Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Receives Average Rating of “Moderate Buy” from Brokerages

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) has been given an average recommendation of “Moderate Buy” by the eight ratings firms that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $34.00.

Several brokerages recently issued reports on ARQT. Wall Street Zen downgraded Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. HC Wainwright lifted their target price on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Guggenheim lifted their target price on Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Needham & Company LLC reissued a “buy” rating and set a $36.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Finally, Mizuho decreased their target price on Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating on the stock in a research note on Monday, March 2nd.

Arcutis Biotherapeutics Stock Up 0.1%

ARQT stock opened at $21.46 on Friday. Arcutis Biotherapeutics has a twelve month low of $12.72 and a twelve month high of $31.77. The company has a quick ratio of 2.46, a current ratio of 2.68 and a debt-to-equity ratio of 0.54. The stock has a market cap of $2.68 billion, a P/E ratio of -715.09 and a beta of 1.58. The business’s 50-day moving average price is $22.57 and its 200-day moving average price is $25.53.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. The company had revenue of $105.40 million for the quarter, compared to analysts’ expectations of $103.68 million. On average, equities research analysts forecast that Arcutis Biotherapeutics will post 0.15 EPS for the current year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 6,287 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $25.18, for a total value of $158,306.66. Following the sale, the insider owned 121,150 shares of the company’s stock, valued at $3,050,557. The trade was a 4.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Latha Vairavan sold 1,341 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $23.61, for a total value of $31,661.01. Following the completion of the sale, the chief financial officer directly owned 86,413 shares in the company, valued at approximately $2,040,210.93. The trade was a 1.53% decrease in their position. 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 have sold 90,163 shares of company stock worth $2,216,396 in the last three months. Corporate insiders own 9.40% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Segall Bryant & Hamill LLC purchased a new position in shares of Arcutis Biotherapeutics in the 1st quarter worth approximately $609,000. Bank of America Corp DE boosted its holdings in shares of Arcutis Biotherapeutics by 32.7% in the 1st quarter. Bank of America Corp DE now owns 2,221,289 shares of the company’s stock worth $52,334,000 after purchasing an additional 547,835 shares during the period. Stempoint Capital LP boosted its holdings in shares of Arcutis Biotherapeutics by 84.1% in the 1st quarter. Stempoint Capital LP now owns 413,792 shares of the company’s stock worth $9,749,000 after purchasing an additional 189,052 shares during the period. Janus Henderson Group PLC boosted its holdings 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 worth $43,684,000 after purchasing an additional 24,505 shares during the period. Finally, Amundi purchased a new position in shares of Arcutis Biotherapeutics in the 1st quarter worth approximately $214,000.

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.