Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Given Average Rating of “Buy” by Brokerages

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Get Rating) have received an average recommendation of “Buy” from the seven brokerages that are presently covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation. The average 12 month target price among brokerages that have covered the stock in the last year is $46.17.

ARQT has been the topic of a number of research reports. Morgan Stanley cut their price objective on Arcutis Biotherapeutics from $50.00 to $47.00 and set an “overweight” rating on the stock in a report on Wednesday, April 12th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcutis Biotherapeutics in a report on Wednesday, March 1st. Mizuho dropped their target price on Arcutis Biotherapeutics from $61.00 to $57.00 in a report on Wednesday, May 10th. Needham & Company LLC reiterated a “buy” rating and set a $24.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday, April 19th. Finally, Truist Financial dropped their target price on Arcutis Biotherapeutics from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, March 29th.

Arcutis Biotherapeutics Stock Up 2.2 %

ARQT opened at $10.30 on Tuesday. The company has a quick ratio of 11.37, a current ratio of 11.57 and a debt-to-equity ratio of 0.94. The firm has a market cap of $632.02 million, a P/E ratio of -1.81 and a beta of 0.47. Arcutis Biotherapeutics has a 52 week low of $9.78 and a 52 week high of $27.40. The business’s fifty day simple moving average is $12.45 and its 200 day simple moving average is $15.02.

Arcutis Biotherapeutics (NASDAQ:ARQT – Get Rating) last posted its quarterly earnings data on Tuesday, February 28th. The company reported ($1.18) EPS for the quarter, beating analysts’ consensus estimates of ($1.37) by $0.19. The company had revenue of $2.96 million for the quarter, compared to analyst estimates of $2.84 million. As a group, equities research analysts anticipate that Arcutis Biotherapeutics will post -4.81 EPS for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, insider Todd Franklin Watanabe sold 2,343 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $16.17, for a total value of $37,886.31. Following the completion of the transaction, the insider now owns 374,564 shares in the company, valued at approximately $6,056,699.88. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Todd Franklin Watanabe sold 2,343 shares of the business’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $16.17, for a total transaction of $37,886.31. Following the sale, the insider now directly owns 374,564 shares of the company’s stock, valued at $6,056,699.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Howard G. Welgus sold 8,500 shares of Arcutis Biotherapeutics stock in a transaction on Thursday, April 6th. The shares were sold at an average price of $12.01, for a total value of $102,085.00. Following the transaction, the director now owns 165,825 shares in the company, valued at approximately $1,991,558.25. The disclosure for this sale can be found here. Insiders sold a total of 41,090 shares of company stock worth $611,179 in the last 90 days. 23.00% of the stock is owned by corporate insiders.

Institutional Trading of Arcutis Biotherapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Credit Suisse AG raised its holdings in Arcutis Biotherapeutics by 2.9% in the 2nd quarter. Credit Suisse AG now owns 17,741 shares of the company’s stock valued at $378,000 after acquiring an additional 502 shares in the last quarter. Point72 Hong Kong Ltd grew its position in Arcutis Biotherapeutics by 102.9% during the 2nd quarter. Point72 Hong Kong Ltd now owns 1,197 shares of the company’s stock worth $26,000 after acquiring an additional 607 shares during the last quarter. Arizona State Retirement System grew its position in Arcutis Biotherapeutics by 6.1% during the 4th quarter. Arizona State Retirement System now owns 11,888 shares of the company’s stock worth $176,000 after acquiring an additional 680 shares during the last quarter. Legal & General Group Plc grew its position in Arcutis Biotherapeutics by 4.8% during the 4th quarter. Legal & General Group Plc now owns 15,936 shares of the company’s stock worth $236,000 after acquiring an additional 723 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Arcutis Biotherapeutics by 2.4% in the 4th quarter. JPMorgan Chase & Co. now owns 44,608 shares of the company’s stock valued at $660,000 after buying an additional 1,062 shares during the last quarter.

Arcutis Biotherapeutics Company Profile

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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.