Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Stock Now Rated “Moderate Buy” by Wall Street Analysts

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) has received an average rating of “Moderate Buy” from the eleven ratings firms that are covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $38.00.

Several brokerages recently weighed in on ARQT. Wall Street Zen cut shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 10th. Weiss Ratings lowered Arcutis Biotherapeutics from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, October 14th. Jefferies Financial Group reaffirmed a “buy” rating and set a $39.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, October 8th. Guggenheim lifted their target price on Arcutis Biotherapeutics from $38.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, October 19th. Finally, Morgan Stanley upped their price target on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th.

Insider Activity at Arcutis Biotherapeutics

In related news, Director Terrie Curran sold 38,200 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $25.03, for a total value of $956,146.00. Following the transaction, the director directly owned 23,526 shares of the company’s stock, valued at $588,855.78. The trade was a 61.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd Watanabe sold 4,375 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $26.12, for a total value of $114,275.00. Following the completion of the transaction, the insider directly owned 717,203 shares in the company, valued at approximately $18,733,342.36. This represents a 0.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 83,953 shares of company stock valued at $2,143,291 over the last ninety days. Insiders own 9.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Montanova Capital LLC lifted its position in shares of Arcutis Biotherapeutics by 0.9% in the 2nd quarter. Montanova Capital LLC now owns 12,437,000 shares of the company’s stock worth $326,098,000 after purchasing an additional 110,000 shares during the period. BlackRock Inc. bought a new stake in shares of Arcutis Biotherapeutics in the 2nd quarter valued at $276,502,000. Bank of America Corp DE bought a new stake in shares of Arcutis Biotherapeutics in the 2nd quarter valued at $78,330,000. Janus Henderson Group PLC boosted its stake in shares of Arcutis Biotherapeutics by 1.3% in the 1st quarter. Janus Henderson Group PLC now owns 1,854,566 shares of the company’s stock valued at $43,684,000 after purchasing an additional 24,505 shares during the last quarter. Finally, Jupiter Topco LLC bought a new stake in shares of Arcutis Biotherapeutics in the 2nd quarter valued at $36,989,000.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ ARQT opened at $31.68 on Wednesday. Arcutis Biotherapeutics has a 52-week low of $19.30 and a 52-week high of $33.30. The firm has a 50 day moving average price of $26.32 and a two-hundred day moving average price of $25.22.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.05. The business had revenue of $129.86 million for the quarter, compared to the consensus estimate of $118.85 million. On average, equities analysts forecast that Arcutis Biotherapeutics will post 0.43 earnings per share for the current year.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and delivering treatments for dermatologic conditions. The company’s portfolio is centered on therapies designed to address inflammatory skin diseases, with an emphasis on nonsteroidal topical medicines that may help patients manage chronic conditions.

Arcutis’s lead product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor. ZORYVE has received U.S. Food and Drug Administration approvals for multiple dermatological uses, including plaque psoriasis, seborrheic dermatitis and atopic dermatitis, in different cream and foam formulations.