Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Receives $34.00 Average Price Target from Brokerages

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) has earned an average recommendation of “Moderate Buy” from the eight research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $34.00.

Several equities analysts have recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Friday, March 27th. Mizuho lowered their price target on Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating on the stock in a report on Monday, March 2nd. HC Wainwright increased their price target on Arcutis Biotherapeutics from $30.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, February 26th. TD Cowen increased their price target on Arcutis Biotherapeutics from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Finally, Wall Street Zen cut Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 14th.

Arcutis Biotherapeutics Stock Performance

ARQT stock opened at $24.12 on Friday. The stock has a market capitalization of $2.99 billion, a PE ratio of -172.27 and a beta of 1.76. Arcutis Biotherapeutics has a 12-month low of $12.42 and a 12-month high of $31.77. The company has a current ratio of 3.17, a quick ratio of 2.99 and a debt-to-equity ratio of 0.57. The stock’s 50 day simple moving average is $24.61 and its 200 day simple moving average is $25.40.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.10. The firm had revenue of $129.50 million for the quarter, compared to analysts’ expectations of $110.79 million. Arcutis Biotherapeutics had a negative return on equity of 10.26% and a negative net margin of 4.29%. As a group, research analysts forecast that Arcutis Biotherapeutics will post -1.33 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $25.05, for a total value of $250,500.00. Following the completion of the sale, the director directly owned 59,744 shares in the company, valued at $1,496,587.20. This represents a 14.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Patrick Burnett sold 9,794 shares of the company’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $25.81, for a total value of $252,783.14. Following the completion of the sale, the insider owned 80,651 shares of the company’s stock, valued at $2,081,602.31. This trade represents a 10.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 159,546 shares of company stock worth $4,032,162. Insiders own 9.40% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. increased its stake in shares of Arcutis Biotherapeutics by 325.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock worth $32,000 after purchasing an additional 833 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Arcutis Biotherapeutics in the 4th quarter worth $35,000. EverSource Wealth Advisors LLC increased its stake in shares of Arcutis Biotherapeutics by 124.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock worth $37,000 after purchasing an additional 698 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of Arcutis Biotherapeutics by 209.0% in the 4th quarter. NewEdge Advisors LLC now owns 1,545 shares of the company’s stock worth $45,000 after purchasing an additional 1,045 shares in the last quarter. Finally, Johnson Investment Counsel Inc. purchased a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter worth $30,000.

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.