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

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) have received a consensus recommendation of “Moderate Buy” from the eight brokerages that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $19.80.

Several equities research analysts recently weighed in on ARQT shares. Cowen restated a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Thursday, August 7th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Arcutis Biotherapeutics in a research note on Tuesday, October 14th. 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 research note on Thursday, August 7th. The Goldman Sachs Group initiated coverage on shares of Arcutis Biotherapeutics in a report on Friday, July 25th. They issued a “neutral” rating and a $18.00 price objective for the company. Finally, Wall Street Zen upgraded Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th.

Insider Transactions at Arcutis Biotherapeutics

In related news, insider Masaru Matsuda sold 36,130 shares of Arcutis Biotherapeutics stock in a transaction 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 owned 161,234 shares of the company’s stock, valued at $2,605,541.44. The trade was a 18.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Todd Watanabe sold 24,261 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $19.33, for a total transaction of $468,965.13. Following the sale, the insider directly owned 867,179 shares of the company’s stock, valued at approximately $16,762,570.07. This represents a 2.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 154,386 shares of company stock valued at $2,640,187. Corporate insiders own 9.40% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Perpetual Ltd boosted its holdings in Arcutis Biotherapeutics by 7,534.3% in the 3rd quarter. Perpetual Ltd now owns 2,024,606 shares of the company’s stock worth $38,164,000 after buying an additional 1,998,086 shares during the period. Paradigm Biocapital Advisors LP purchased a new position in shares of Arcutis Biotherapeutics in the first quarter valued at about $22,918,000. Frazier Life Sciences Management L.P. boosted its stake in shares of Arcutis Biotherapeutics by 12.4% in the second quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock worth $138,441,000 after acquiring an additional 1,089,227 shares during the period. Nuveen LLC purchased a new stake in shares of Arcutis Biotherapeutics during the first quarter worth about $12,759,000. Finally, Bank of America Corp DE raised its stake in Arcutis Biotherapeutics by 133.5% during the 2nd quarter. Bank of America Corp DE now owns 1,202,513 shares of the company’s stock valued at $16,859,000 after purchasing an additional 687,562 shares during the period.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $20.88 on Friday. Arcutis Biotherapeutics has a 1 year low of $8.03 and a 1 year high of $21.84. The stock has a market capitalization of $2.50 billion, a P/E ratio of -27.84 and a beta of 2.06. The company’s 50-day moving average is $17.77 and its 200 day moving average is $15.40. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.20 and a quick ratio of 3.04.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.05. Arcutis Biotherapeutics had a negative return on equity of 62.62% and a negative net margin of 35.40%.The business had revenue of $81.50 million for the quarter, compared to analysts’ expectations of $72.70 million. On average, sell-side analysts expect that Arcutis Biotherapeutics will post -1.33 earnings per share for the current year.

Arcutis Biotherapeutics Company Profile

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.