Arcutis Biotherapeutics (NASDAQ:ARQT) Given Buy Rating at Needham & Company LLC

Arcutis Biotherapeutics (NASDAQ:ARQT)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They currently have a $20.00 price objective on the stock. Needham & Company LLC’s target price would indicate a potential upside of 43.06% from the stock’s current price.

Other research analysts have also issued reports about the company. Jefferies Financial Group lifted their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, March 11th. Guggenheim restated a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. The Goldman Sachs Group boosted their price target on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Thursday, February 27th. HC Wainwright restated a “buy” rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Finally, Mizuho boosted their price target on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.80.

Arcutis Biotherapeutics Stock Performance

ARQT stock opened at $13.98 on Friday. The business’s 50-day moving average price is $14.56 and its two-hundred day moving average price is $13.60. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The firm has a market cap of $1.67 billion, a PE ratio of -7.81 and a beta of 1.87. Arcutis Biotherapeutics has a 1-year low of $6.99 and a 1-year high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.01. The firm had revenue of $65.85 million for the quarter, compared to analyst estimates of $64.80 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. As a group, research analysts forecast that Arcutis Biotherapeutics will post -1.33 earnings per share for the current year.

Insider Activity

In related news, Director Patrick J. Heron bought 2,520 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were acquired at an average price of $13.66 per share, with a total value of $34,423.20. Following the completion of the transaction, the director now owns 20,014 shares in the company, valued at $273,391.24. The trade was a 14.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $13.00, for a total value of $130,000.00. Following the completion of the sale, the director now directly owns 131,944 shares in the company, valued at approximately $1,715,272. This represents a 7.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,113 shares of company stock worth $632,162 over the last three months. Corporate insiders own 9.40% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Fishman Jay A Ltd. MI increased its position in shares of Arcutis Biotherapeutics by 28.3% in the fourth quarter. Fishman Jay A Ltd. MI now owns 536,400 shares of the company’s stock valued at $7,472,000 after acquiring an additional 118,400 shares during the last quarter. Barclays PLC increased its position in shares of Arcutis Biotherapeutics by 45.8% in the third quarter. Barclays PLC now owns 253,392 shares of the company’s stock valued at $2,356,000 after acquiring an additional 79,579 shares during the last quarter. American Century Companies Inc. increased its position in shares of Arcutis Biotherapeutics by 11.4% in the fourth quarter. American Century Companies Inc. now owns 1,631,226 shares of the company’s stock valued at $22,723,000 after acquiring an additional 166,915 shares during the last quarter. Jennison Associates LLC increased its position in shares of Arcutis Biotherapeutics by 5.8% in the fourth quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock valued at $171,893,000 after acquiring an additional 676,295 shares during the last quarter. Finally, Zweig DiMenna Associates LLC acquired a new stake in shares of Arcutis Biotherapeutics in the fourth quarter valued at about $578,000.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.