Zacks Investment Research upgraded shares of Arcutis Biotherapeutics (NASDAQ:ARQT – Get Rating) from a sell rating to a hold rating in a research report sent to investors on Monday, 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 analysts have also recently commented on ARQT. Morgan Stanley lifted their price target on Arcutis Biotherapeutics from $35.00 to $37.00 and gave the stock an overweight rating in a research report on Wednesday, March 2nd. The Goldman Sachs Group began coverage on Arcutis Biotherapeutics in a research report on Thursday, March 17th. They set a buy rating and a $45.00 price target for the company. Cantor Fitzgerald reaffirmed an overweight rating on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 23rd. Finally, Mizuho lowered their price target on Arcutis Biotherapeutics from $58.00 to $57.00 and set a buy rating for the company in a research report on Thursday, April 7th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and an average target price of $41.50.
Arcutis Biotherapeutics (NASDAQ:ARQT – Get Rating) last announced its earnings results on Tuesday, February 22nd. The company reported ($1.42) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.41) by ($0.01). Sell-side analysts predict that Arcutis Biotherapeutics will post -5.51 EPS for the current year.
In related news, insider David W. Osborne sold 2,197 shares of Arcutis Biotherapeutics stock in a transaction dated Thursday, April 21st. The stock was sold at an average price of $20.42, for a total value of $44,862.74. Following the completion of the transaction, the insider now owns 257,229 shares in the company, valued at approximately $5,252,616.18. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Todd Franklin Watanabe sold 2,489 shares of Arcutis Biotherapeutics stock in a transaction dated Friday, March 4th. The shares were sold at an average price of $16.86, for a total value of $41,964.54. The disclosure for this sale can be found here. In the last three months, insiders sold 550,767 shares of company stock valued at $11,368,506. Insiders own 39.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in ARQT. Point72 Asset Management L.P. increased its stake in shares of Arcutis Biotherapeutics by 122.2% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,992,107 shares of the company’s stock valued at $47,591,000 after purchasing an additional 1,095,707 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $12,809,000. Norges Bank purchased a new stake in Arcutis Biotherapeutics during the 4th quarter worth approximately $5,504,000. BlackRock Inc. increased its stake in Arcutis Biotherapeutics by 2.8% during the 4th quarter. BlackRock Inc. now owns 4,313,864 shares of the company’s stock worth $89,471,000 after buying an additional 117,938 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Arcutis Biotherapeutics by 29.5% during the 4th quarter. American Century Companies Inc. now owns 487,071 shares of the company’s stock worth $10,102,000 after buying an additional 110,997 shares in the last quarter. Hedge funds and other institutional investors own 87.59% of the company’s stock.
About Arcutis Biotherapeutics (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.
- Get a free copy of the StockNews.com research report on Arcutis Biotherapeutics (ARQT)
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