Arcutis Biotherapeutics (NASDAQ:ARQT) Rating Increased to Strong-Buy at Wall Street Zen

Arcutis Biotherapeutics (NASDAQ:ARQT) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Sunday.

ARQT has been the topic of several other research reports. Mizuho lifted their target price on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the company an “outperform” rating in a research note on Friday, November 28th. The Goldman Sachs Group increased 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday, December 8th. Zacks Research raised shares of Arcutis Biotherapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 29th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price target on shares of Arcutis Biotherapeutics in a report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.00.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ:ARQT opened at $29.02 on Friday. The firm has a 50 day moving average of $25.27 and a 200 day moving average of $18.83. The company has a quick ratio of 3.28, a current ratio of 3.50 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of -80.61 and a beta of 1.69. Arcutis Biotherapeutics has a 52 week low of $11.13 and a 52 week high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Tuesday, October 28th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.16. The business had revenue of $99.22 million for the quarter, compared to analysts’ expectations of $86.69 million. Arcutis Biotherapeutics had a negative return on equity of 29.69% and a negative net margin of 13.94%. On average, sell-side analysts predict that Arcutis Biotherapeutics will post -1.33 earnings per share for the current fiscal year.

Insider Activity

In other Arcutis Biotherapeutics news, Director Halley E. Gilbert sold 16,532 shares of the company’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $27.55, for a total value of $455,456.60. Following the completion of the transaction, the director owned 22,123 shares in the company, valued at approximately $609,488.65. This represents a 42.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Sue-Jean Lin sold 25,272 shares of the stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $30.78, for a total value of $777,872.16. Following the transaction, the director owned 26,735 shares in the company, valued at $822,903.30. This represents a 48.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 327,729 shares of company stock valued at $8,305,217 over the last 90 days. Company insiders own 9.40% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently modified their holdings of ARQT. Perpetual Ltd boosted its holdings in Arcutis Biotherapeutics by 7,534.3% in the 3rd quarter. Perpetual Ltd now owns 2,024,606 shares of the company’s stock worth $38,164,000 after buying an additional 1,998,086 shares during the last quarter. Paradigm Biocapital Advisors LP acquired a new position in Arcutis Biotherapeutics during the first quarter worth about $22,918,000. Jennison Associates LLC grew its stake in Arcutis Biotherapeutics by 10.3% during the 3rd quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock valued at $230,990,000 after acquiring an additional 1,144,714 shares in the last quarter. Frazier Life Sciences Management L.P. raised its holdings in Arcutis Biotherapeutics by 12.4% in the 2nd 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 last quarter. Finally, Voloridge Investment Management LLC purchased a new position in Arcutis Biotherapeutics in the 3rd quarter worth approximately $15,711,000.

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.