Arcutis Biotherapeutics (NASDAQ:ARQT) Upgraded at Zacks Research

Zacks Research upgraded shares of Arcutis Biotherapeutics (NASDAQ:ARQT) from a hold rating to a strong-buy rating in a research note published on Wednesday morning,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Cowen reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Thursday, August 7th. Needham & Company LLC boosted their target price on Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Arcutis Biotherapeutics in a research report on Tuesday, October 14th. Mizuho set a $32.00 target price on Arcutis Biotherapeutics in a research report on Wednesday. Finally, Wall Street Zen upgraded Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $28.00.

Arcutis Biotherapeutics Stock Performance

NASDAQ ARQT opened at $25.31 on Wednesday. The firm has a market cap of $3.10 billion, a price-to-earnings ratio of -70.31 and a beta of 2.06. 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 business 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.

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, topping analysts’ consensus estimates of ($0.10) by $0.16. The firm had revenue of $99.22 million during the quarter, compared to analyst estimates of $86.69 million. Arcutis Biotherapeutics had a negative return on equity of 29.69% and a negative net margin of 13.94%. As a group, equities research analysts predict that Arcutis Biotherapeutics will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Larry Todd Edwards sold 4,504 shares of the company’s stock in a transaction that occurred 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 sale, the insider directly owned 178,897 shares in the company, valued at $3,585,095.88. This represents a 2.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Todd Watanabe sold 40,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $25.03, for a total value of $1,001,200.00. Following the sale, the insider owned 806,440 shares in the company, valued at approximately $20,185,193.20. This trade represents a 4.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 184,386 shares of company stock valued at $3,498,387. Corporate insiders own 9.40% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank raised its holdings in shares of 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 buying an additional 1,053 shares during the period. KBC Group NV purchased a new stake in shares of Arcutis Biotherapeutics in the first quarter worth approximately $84,000. Nkcfo LLC purchased a new stake in shares of Arcutis Biotherapeutics in the first quarter worth approximately $109,000. Allostery Investments LP purchased a new stake in shares of Arcutis Biotherapeutics in the first quarter worth approximately $117,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Arcutis Biotherapeutics by 10.2% in the second quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock worth $124,000 after buying an additional 820 shares during the period.

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.