Arcutis Biotherapeutics (NASDAQ:ARQT) Raised to Strong-Buy at Wall Street Zen

Arcutis Biotherapeutics (NASDAQ:ARQT) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Saturday.

Other research analysts have also recently issued reports about the stock. Zacks Research raised shares of Arcutis Biotherapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Weiss Ratings reissued a “sell (e+)” rating on shares of Arcutis Biotherapeutics in a report on Tuesday, October 14th. Cowen reissued a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, August 7th. Needham & Company LLC boosted their price objective on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday. Finally, The Goldman Sachs Group upped their target price on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Arcutis Biotherapeutics presently has an average rating of “Moderate Buy” and an average target price of $28.00.

Arcutis Biotherapeutics Stock Up 1.6%

ARQT opened at $25.31 on Friday. The company has a quick ratio of 3.04, a current ratio of 3.50 and a debt-to-equity ratio of 0.68. The firm has a 50 day moving average price of $18.92 and a 200-day moving average price of $15.93. Arcutis Biotherapeutics has a twelve month low of $8.21 and a twelve month high of $27.08. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of -70.31 and a beta of 2.06.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Tuesday, October 28th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.16. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. The firm had revenue of $99.22 million during the quarter, compared to analysts’ expectations of $86.69 million. Equities research analysts forecast that Arcutis Biotherapeutics will post -1.33 earnings per share for the current year.

Insider Activity at Arcutis Biotherapeutics

In related news, insider Masaru Matsuda sold 36,130 shares of the company’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $16.16, for a total transaction of $583,860.80. Following the completion of the transaction, the insider owned 161,234 shares in the company, valued at approximately $2,605,541.44. This represents a 18.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Larry Todd Edwards sold 4,504 shares of the company’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $20.04, for a total transaction of $90,260.16. Following the transaction, the insider owned 178,897 shares of the company’s stock, valued at approximately $3,585,095.88. This represents a 2.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 184,386 shares of company stock worth $3,498,387 in the last three months. Insiders own 9.40% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Institutional investors have recently bought and sold shares of the business. Amalgamated Bank lifted its position in Arcutis Biotherapeutics by 39.4% during the first quarter. Amalgamated Bank now owns 3,723 shares of the company’s stock valued at $58,000 after purchasing an additional 1,053 shares during the last quarter. KBC Group NV bought a new position in Arcutis Biotherapeutics during the first quarter valued at $84,000. Nkcfo LLC bought a new position in Arcutis Biotherapeutics during the first quarter valued at $109,000. Allostery Investments LP bought a new position in Arcutis Biotherapeutics during the first quarter valued at $117,000. Finally, PNC Financial Services Group Inc. lifted its position in Arcutis Biotherapeutics by 10.2% during the second quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock valued at $124,000 after purchasing an additional 820 shares during the last quarter.

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.