Arcutis Biotherapeutics (NASDAQ:ARQT) Upgraded to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Arcutis Biotherapeutics (NASDAQ:ARQT) from a buy rating to a strong-buy rating in a research note published on Sunday.

Other research analysts have also recently issued research reports about the stock. The Goldman Sachs Group upped their price target on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Zacks Research lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Mizuho increased their target price on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the stock an “outperform” rating in a report on Friday, November 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday, December 29th. Finally, Needham & Company LLC upped their price objective on Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, October 28th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $29.00.

Arcutis Biotherapeutics Stock Down 0.1%

NASDAQ:ARQT opened at $29.00 on Friday. Arcutis Biotherapeutics has a 1 year low of $11.13 and a 1 year high of $31.77. The stock has a 50-day moving average price of $27.73 and a two-hundred day moving average price of $20.47. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of -80.56 and a beta of 1.71. The company has a current ratio of 3.50, a quick ratio of 3.28 and a debt-to-equity ratio of 0.68.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Tuesday, October 28th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.16. Arcutis Biotherapeutics had a negative return on equity of 29.69% and a negative net margin of 13.94%.The business had revenue of $99.22 million for the quarter, compared to analysts’ expectations of $86.69 million. As a group, equities analysts expect that Arcutis Biotherapeutics will post -1.33 earnings per share for the current year.

Insider Activity at Arcutis Biotherapeutics

In other news, insider Patrick Burnett sold 17,250 shares of the firm’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $24.18, for a total value of $417,105.00. Following the completion of the transaction, the insider owned 98,325 shares in the company, valued at $2,377,498.50. This trade represents a 14.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sue-Jean Lin sold 25,272 shares of the company’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $30.78, for a total value of $777,872.16. Following the sale, the director owned 26,735 shares in the company, valued at $822,903.30. The trade was a 48.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 281,422 shares of company stock worth $7,523,545. Corporate insiders own 9.40% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several large investors have recently made changes to their positions in ARQT. Tudor Investment Corp ET AL acquired a new position in Arcutis Biotherapeutics during the third quarter worth $1,319,000. CIBC Bancorp USA Inc. bought a new position in shares of Arcutis Biotherapeutics in the 3rd quarter valued at about $215,000. Woodline Partners LP grew its position in shares of Arcutis Biotherapeutics by 53.1% in the 3rd quarter. Woodline Partners LP now owns 314,619 shares of the company’s stock valued at $5,931,000 after acquiring an additional 109,109 shares during the period. Dark Forest Capital Management LP acquired a new position in shares of Arcutis Biotherapeutics during the 3rd quarter worth about $516,000. Finally, PharVision Advisers LLC bought a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter valued at about $245,000.

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.