Arcutis Biotherapeutics (NASDAQ:ARQT) Coverage Initiated at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group has initiated coverage on Arcutis Biotherapeutics with a "neutral" rating and a price target of $18.00, suggesting a potential upside of 19.84% from its current price.
• Other analysts have rated the stock positively, with five analysts giving a "buy" rating and a consensus average target price of $19.40.
• In the latest earnings report, Arcutis Biotherapeutics beat expectations with $65.85 million in revenue, surpassing the forecast of $64.80 million.

The Goldman Sachs Group started coverage on shares of Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) in a report issued on Friday,Benzinga reports. The firm set a "neutral" rating and a $18.00 price target on the stock. The Goldman Sachs Group's price target indicates a potential upside of 19.84% from the stock's current price.

A number of other analysts have also issued reports on the stock. Guggenheim reiterated a "buy" rating on shares of Arcutis Biotherapeutics in a research note on Thursday, April 3rd. HC Wainwright reaffirmed a "buy" rating and issued a $19.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Finally, Needham & Company LLC reissued a "buy" rating and set a $20.00 price objective on shares of Arcutis Biotherapeutics in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Arcutis Biotherapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $19.40.

Arcutis Biotherapeutics Stock Performance

ARQT opened at $15.02 on Friday. The company has a current ratio of 3.55, a quick ratio of 3.37 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $1.79 billion, a PE ratio of -14.44 and a beta of 1.77. The firm has a 50 day moving average of $14.10 and a two-hundred day moving average of $14.08. Arcutis Biotherapeutics has a 12-month low of $7.86 and a 12-month high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.01. The firm had revenue of $65.85 million for the quarter, compared to analysts' expectations of $64.80 million. Arcutis Biotherapeutics had a negative net margin of 60.95% and a negative return on equity of 80.66%. On average, analysts anticipate that Arcutis Biotherapeutics will post -1.33 EPS for the current year.

Insiders Place Their Bets

In related news, Director Patrick J. Heron acquired 2,646 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was purchased at an average price of $13.08 per share, for a total transaction of $34,609.68. Following the transaction, the director owned 27,448 shares in the company, valued at $359,019.84. This trade represents a 10.67% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Masaru Matsuda sold 5,030 shares of Arcutis Biotherapeutics stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $15.20, for a total value of $76,456.00. Following the sale, the insider owned 204,399 shares of the company's stock, valued at approximately $3,106,864.80. This represents a 2.40% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 7,434 shares of company stock valued at $99,277 and have sold 57,041 shares valued at $827,063. Corporate insiders own 9.40% of the company's stock.

Institutional Trading of Arcutis Biotherapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. lifted its stake in shares of Arcutis Biotherapeutics by 11.4% in the 4th quarter. American Century Companies Inc. now owns 1,631,226 shares of the company's stock valued at $22,723,000 after purchasing an additional 166,915 shares in the last quarter. Amalgamated Bank increased its holdings in shares of Arcutis Biotherapeutics by 39.4% in the 1st quarter. Amalgamated Bank now owns 3,723 shares of the company's stock valued at $58,000 after acquiring an additional 1,053 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Arcutis Biotherapeutics in the 4th quarter valued at approximately $1,112,000. Wells Fargo & Company MN boosted its position in Arcutis Biotherapeutics by 46.6% during the 4th quarter. Wells Fargo & Company MN now owns 52,455 shares of the company's stock valued at $731,000 after purchasing an additional 16,682 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in Arcutis Biotherapeutics during the 4th quarter valued at approximately $337,000.

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.

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