Wall Street Zen Downgrades Arcutis Biotherapeutics (NASDAQ:ARQT) to Buy

Arcutis Biotherapeutics (NASDAQ:ARQT) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Saturday.

Several other research analysts have also recently weighed in on ARQT. HC Wainwright reissued a “buy” rating and set a $30.00 price objective on shares of Arcutis Biotherapeutics in a report on Wednesday, October 29th. Zacks Research lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Needham & Company LLC increased their price target on Arcutis Biotherapeutics from $30.00 to $31.00 and gave the company a “buy” rating in a report on Monday, January 26th. The Goldman Sachs Group raised their price target on 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 reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Monday, December 29th. Six equities 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 company. According to MarketBeat.com, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $29.20.

Arcutis Biotherapeutics Trading Down 3.2%

Arcutis Biotherapeutics stock opened at $25.86 on Friday. Arcutis Biotherapeutics has a one year low of $11.75 and a one year high of $31.77. The business’s fifty day moving average is $27.68 and its 200 day moving average is $22.96. The stock has a market capitalization of $3.17 billion, a PE ratio of -71.83 and a beta of 1.70. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.50 and a quick ratio of 3.28.

Insider Buying and Selling

In related news, Director Halley E. Gilbert sold 16,532 shares of Arcutis Biotherapeutics stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $27.55, for a total transaction of $455,456.60. Following the transaction, the director directly owned 22,123 shares in the company, valued at approximately $609,488.65. The trade was a 42.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd Watanabe sold 48,945 shares of the business’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 transaction, the insider owned 740,537 shares of the company’s stock, valued at approximately $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. Insiders sold 219,010 shares of company stock worth $6,135,454 in the last quarter. Company insiders own 9.40% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Frazier Life Sciences Management L.P. raised its stake in Arcutis Biotherapeutics by 12.4% during the second quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock valued at $138,441,000 after purchasing an additional 1,089,227 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Arcutis Biotherapeutics by 10.3% in the 3rd quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock worth $230,990,000 after buying an additional 1,144,714 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter worth about $1,630,000. Perpetual Ltd raised its position in shares of Arcutis Biotherapeutics by 7,534.3% during the 3rd quarter. Perpetual Ltd now owns 2,024,606 shares of the company’s stock valued at $38,164,000 after buying an additional 1,998,086 shares in the last quarter. Finally, Corton Capital Inc. bought a new position in shares of Arcutis Biotherapeutics in the 2nd quarter valued at about $238,000.

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.