Arcutis Biotherapeutics (NASDAQ:ARQT) Rating Lowered to Hold at Zacks Research

Arcutis Biotherapeutics (NASDAQ:ARQT) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other analysts have also commented on ARQT. The Goldman Sachs Group lifted their price target on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday. Needham & Company LLC boosted their price target on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Wall Street Zen cut Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Mizuho boosted their price target on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday, November 28th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $29.00.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $28.08 on Monday. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of -78.00 and a beta of 1.69. The company has a quick ratio of 3.28, a current ratio of 3.50 and a debt-to-equity ratio of 0.68. Arcutis Biotherapeutics has a 52 week low of $11.13 and a 52 week high of $31.77. The firm has a 50-day simple moving average of $27.19 and a 200-day simple moving average of $20.14.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its earnings results on Tuesday, October 28th. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.16. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. The business had revenue of $99.22 million for the quarter, compared to analyst estimates of $86.69 million. On average, equities analysts predict that Arcutis Biotherapeutics will post -1.33 earnings per share for the current fiscal year.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Patrick Burnett sold 11,500 shares of the company’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $28.94, for a total value of $332,810.00. Following the completion of the sale, the insider owned 98,307 shares of the company’s stock, valued at $2,845,004.58. This represents a 10.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Masaru Matsuda sold 1,657 shares of the firm’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $30.23, for a total transaction of $50,091.11. Following the sale, the insider directly owned 150,641 shares of the company’s stock, valued at approximately $4,553,877.43. The trade was a 1.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 304,968 shares of company stock worth $7,979,862 in the last quarter. 9.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of large investors have recently bought and sold shares of the business. Johnson Investment Counsel Inc. acquired a new position in shares of Arcutis Biotherapeutics during the third quarter worth approximately $30,000. Allostery Investments LP bought a new stake in shares of Arcutis Biotherapeutics during the 1st quarter worth $117,000. PNC Financial Services Group Inc. increased its stake in Arcutis Biotherapeutics by 10.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock worth $124,000 after purchasing an additional 820 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Arcutis Biotherapeutics by 1,291.1% in the third quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock worth $124,000 after acquiring an additional 6,559 shares in the last quarter. Finally, Atlas Wealth LLC acquired a new stake in Arcutis Biotherapeutics during the 2nd quarter valued at $138,000.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.