis Biotherapeutics (NASDAQ:ARQT) in a research note issued to investors on Friday morning,Benzinga reports. They currently have a $20.00 target price on the stock.

Several other research analysts have also weighed in on the company. Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. The Goldman Sachs Group lifted their target price on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Thursday, February 27th. Mizuho lifted their price target on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. Jefferies Financial Group lifted their price target on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Tuesday, March 11th. Finally, HC Wainwright reissued a “buy” rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

Arcutis Biotherapeutics Stock Performance

ARQT stock opened at $13.98 on Friday. The business’s 50-day moving average price is $14.56 and its two-hundred day moving average price is $13.58. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The firm has a market cap of $1.67 billion, a PE ratio of -7.81 and a beta of 1.87. Arcutis Biotherapeutics has a 1-year low of $6.99 and a 1-year high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.01. The firm had revenue of $65.85 million for the quarter, compared to analyst estimates of $64.80 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. As a group, research analysts forecast that Arcutis Biotherapeutics will post -1.33 earnings per share for the current year.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, insider Todd Franklin Watanabe sold 1,500 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $17.52, for a total value of $26,280.00. Following the sale, the insider now owns 927,414 shares of the company’s stock, valued at approximately $16,248,293.28. The trade was a 0.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $13.00, for a total value of $130,000.00. Following the completion of the sale, the director now directly owns 131,944 shares in the company, valued at approximately $1,715,272. This represents a 7.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,113 shares of company stock valued at $632,162 in the last 90 days. 9.40% of the stock is currently owned by company insiders.

Institutional Trading of Arcutis Biotherapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fishman Jay A Ltd. MI increased its position in shares of Arcutis Biotherapeutics by 28.3% in the fourth 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 during the last quarter. Barclays PLC increased its position 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 acquiring an additional 79,579 shares during the last quarter. American Century Companies Inc. increased its position in Arcutis Biotherapeutics by 11.4% during the fourth quarter. American Century Companies Inc. now owns 1,631,226 shares of the company’s stock worth $22,723,000 after buying an additional 166,915 shares during the last quarter. Jennison Associates LLC increased its position in Arcutis Biotherapeutics by 5.8% during the fourth quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock worth $171,893,000 after buying an additional 676,295 shares during the last quarter. Finally, Zweig DiMenna Associates LLC acquired a new position in Arcutis Biotherapeutics during the fourth quarter worth approximately $578,000.

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.