Analysts Set Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Price Target at $34.00

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) have earned an average rating of “Moderate Buy” from the eight brokerages that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and five have given a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $34.00.

Several analysts have issued reports on ARQT shares. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Wednesday, June 24th. Wall Street Zen upgraded Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $36.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th.

Insiders Place Their Bets

In other news, Director Howard G. Welgus sold 4,096 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $24.41, for a total value of $99,983.36. Following the sale, the director directly owned 38,378 shares of the company’s stock, valued at $936,806.98. This represents a 9.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Masaru Matsuda sold 8,256 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $23.31, for a total transaction of $192,447.36. Following the transaction, the insider directly owned 126,689 shares of the company’s stock, valued at $2,953,120.59. This represents a 6.12% 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 a total of 30,931 shares of company stock valued at $730,086 over the last quarter. 9.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of hedge funds have recently added to or reduced their stakes in ARQT. Focus Partners Wealth boosted its holdings in Arcutis Biotherapeutics by 0.8% in the third quarter. Focus Partners Wealth now owns 65,196 shares of the company’s stock worth $1,237,000 after purchasing an additional 490 shares during the last quarter. Schroder Investment Management Group grew its position in Arcutis Biotherapeutics by 1.1% during the fourth quarter. Schroder Investment Management Group now owns 57,136 shares of the company’s stock valued at $1,604,000 after buying an additional 594 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Arcutis Biotherapeutics by 124.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock valued at $37,000 after buying an additional 698 shares during the last quarter. Entropy Technologies LP raised its position in Arcutis Biotherapeutics by 7.0% in the fourth quarter. Entropy Technologies LP now owns 12,144 shares of the company’s stock worth $353,000 after acquiring an additional 792 shares during the period. Finally, DNB Asset Management AS raised its position in Arcutis Biotherapeutics by 3.0% in the fourth quarter. DNB Asset Management AS now owns 27,786 shares of the company’s stock worth $807,000 after acquiring an additional 802 shares during the period.

Arcutis Biotherapeutics Stock Up 0.1%

ARQT opened at $27.35 on Monday. The firm has a market capitalization of $3.42 billion, a P/E ratio of -911.36 and a beta of 1.48. Arcutis Biotherapeutics has a one year low of $13.69 and a one year high of $31.77. The company has a fifty day moving average price of $24.81 and a 200-day moving average price of $24.76. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.68 and a quick ratio of 2.46.

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 the consensus estimate of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%.The company had revenue of $105.40 million during the quarter, compared to the consensus estimate of $103.67 million. Equities research analysts expect that Arcutis Biotherapeutics will post 0.16 earnings per share for the current fiscal year.

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.