Needham & Company LLC Reiterates "Buy" Rating for Arcutis Biotherapeutics (NASDAQ:ARQT)

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports. They currently have a $20.00 price objective on the stock. Needham & Company LLC's price target suggests a potential upside of 44.67% from the stock's current price.

Several other analysts have also issued reports on ARQT. Mizuho upped their target price on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 26th. Guggenheim restated a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. HC Wainwright reaffirmed a "buy" rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Jefferies Financial Group lifted their target price on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a "buy" rating in a research report on Tuesday, March 11th. Finally, The Goldman Sachs Group boosted their price target on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Arcutis Biotherapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.80.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT traded down $0.32 during midday trading on Friday, hitting $13.83. 575,219 shares of the company's stock were exchanged, compared to its average volume of 2,286,494. The business's fifty day moving average price is $14.46 and its two-hundred day moving average price is $13.65. The company has a market cap of $1.65 billion, a price-to-earnings ratio of -7.73 and a beta of 1.87. Arcutis Biotherapeutics has a 12-month low of $6.99 and a 12-month high of $17.75. 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 - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.01. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The firm had revenue of $65.85 million during the quarter, compared to analyst estimates of $64.80 million. As a group, research analysts forecast that Arcutis Biotherapeutics will post -1.33 EPS for the current fiscal year.

Insider Activity

In other news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $13.00, for a total value of $130,000.00. Following the completion of the transaction, the director now owns 131,944 shares of the company's stock, valued at approximately $1,715,272. This represents a 7.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick Burnett sold 12,242 shares of the business's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $15.04, for a total transaction of $184,119.68. Following the sale, the insider now owns 121,936 shares in the company, valued at approximately $1,833,917.44. This trade represents a 9.12% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,113 shares of company stock valued at $632,162. 9.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several large investors have recently made changes to their positions in the business. GF Fund Management CO. LTD. purchased a new position in Arcutis Biotherapeutics in the fourth quarter worth about $34,000. Venturi Wealth Management LLC purchased a new stake in Arcutis Biotherapeutics during the fourth quarter valued at $46,000. Amalgamated Bank lifted its stake in shares of Arcutis Biotherapeutics by 39.4% in the 1st quarter. Amalgamated Bank now owns 3,723 shares of the company's stock worth $58,000 after purchasing an additional 1,053 shares during the period. KBC Group NV purchased a new position in shares of Arcutis Biotherapeutics during the 1st quarter worth $84,000. Finally, Nkcfo LLC bought a new stake in shares of Arcutis Biotherapeutics during the 1st quarter valued at $109,000.

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.