Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Stock Has Consensus Price Target of $35.57 According to Analysts

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) have received an average recommendation of “Moderate Buy” from the ten ratings firms that are presently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $36.00.

ARQT has been the subject of several recent research reports. Wall Street Zen cut Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Needham & Company LLC raised their target price on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Morgan Stanley raised their target price on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Jefferies Financial Group reaffirmed a “buy” rating and set a $39.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday. Finally, Guggenheim upped their price target on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, August 6th.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 4,730 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $26.18, for a total value of $123,831.40. Following the completion of the transaction, the director directly owned 36,475 shares of the company’s stock, valued at $954,915.50. This trade represents a 11.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Patrick Burnett sold 8,300 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $26.52, for a total transaction of $220,116.00. Following the transaction, the insider owned 119,289 shares of the company’s stock, valued at $3,163,544.28. This trade represents a 6.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 79,225 shares of company stock valued at $2,015,966 in the last quarter. 9.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARQT. Bank of America Corp DE raised its position in shares of Arcutis Biotherapeutics by 32.7% during the 1st quarter. Bank of America Corp DE now owns 2,221,289 shares of the company’s stock valued at $52,334,000 after buying an additional 547,835 shares in the last quarter. Tejara Capital Ltd bought a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter worth $2,965,000. Kornitzer Capital Management Inc. KS grew its position in Arcutis Biotherapeutics by 55.1% in the first quarter. Kornitzer Capital Management Inc. KS now owns 175,870 shares of the company’s stock worth $4,143,000 after acquiring an additional 62,485 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Arcutis Biotherapeutics in the fourth quarter worth $26,136,000. Finally, Sei Investments Co. increased its stake in Arcutis Biotherapeutics by 97.7% in the first quarter. Sei Investments Co. now owns 206,141 shares of the company’s stock valued at $4,857,000 after acquiring an additional 101,855 shares during the last quarter.

Arcutis Biotherapeutics Stock Up 8.5%

ARQT opened at $26.58 on Friday. The company has a 50 day moving average of $25.33 and a 200 day moving average of $24.63. The company has a market cap of $3.34 billion, a PE ratio of 126.58 and a beta of 1.57. Arcutis Biotherapeutics has a 12 month low of $19.30 and a 12 month high of $31.77. The company has a current ratio of 2.92, a quick ratio of 2.67 and a debt-to-equity ratio of 0.46.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. The business had revenue of $129.86 million for the quarter, compared to analysts’ expectations of $118.85 million. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. On average, sell-side analysts expect that Arcutis Biotherapeutics will post 0.42 EPS for the current year.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc (NASDAQ: ARQT) is a biopharmaceutical company focused on developing and commercializing treatments for dermatologic conditions. The company concentrates on medical dermatology, with an emphasis on addressing diseases that can significantly affect patients’ quality of life and for which additional treatment options are needed.

Arcutis’s primary commercial product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor available in multiple formulations.