The Goldman Sachs Group Forecasts Strong Price Appreciation for Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics (NASDAQ:ARQT) had its target price hoisted by equities researchers at The Goldman Sachs Group from $13.00 to $15.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 9.57% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $19.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday. Mizuho upped their price objective on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a report on Monday, February 24th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Arcutis Biotherapeutics Price Performance

Shares of Arcutis Biotherapeutics stock opened at $13.69 on Thursday. The firm has a market cap of $1.60 billion, a PE ratio of -7.65 and a beta of 1.29. The stock has a 50 day moving average of $13.56 and a 200 day moving average of $11.43. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. Arcutis Biotherapeutics has a 12 month low of $6.99 and a 12 month high of $16.20.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $71.36 million during the quarter, compared to the consensus estimate of $60.52 million. On average, research analysts expect that Arcutis Biotherapeutics will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $12.51, for a total transaction of $125,100.00. Following the completion of the sale, the director now directly owns 161,944 shares of the company’s stock, valued at approximately $2,025,919.44. This trade represents a 5.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Masaru Matsuda sold 8,338 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $12.70, for a total value of $105,892.60. Following the transaction, the insider now owns 178,692 shares of the company’s stock, valued at approximately $2,269,388.40. The trade was a 4.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,029 shares of company stock worth $756,017 over the last 90 days. Company insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ARQT. Point72 Asset Management L.P. increased its position in shares of Arcutis Biotherapeutics by 617.5% during the fourth quarter. Point72 Asset Management L.P. now owns 1,753,522 shares of the company’s stock worth $24,427,000 after acquiring an additional 1,509,136 shares during the period. Cercano Management LLC bought a new position in Arcutis Biotherapeutics in the fourth quarter worth approximately $17,487,000. Millennium Management LLC increased its holdings in Arcutis Biotherapeutics by 101.3% during the 4th quarter. Millennium Management LLC now owns 2,310,163 shares of the company’s stock worth $32,181,000 after purchasing an additional 1,162,690 shares during the period. Rubric Capital Management LP raised its position in Arcutis Biotherapeutics by 11.7% during the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after purchasing an additional 1,150,000 shares in the last quarter. Finally, Driehaus Capital Management LLC purchased a new stake in shares of Arcutis Biotherapeutics in the 4th quarter worth $15,278,000.

Arcutis Biotherapeutics Company Profile

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.