Zacks Investment Research Downgrades Arcutis Biotherapeutics (NASDAQ:ARQT) to Sell

Arcutis Biotherapeutics (NASDAQ:ARQTGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “Arcutis Biotherapeutics Inc. is late-stage biopharmaceutical company. It is focused on developing and commercializing treatments for unmet needs in immune-mediated dermatological diseases. The company’s product pipeline consists of ARQ-151, ARQ-154 and ARQ-252 for multiple indications, including psoriasis, atopic dermatitis, seborrheic dermatitis and eczema, which are in clinical stage. Arcutis Biotherapeutics Inc. is based in Westlake Village, California. “

A number of other research analysts have also recently weighed in on the stock. Mizuho dropped their price objective on shares of Arcutis Biotherapeutics from $58.00 to $57.00 and set a “buy” rating for the company in a research note on Thursday, April 7th. Morgan Stanley raised their price objective on shares of Arcutis Biotherapeutics from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 2nd. The Goldman Sachs Group initiated coverage on shares of Arcutis Biotherapeutics in a research note on Thursday, March 17th. They set a “buy” rating and a $45.00 price objective for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcutis Biotherapeutics in a research note on Wednesday, February 23rd. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $41.50.

Shares of ARQT stock traded down $1.34 during midday trading on Tuesday, reaching $19.92. 261,744 shares of the company traded hands, compared to its average volume of 261,194. The business’s 50 day moving average price is $18.34. Arcutis Biotherapeutics has a 1-year low of $13.59 and a 1-year high of $36.45. The company has a current ratio of 12.09, a quick ratio of 12.09 and a debt-to-equity ratio of 0.24. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -4.79 and a beta of 0.36.

Arcutis Biotherapeutics (NASDAQ:ARQTGet Rating) last issued its quarterly earnings data on Tuesday, February 22nd. The company reported ($1.42) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.41) by ($0.01). As a group, equities research analysts expect that Arcutis Biotherapeutics will post -5.51 EPS for the current year.

In other news, insider David W. Osborne sold 2,197 shares of the business’s stock in a transaction on Thursday, April 21st. The shares were sold at an average price of $20.42, for a total transaction of $44,862.74. Following the completion of the sale, the insider now directly owns 257,229 shares of the company’s stock, valued at approximately $5,252,616.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd Franklin Watanabe sold 2,489 shares of the business’s stock in a transaction on Friday, March 4th. The shares were sold at an average price of $16.86, for a total transaction of $41,964.54. The disclosure for this sale can be found here. Insiders sold a total of 550,767 shares of company stock valued at $11,368,506 over the last ninety days. 39.00% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in ARQT. Royal Bank of Canada grew its stake in shares of Arcutis Biotherapeutics by 59.8% during the 2nd quarter. Royal Bank of Canada now owns 2,053 shares of the company’s stock valued at $56,000 after buying an additional 768 shares during the period. Invesco Ltd. acquired a new position in shares of Arcutis Biotherapeutics during the 2nd quarter valued at $331,000. Morgan Stanley lifted its holdings in shares of Arcutis Biotherapeutics by 80.3% during the 2nd quarter. Morgan Stanley now owns 226,673 shares of the company’s stock valued at $6,185,000 after acquiring an additional 100,961 shares in the last quarter. Penn Mutual Asset Management LLC acquired a new position in shares of Arcutis Biotherapeutics during the 3rd quarter valued at $129,000. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Arcutis Biotherapeutics by 4.8% during the 3rd quarter. Los Angeles Capital Management LLC now owns 27,970 shares of the company’s stock valued at $668,000 after acquiring an additional 1,280 shares in the last quarter. 93.40% of the stock is owned by institutional investors.

Arcutis Biotherapeutics Company Profile (Get Rating)

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.

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