Arcutis Biotherapeutics (NASDAQ:ARQT) Price Target Raised to $31.00 at Needham & Company LLC

Arcutis Biotherapeutics (NASDAQ:ARQT) had its price target lifted by Needham & Company LLC from $30.00 to $31.00 in a report issued on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also recently weighed in on ARQT. Mizuho upped their price target on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the stock an “outperform” rating in a research note on Friday, November 28th. HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday, October 29th. Wall Street Zen downgraded shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Friday. The Goldman Sachs Group increased their price target on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Monday, December 29th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Arcutis Biotherapeutics has a consensus rating of “Moderate Buy” and an average target price of $29.20.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT opened at $26.32 on Monday. The company has a 50-day simple moving average of $28.70 and a two-hundred day simple moving average of $21.97. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.50 and a quick ratio of 3.28. The firm has a market capitalization of $3.22 billion, a PE ratio of -73.11 and a beta of 1.71. Arcutis Biotherapeutics has a one year low of $11.13 and a one year high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Tuesday, October 28th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. On average, analysts anticipate that Arcutis Biotherapeutics will post -1.33 EPS for the current fiscal year.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Larry Todd Edwards sold 29,131 shares of the stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $25.16, for a total transaction of $732,935.96. Following the sale, the insider owned 150,193 shares in the company, valued at $3,778,855.88. This represents a 16.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Todd Watanabe sold 48,945 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $30.36, for a total value of $1,485,970.20. Following the completion of the transaction, the insider directly owned 740,537 shares in the company, valued at $22,482,703.32. This trade represents a 6.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 253,912 shares of company stock valued at $6,884,105. 9.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Hedge funds have recently bought and sold shares of the business. Focus Partners Wealth lifted its position in shares of Arcutis Biotherapeutics by 0.8% in the third quarter. Focus Partners Wealth now owns 65,196 shares of the company’s stock valued at $1,237,000 after acquiring an additional 490 shares in the last quarter. Arizona State Retirement System grew its position in shares of Arcutis Biotherapeutics by 1.8% during the third quarter. Arizona State Retirement System now owns 31,685 shares of the company’s stock worth $597,000 after purchasing an additional 568 shares in the last quarter. AlphaQuest LLC raised its stake in Arcutis Biotherapeutics by 5.7% during the 3rd quarter. AlphaQuest LLC now owns 12,603 shares of the company’s stock valued at $238,000 after purchasing an additional 682 shares during the period. PNC Financial Services Group Inc. raised its stake in Arcutis Biotherapeutics by 10.2% during the 2nd 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 period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Arcutis Biotherapeutics by 28.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,952 shares of the company’s stock worth $173,000 after purchasing an additional 1,316 shares in the last quarter.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.