Needham & Company LLC Reiterates “Buy” Rating for Arcutis Biotherapeutics (NASDAQ:ARQT)

Arcutis Biotherapeutics (NASDAQ:ARQT)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued to investors on Friday, Benzinga reports. They currently have a $16.00 price objective on the stock. Needham & Company LLC’s price objective indicates a potential upside of 56.86% from the company’s previous close.

ARQT has been the topic of a number of other research reports. Mizuho reissued a “buy” rating and issued a $16.00 price objective (up previously from $8.00) on shares of Arcutis Biotherapeutics in a research report on Friday, February 23rd. The Goldman Sachs Group boosted their price target on shares of Arcutis Biotherapeutics from $6.00 to $11.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 28th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.56.

Arcutis Biotherapeutics Price Performance

ARQT stock opened at $10.20 on Friday. The stock has a 50-day moving average price of $9.68 and a two-hundred day moving average price of $5.48. Arcutis Biotherapeutics has a 1 year low of $1.76 and a 1 year high of $15.40. The stock has a market cap of $987.46 million, a PE ratio of -2.60 and a beta of 1.14. The company has a current ratio of 7.08, a quick ratio of 6.80 and a debt-to-equity ratio of 2.28.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.64) by ($0.08). The firm had revenue of $13.53 million for the quarter, compared to the consensus estimate of $11.78 million. Arcutis Biotherapeutics had a negative return on equity of 294.85% and a negative net margin of 439.79%. During the same quarter in the previous year, the business posted ($1.18) earnings per share. Equities analysts forecast that Arcutis Biotherapeutics will post -2.49 EPS for the current fiscal year.

Insider Activity

In related news, insider Masaru Matsuda sold 3,760 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $11.12, for a total transaction of $41,811.20. Following the completion of the transaction, the insider now owns 190,424 shares in the company, valued at $2,117,514.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 20.70% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several hedge funds have recently added to or reduced their stakes in ARQT. Jennison Associates LLC increased its holdings in shares of Arcutis Biotherapeutics by 104.6% in the fourth quarter. Jennison Associates LLC now owns 9,066,082 shares of the company’s stock valued at $29,283,000 after purchasing an additional 4,633,907 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Arcutis Biotherapeutics by 260.2% during the 4th quarter. Franklin Resources Inc. now owns 4,655,544 shares of the company’s stock worth $15,037,000 after buying an additional 3,363,191 shares during the period. Vestal Point Capital LP acquired a new position in Arcutis Biotherapeutics in the 4th quarter valued at about $8,721,000. Vanguard Group Inc. raised its holdings in Arcutis Biotherapeutics by 70.0% in the 4th quarter. Vanguard Group Inc. now owns 4,896,513 shares of the company’s stock valued at $15,816,000 after acquiring an additional 2,017,053 shares during the period. Finally, Opaleye Management Inc. acquired a new stake in Arcutis Biotherapeutics during the fourth quarter worth approximately $6,331,000.

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.