HC Wainwright Reiterates “Buy” Rating for Arcutis Biotherapeutics (NASDAQ:ARQT)

Arcutis Biotherapeutics (NASDAQ:ARQT)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a research report issued on Wednesday,Benzinga reports. They presently have a $19.00 price target on the stock. HC Wainwright’s price objective indicates a potential upside of 46.20% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a report on Monday. Finally, Mizuho lifted their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Arcutis Biotherapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $17.20.

Arcutis Biotherapeutics Stock Performance

ARQT stock traded up $0.80 during mid-day trading on Wednesday, hitting $13.00. The company had a trading volume of 2,040,877 shares, compared to its average volume of 2,145,860. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. The firm has a market cap of $1.52 billion, a PE ratio of -7.26 and a beta of 1.29. Arcutis Biotherapeutics has a 12 month low of $6.99 and a 12 month high of $16.20. The stock’s fifty day moving average price is $13.59 and its two-hundred day moving average price is $11.41.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.19. The company had revenue of $71.36 million during the quarter, compared to analysts’ expectations of $60.52 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. On average, analysts forecast that Arcutis Biotherapeutics will post -1.33 earnings per share for the current fiscal year.

Insider Activity

In other Arcutis Biotherapeutics news, insider Todd Franklin Watanabe sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $15.17, for a total value of $227,550.00. Following the completion of the sale, the insider now owns 823,430 shares of the company’s stock, valued at approximately $12,491,433.10. This trade represents a 1.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $12.71, for a total transaction of $127,100.00. Following the completion of the sale, the director now directly owns 141,944 shares in the company, valued at approximately $1,804,108.24. This represents a 6.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,029 shares of company stock valued at $756,017. Company insiders own 9.50% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

Several hedge funds have recently added to or reduced their stakes in the business. Jennison Associates LLC raised its holdings in Arcutis Biotherapeutics by 5.8% in the 4th quarter. Jennison Associates LLC now owns 12,339,792 shares of the company’s stock worth $171,893,000 after purchasing an additional 676,295 shares in the last quarter. Suvretta Capital Management LLC raised its holdings in Arcutis Biotherapeutics by 6.3% in the fourth quarter. Suvretta Capital Management LLC now owns 11,399,138 shares of the company’s stock worth $158,790,000 after purchasing an additional 677,627 shares in the last quarter. Rubric Capital Management LP increased its stake in shares of Arcutis Biotherapeutics by 11.7% in the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock worth $101,990,000 after acquiring an additional 1,150,000 shares in the last quarter. Polar Capital Holdings Plc lifted its position in Arcutis Biotherapeutics by 7.2% during the 4th quarter. Polar Capital Holdings Plc now owns 7,377,381 shares of the company’s stock valued at $102,767,000 after acquiring an additional 493,009 shares during the period. Finally, State Street Corp boosted its stake in Arcutis Biotherapeutics by 9.9% during the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after acquiring an additional 506,788 shares in the last quarter.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.