Arcutis Biotherapeutics (NASDAQ:ARQT) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of Arcutis Biotherapeutics (NASDAQ:ARQT) from a strong-buy rating to a buy rating in a research report report published on Friday morning.

Several other equities analysts have also recently issued reports on ARQT. Zacks Research cut Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Needham & Company LLC increased their price objective on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, October 28th. The Goldman Sachs Group lifted their target price on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. HC Wainwright reiterated a “buy” rating and set a $30.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, October 29th. Finally, Mizuho raised their price target on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the stock an “outperform” rating in a report on Friday, November 28th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.00.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock opened at $26.20 on Friday. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of -72.78 and a beta of 1.71. Arcutis Biotherapeutics has a one year low of $11.13 and a one year high of $31.77. The company’s 50-day simple moving average is $28.70 and its 200-day simple moving average is $21.89. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.28 and a current ratio of 3.50.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data 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. 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 for the quarter, compared to analysts’ expectations of $86.69 million. Equities analysts anticipate that Arcutis Biotherapeutics will post -1.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, insider Patrick Burnett sold 2,490 shares of the company’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $28.98, for a total value of $72,160.20. Following the completion of the sale, the insider owned 94,120 shares of the company’s stock, valued at $2,727,597.60. This represents a 2.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Masaru Matsuda sold 1,657 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $30.23, for a total transaction of $50,091.11. Following the transaction, the insider directly owned 150,641 shares in the company, valued at approximately $4,553,877.43. The trade was a 1.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 293,912 shares of company stock valued at $7,885,305. 9.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ARQT. Johnson Investment Counsel Inc. bought a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter worth $30,000. PNC Financial Services Group Inc. grew its holdings in Arcutis Biotherapeutics by 10.2% during the second quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock worth $124,000 after acquiring an additional 820 shares during the period. Jones Financial Companies Lllp raised its position in Arcutis Biotherapeutics by 1,291.1% in the third quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock worth $124,000 after acquiring an additional 6,559 shares in the last quarter. Atlas Wealth LLC acquired a new stake in Arcutis Biotherapeutics in the 2nd quarter valued at about $138,000. Finally, Quantbot Technologies LP bought a new position in shares of Arcutis Biotherapeutics during the 2nd quarter valued at about $145,000.

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.