Analysts Set Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Price Target at $34.00

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) have received a consensus rating of “Moderate Buy” from the eight brokerages that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $34.00.

A number of research analysts have recently commented on the company. TD Cowen increased their price objective on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Mizuho reduced their target price on Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating for the company in a report on Monday, March 2nd. Needham & Company LLC upped their target price on Arcutis Biotherapeutics from $31.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Wall Street Zen downgraded Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 14th. Finally, Guggenheim lifted their price target on shares of Arcutis Biotherapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, February 27th.

Insiders Place Their Bets

In related news, insider Masaru Matsuda sold 40,638 shares of Arcutis Biotherapeutics stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $25.28, for a total value of $1,027,328.64. Following the transaction, the insider owned 110,003 shares in the company, valued at $2,780,875.84. This trade represents a 26.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Patrick Burnett sold 9,794 shares of the business’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $25.81, for a total transaction of $252,783.14. Following the transaction, the insider directly owned 80,651 shares of the company’s stock, valued at approximately $2,081,602.31. This represents a 10.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 163,733 shares of company stock worth $4,204,675 in the last ninety days. 9.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several large investors have recently made changes to their positions in the business. Focus Partners Wealth grew its holdings in Arcutis Biotherapeutics by 0.8% in the 3rd quarter. Focus Partners Wealth now owns 65,196 shares of the company’s stock valued at $1,237,000 after buying an additional 490 shares during the last quarter. Arizona State Retirement System lifted its holdings 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 buying an additional 568 shares during the last quarter. Schroder Investment Management Group boosted its position in shares of Arcutis Biotherapeutics by 1.1% in the fourth quarter. Schroder Investment Management Group now owns 57,136 shares of the company’s stock valued at $1,604,000 after acquiring an additional 594 shares during the period. AlphaQuest LLC boosted its position in shares of Arcutis Biotherapeutics by 5.7% in the third quarter. AlphaQuest LLC now owns 12,603 shares of the company’s stock valued at $238,000 after acquiring an additional 682 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Arcutis Biotherapeutics by 124.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock worth $37,000 after acquiring an additional 698 shares during the last quarter.

Arcutis Biotherapeutics Stock Up 3.0%

ARQT stock opened at $22.91 on Tuesday. The firm has a market cap of $2.84 billion, a PE ratio of -163.63 and a beta of 1.66. Arcutis Biotherapeutics has a 1 year low of $11.86 and a 1 year high of $31.77. The company has a fifty day simple moving average of $25.66 and a 200 day simple moving average of $24.55. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.57.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Wednesday, February 25th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.03 by $0.10. Arcutis Biotherapeutics had a negative net margin of 4.29% and a negative return on equity of 10.26%. The firm had revenue of $129.50 million for the quarter, compared to the consensus estimate of $110.79 million. Sell-side analysts anticipate that Arcutis Biotherapeutics will post -1.33 EPS for the current fiscal year.

About Arcutis Biotherapeutics

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.