Arcutis Biotherapeutics (NASDAQ:ARQT) Price Target Raised to $22.00 at Needham & Company LLC

Key Points

• Needham & Company LLC has raised the price target for Arcutis Biotherapeutics from $20.00 to $22.00, indicating a potential upside of 43.23% based on the current stock price.
• Arcutis Biotherapeutics reported a revenue of $81.50 million for the last quarter, surpassing analyst estimates of $72.70 million, while posting a negative earnings per share of ($0.13).
• Insider transactions revealed that over the past ninety days, insiders sold 78,728 shares valued at $1,136,027, while acquiring 7,434 shares worth $99,277, indicating mixed sentiment among company insiders.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) had its target price lifted by Needham & Company LLC from $20.00 to $22.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price objective suggests a potential upside of 48.95% from the stock's current price.

Separately, The Goldman Sachs Group initiated coverage on shares of Arcutis Biotherapeutics in a research report on Friday, July 25th. They set a "neutral" rating and a $18.00 price objective for the company. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Arcutis Biotherapeutics currently has an average rating of "Moderate Buy" and an average price target of $19.80.

Arcutis Biotherapeutics Stock Up 4.6%

Shares of ARQT stock traded up $0.65 during trading hours on Thursday, reaching $14.77. 2,613,114 shares of the stock were exchanged, compared to its average volume of 1,619,377. The business's fifty day moving average is $14.29 and its two-hundred day moving average is $14.15. The firm has a market capitalization of $1.76 billion, a P/E ratio of -19.69 and a beta of 1.84. Arcutis Biotherapeutics has a 12-month low of $8.03 and a 12-month high of $17.75. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.20 and a quick ratio of 3.37.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.13) EPS for the quarter, beating analysts' consensus estimates of ($0.18) by $0.05. Arcutis Biotherapeutics had a negative net margin of 35.40% and a negative return on equity of 62.62%. The company had revenue of $81.50 million for the quarter, compared to the consensus estimate of $72.70 million. As a group, research analysts expect that Arcutis Biotherapeutics will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 10,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $14.30, for a total transaction of $143,000.00. Following the completion of the sale, the director owned 100,206 shares in the company, valued at approximately $1,432,945.80. The trade was a 9.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Patrick J. Heron acquired 2,646 shares of Arcutis Biotherapeutics stock in a transaction dated Friday, June 13th. The shares were bought at an average price of $13.08 per share, with a total value of $34,609.68. Following the transaction, the director directly owned 27,448 shares in the company, valued at approximately $359,019.84. The trade was a 10.67% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 7,434 shares of company stock worth $99,277 and have sold 78,728 shares worth $1,136,027. 9.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. acquired a new stake in shares of Arcutis Biotherapeutics in the fourth quarter valued at approximately $34,000. Amalgamated Bank boosted its stake in Arcutis Biotherapeutics by 39.4% during 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 acquired a new stake in Arcutis Biotherapeutics during the 1st quarter worth $84,000. Nkcfo LLC acquired a new position in Arcutis Biotherapeutics in the first quarter valued at $109,000. Finally, Allostery Investments LP acquired a new position in Arcutis Biotherapeutics in the first quarter valued at $117,000.

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.