Arcutis Biotherapeutics (NASDAQ:ARQT) Receives Buy Rating from Needham & Company LLC

Arcutis Biotherapeutics (NASDAQ:ARQT)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $20.00 price objective on the stock. Needham & Company LLC’s target price would indicate a potential upside of 20.48% from the company’s previous close.

ARQT has been the subject of several other research reports. HC Wainwright reissued a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday. Jefferies Financial Group raised their price objective on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, March 11th. The Goldman Sachs Group upped their target price on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Thursday, February 27th. Guggenheim reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday, February 24th. Finally, Mizuho boosted their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Arcutis Biotherapeutics currently has an average rating of “Moderate Buy” and an average target price of $18.80.

Arcutis Biotherapeutics Trading Up 10.8 %

Shares of ARQT opened at $16.60 on Thursday. Arcutis Biotherapeutics has a 12-month low of $6.99 and a 12-month high of $17.75. The firm has a market capitalization of $1.97 billion, a P/E ratio of -9.27 and a beta of 1.48. The firm has a 50-day moving average price of $14.14 and a 200 day moving average price of $12.36. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted 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 business had revenue of $71.36 million during the quarter, compared to analysts’ expectations of $60.52 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. Sell-side analysts forecast that Arcutis Biotherapeutics will post -1.33 EPS for the current year.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 8,338 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $12.70, for a total transaction of $105,892.60. Following the completion of the transaction, the insider now owns 178,692 shares in the company, valued at $2,269,388.40. The trade was a 4.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Todd Franklin Watanabe sold 1,500 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $17.52, for a total transaction of $26,280.00. Following the completion of the sale, the insider now owns 927,414 shares in the company, valued at $16,248,293.28. The trade was a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,099 shares of company stock worth $631,256 over the last 90 days. Corporate insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several large investors have recently bought and sold shares of the business. GF Fund Management CO. LTD. purchased a new stake in Arcutis Biotherapeutics during the 4th quarter worth about $34,000. Point72 DIFC Ltd acquired a new stake in shares of Arcutis Biotherapeutics during the 3rd quarter worth about $25,000. Venturi Wealth Management LLC acquired a new stake in shares of Arcutis Biotherapeutics during the 4th quarter worth about $46,000. Cibc World Markets Corp purchased a new stake in Arcutis Biotherapeutics during the fourth quarter worth approximately $140,000. Finally, Erste Asset Management GmbH acquired a new position in Arcutis Biotherapeutics in the third quarter valued at approximately $104,000.

Arcutis Biotherapeutics Company Profile

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.