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

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report)'s stock had its "buy" rating reissued by analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports. They presently have a $20.00 target price on the stock. Needham & Company LLC's price target points to a potential upside of 43.06% from the stock's current price.

A number of other equities analysts have also recently issued reports on the stock. Mizuho raised their price objective 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. The Goldman Sachs Group raised their price target on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, February 27th. Guggenheim reiterated a "buy" rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Jefferies Financial Group raised their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a "buy" rating in a report on Tuesday, March 11th. Finally, HC Wainwright restated a "buy" rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, April 3rd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $18.80.

Arcutis Biotherapeutics Trading Up 2.3%

Shares of ARQT traded up $0.32 during trading hours on Friday, hitting $13.98. 1,646,092 shares of the stock traded hands, compared to its average volume of 2,294,170. The business has a fifty day moving average of $14.56 and a 200-day moving average of $13.63. The firm has a market capitalization of $1.67 billion, a PE ratio of -7.81 and a beta of 1.87. Arcutis Biotherapeutics has a 1-year low of $6.99 and a 1-year 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 released its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.01. The company had revenue of $65.85 million for the quarter, compared to the consensus estimate of $64.80 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. Analysts expect that Arcutis Biotherapeutics will post -1.33 EPS for the current year.

Insider Buying and Selling

In related news, insider Todd Franklin Watanabe sold 1,500 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was 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 directly owns 927,414 shares of the company's stock, valued at approximately $16,248,293.28. This represents a 0.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Howard G. Welgus sold 10,000 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $13.00, for a total transaction of $130,000.00. Following the completion of the transaction, the director now owns 131,944 shares of the company's stock, valued at $1,715,272. This trade represents a 7.05% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,113 shares of company stock valued at $632,162. 9.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC lifted its holdings in shares of Arcutis Biotherapeutics by 45.8% in the third quarter. Barclays PLC now owns 253,392 shares of the company's stock valued at $2,356,000 after purchasing an additional 79,579 shares in the last quarter. SG Americas Securities LLC lifted its stake in Arcutis Biotherapeutics by 25.4% in the 4th quarter. SG Americas Securities LLC now owns 48,087 shares of the company's stock valued at $670,000 after acquiring an additional 9,754 shares in the last quarter. Zweig DiMenna Associates LLC bought a new stake in Arcutis Biotherapeutics in the 4th quarter valued at approximately $578,000. China Universal Asset Management Co. Ltd. boosted its position in Arcutis Biotherapeutics by 10.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 24,818 shares of the company's stock worth $346,000 after acquiring an additional 2,336 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in shares of Arcutis Biotherapeutics by 5.8% in the fourth quarter. Jennison Associates LLC now owns 12,339,792 shares of the company's stock valued at $171,893,000 after purchasing an additional 676,295 shares during the last quarter.

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.