Brokerages Set Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Price Target at $19.80

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) have received an average rating of “Moderate Buy” from the seven analysts that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $19.80.

Several research firms have commented on ARQT. The Goldman Sachs Group assumed coverage on Arcutis Biotherapeutics in a research note on Friday, July 25th. They set a “neutral” rating and a $18.00 price objective for the company. Wall Street Zen upgraded Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Needham & Company LLC upped their target price on shares of Arcutis Biotherapeutics from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Finally, Cowen reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th.

Arcutis Biotherapeutics Stock Down 3.3%

ARQT stock opened at $16.73 on Tuesday. The stock has a market capitalization of $2.01 billion, a P/E ratio of -22.31 and a beta of 1.93. The firm has a 50-day simple moving average of $15.89 and a 200-day simple moving average of $14.91. The company has a quick ratio of 3.04, a current ratio of 3.20 and a debt-to-equity ratio of 0.77. Arcutis Biotherapeutics has a 52 week low of $8.03 and a 52 week high of $18.15.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its earnings results on Wednesday, August 6th. The company reported ($0.13) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.05. Arcutis Biotherapeutics had a negative net margin of 35.40% and a negative return on equity of 62.62%. The business had revenue of $81.50 million during the quarter, compared to analysts’ expectations of $72.70 million. Equities analysts forecast that Arcutis Biotherapeutics will post -1.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 36,130 shares of the company’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $16.16, for a total value of $583,860.80. Following the completion of the sale, the insider directly owned 161,234 shares in the company, valued at $2,605,541.44. This represents a 18.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Todd Watanabe sold 9,625 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $17.54, for a total value of $168,822.50. Following the completion of the sale, the insider owned 891,944 shares of the company’s stock, valued at $15,644,697.76. This trade represents a 1.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 123,632 shares of company stock worth $1,908,955 in the last 90 days. 9.40% of the stock is currently owned by insiders.

Institutional Trading of Arcutis Biotherapeutics

Hedge funds have recently made changes to their positions in the company. Amalgamated Bank grew its position in Arcutis Biotherapeutics by 39.4% in the first quarter. Amalgamated Bank now owns 3,723 shares of the company’s stock worth $58,000 after acquiring an additional 1,053 shares during the period. Triumph Capital Management purchased a new position in shares of Arcutis Biotherapeutics during the 2nd quarter worth $410,000. New York State Common Retirement Fund grew its holdings in shares of Arcutis Biotherapeutics by 93.4% during the 1st quarter. New York State Common Retirement Fund now owns 48,670 shares of the company’s stock worth $761,000 after purchasing an additional 23,503 shares during the period. Invst LLC purchased a new position in shares of Arcutis Biotherapeutics during the 1st quarter worth $323,000. Finally, Ieq Capital LLC purchased a new position in shares of Arcutis Biotherapeutics during the 1st quarter worth $345,000.

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.