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

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) has been assigned a consensus rating of “Moderate Buy” from the eight ratings firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $34.00.

ARQT has been the topic of several recent research reports. Needham & Company LLC restated a “buy” rating and issued a $36.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday, May 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Wednesday, June 24th. Finally, Wall Street Zen raised shares of Arcutis Biotherapeutics from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th.

Insider Activity at Arcutis Biotherapeutics

In related news, CFO Latha Vairavan sold 1,341 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $23.61, for a total transaction of $31,661.01. Following the sale, the chief financial officer owned 86,413 shares in the company, valued at approximately $2,040,210.93. This trade represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Howard G. Welgus sold 4,096 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $24.41, for a total transaction of $99,983.36. Following the sale, the director owned 38,378 shares in the company, valued at approximately $936,806.98. This trade represents a 9.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 30,931 shares of company stock worth $730,086 over the last three months. Company insiders own 9.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Handelsbanken Fonder AB boosted its holdings in shares of Arcutis Biotherapeutics by 6.1% during the second quarter. Handelsbanken Fonder AB now owns 43,800 shares of the company’s stock worth $1,148,000 after purchasing an additional 2,500 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new position in Arcutis Biotherapeutics in the first quarter valued at $609,000. Bank of America Corp DE increased its stake in Arcutis Biotherapeutics by 32.7% in the first quarter. Bank of America Corp DE now owns 2,221,289 shares of the company’s stock valued at $52,334,000 after purchasing an additional 547,835 shares during the last quarter. Stempoint Capital LP lifted its position in Arcutis Biotherapeutics by 84.1% during the first quarter. Stempoint Capital LP now owns 413,792 shares of the company’s stock worth $9,749,000 after buying an additional 189,052 shares during the period. Finally, Janus Henderson Group PLC lifted its position in Arcutis Biotherapeutics by 1.3% during the first quarter. Janus Henderson Group PLC now owns 1,854,566 shares of the company’s stock worth $43,684,000 after buying an additional 24,505 shares during the period.

Arcutis Biotherapeutics Trading Down 1.3%

Shares of Arcutis Biotherapeutics stock opened at $27.90 on Monday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.68 and a quick ratio of 2.46. Arcutis Biotherapeutics has a 1 year low of $13.69 and a 1 year high of $31.77. The company has a market capitalization of $3.49 billion, a P/E ratio of -929.69 and a beta of 1.48. The business has a 50 day moving average price of $24.58 and a 200 day moving average price of $24.75.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Wednesday, May 6th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The company had revenue of $105.40 million for the quarter, compared to analyst estimates of $103.67 million. Arcutis Biotherapeutics had a negative net margin of 0.57% and a negative return on equity of 1.41%. Sell-side analysts anticipate that Arcutis Biotherapeutics will post 0.16 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.