Arcutis Biotherapeutics’ (ARQT) “Buy” Rating Reiterated at Needham & Company LLC

Arcutis Biotherapeutics (NASDAQ:ARQT)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a note issued to investors on Wednesday, Marketbeat Ratings reports. They presently have a $20.00 price target on the stock. Needham & Company LLC’s target price would indicate a potential upside of 63.93% from the company’s current price.

A number of other research analysts have also commented on the stock. HC Wainwright reiterated a “buy” rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Monday, January 13th. Guggenheim reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday. Finally, Mizuho increased their target price on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $17.00.

Arcutis Biotherapeutics Stock Performance

ARQT opened at $12.20 on Wednesday. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of -6.82 and a beta of 1.29. Arcutis Biotherapeutics has a 12-month low of $6.99 and a 12-month high of $16.20. The business has a 50 day moving average of $13.59 and a 200-day moving average of $11.41.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The business had revenue of $71.36 million during the quarter, compared to the consensus estimate of $60.52 million. On average, equities research analysts expect that Arcutis Biotherapeutics will post -1.33 earnings per share for the current year.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Todd Franklin Watanabe sold 15,000 shares of Arcutis Biotherapeutics stock in a transaction on Friday, December 20th. The stock was sold at an average price of $15.17, for a total value of $227,550.00. Following the completion of the transaction, the insider now directly owns 823,430 shares of the company’s stock, valued at $12,491,433.10. The trade was a 1.79 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $12.51, for a total value of $125,100.00. Following the sale, the director now owns 161,944 shares of the company’s stock, valued at approximately $2,025,919.44. The trade was a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 55,029 shares of company stock worth $756,017 in the last quarter. Corporate insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Creative Planning acquired a new stake in Arcutis Biotherapeutics during the third quarter worth about $127,000. abrdn plc lifted its holdings in shares of Arcutis Biotherapeutics by 223.8% during the 3rd quarter. abrdn plc now owns 482,074 shares of the company’s stock worth $4,483,000 after acquiring an additional 333,200 shares during the period. China Universal Asset Management Co. Ltd. boosted its position in shares of Arcutis Biotherapeutics by 65.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 22,482 shares of the company’s stock worth $209,000 after acquiring an additional 8,881 shares in the last quarter. AMI Asset Management Corp increased its stake in Arcutis Biotherapeutics by 36.2% in the third quarter. AMI Asset Management Corp now owns 223,681 shares of the company’s stock valued at $2,080,000 after acquiring an additional 59,487 shares during the last quarter. Finally, GSA Capital Partners LLP raised its position in Arcutis Biotherapeutics by 730.0% during the third quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock valued at $2,206,000 after purchasing an additional 208,599 shares in the last quarter.

About Arcutis Biotherapeutics

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.