Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Arcutis Biotherapeutics (NASDAQ:ARQT) had its price target boosted by stock analysts at Needham & Company LLC from $30.00 to $31.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target points to a potential upside of 17.74% from the company’s current price.

ARQT has been the topic of several other research reports. Zacks Research downgraded shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Wall Street Zen cut shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Monday, December 29th. The Goldman Sachs Group raised their target price on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Finally, Mizuho lifted their target price on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday, November 28th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.20.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $26.33 on Monday. The firm has a market capitalization of $3.23 billion, a P/E ratio of -73.14 and a beta of 1.71. The firm’s 50-day moving average price is $28.68 and its 200-day moving average price is $22.05. The company has a current ratio of 3.50, a quick ratio of 3.28 and a debt-to-equity ratio of 0.68. Arcutis Biotherapeutics has a 1-year low of $11.13 and a 1-year high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, beating 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 firm had revenue of $99.22 million during the quarter, compared to analysts’ expectations of $86.69 million. Equities research analysts anticipate that Arcutis Biotherapeutics will post -1.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Sue-Jean Lin sold 25,272 shares of the stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $30.78, for a total transaction of $777,872.16. Following the completion of the transaction, the director owned 26,735 shares in the company, valued at approximately $822,903.30. This represents a 48.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Larry Todd Edwards sold 29,131 shares of Arcutis Biotherapeutics stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $25.16, for a total transaction of $732,935.96. Following the completion of the sale, the insider directly owned 150,193 shares in the company, valued at approximately $3,778,855.88. This represents a 16.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 253,912 shares of company stock worth $6,884,105 in the last ninety days. Corporate insiders own 9.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Jennison Associates LLC boosted its holdings in shares of Arcutis Biotherapeutics by 10.3% in the 3rd quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock worth $230,990,000 after purchasing an additional 1,144,714 shares in the last quarter. Frazier Life Sciences Management L.P. grew its position in Arcutis Biotherapeutics by 12.4% during 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 last quarter. Vanguard Group Inc. raised its stake in shares of Arcutis Biotherapeutics by 1.4% during the third quarter. Vanguard Group Inc. now owns 7,146,090 shares of the company’s stock worth $134,704,000 after acquiring an additional 96,991 shares in the last quarter. Polar Capital Holdings Plc lifted its holdings in shares of Arcutis Biotherapeutics by 5.8% in the 3rd quarter. Polar Capital Holdings Plc now owns 5,298,754 shares of the company’s stock worth $99,882,000 after acquiring an additional 292,279 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Arcutis Biotherapeutics by 1.2% in the 2nd quarter. State Street Corp now owns 4,526,937 shares of the company’s stock valued at $63,468,000 after purchasing an additional 52,734 shares in the last quarter.

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.