Arcutis Biotherapeutics (NASDAQ:ARQT) Downgraded by Wall Street Zen to “Buy”

Wall Street Zen cut shares of Arcutis Biotherapeutics (NASDAQ:ARQT) from a strong-buy rating to a buy rating in a research note released on Saturday morning.

Several other research firms also recently commented on ARQT. Needham & Company LLC raised their price objective on Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Monday, December 22nd. Zacks Research raised shares of Arcutis Biotherapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 29th. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, October 29th. Finally, The Goldman Sachs Group raised their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $29.00.

Arcutis Biotherapeutics Trading Down 1.6%

Shares of ARQT stock opened at $28.97 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.50 and a quick ratio of 3.28. The company has a market cap of $3.55 billion, a price-to-earnings ratio of -80.47 and a beta of 1.69. Arcutis Biotherapeutics has a 1 year low of $11.13 and a 1 year high of $31.77. The firm has a fifty day moving average price of $26.88 and a 200-day moving average price of $19.89.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $99.22 million for the quarter, compared to analysts’ expectations of $86.69 million. As a group, equities analysts predict that Arcutis Biotherapeutics will post -1.33 earnings per share for the current year.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Larry Todd Edwards sold 29,131 shares of Arcutis Biotherapeutics stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $25.16, for a total value of $732,935.96. Following the sale, the insider directly owned 150,193 shares in the company, valued at approximately $3,778,855.88. The trade was a 16.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Todd Watanabe sold 48,945 shares of the business’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $30.36, for a total transaction of $1,485,970.20. Following the completion of the sale, the insider owned 740,537 shares in the company, valued at approximately $22,482,703.32. The trade was a 6.20% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 339,229 shares of company stock valued at $8,638,027. 9.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several large investors have recently made changes to their positions in ARQT. Triumph Capital Management purchased a new stake in Arcutis Biotherapeutics during the 2nd quarter valued at $410,000. Invst LLC bought a new position in Arcutis Biotherapeutics during the first quarter valued at $323,000. Frazier Life Sciences Management L.P. raised its stake in shares of Arcutis Biotherapeutics by 12.4% in the second quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock valued at $138,441,000 after acquiring an additional 1,089,227 shares during the period. Ieq Capital LLC bought a new stake in shares of Arcutis Biotherapeutics in the 1st quarter worth about $345,000. Finally, Perpetual Ltd boosted its stake in shares of Arcutis Biotherapeutics by 7,534.3% during the 3rd quarter. Perpetual Ltd now owns 2,024,606 shares of the company’s stock worth $38,164,000 after purchasing an additional 1,998,086 shares during the period.

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.