Arcutis Biotherapeutics (NASDAQ:ARQT) Coverage Initiated by Analysts at HC Wainwright

HC Wainwright started coverage on shares of Arcutis Biotherapeutics (NASDAQ:ARQT) in a research report released on Monday, Marketbeat.com reports. The firm issued a buy rating and a $19.00 target price on the stock.

Separately, Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $16.20.

Arcutis Biotherapeutics Price Performance

ARQT opened at $14.20 on Monday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. Arcutis Biotherapeutics has a 1-year low of $3.07 and a 1-year high of $15.79. The company has a 50-day moving average of $11.40 and a 200-day moving average of $10.30. The company has a market capitalization of $1.66 billion, a P/E ratio of -7.93 and a beta of 1.32.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.09. The firm had revenue of $44.76 million for the quarter, compared to analysts’ expectations of $38.05 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. Equities analysts expect that Arcutis Biotherapeutics will post -1.34 EPS for the current fiscal year.

Insider Activity

In related news, SVP Larry Todd Edwards sold 3,725 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total value of $37,287.25. Following the completion of the sale, the senior vice president now owns 136,635 shares of the company’s stock, valued at $1,367,716.35. This represents a 2.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $8.65, for a total value of $86,500.00. Following the completion of the sale, the director now owns 171,944 shares of the company’s stock, valued at $1,487,315.60. This trade represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 70,325 shares of company stock valued at $794,880. 9.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in shares of Arcutis Biotherapeutics by 0.9% in the third quarter. JPMorgan Chase & Co. now owns 1,296,911 shares of the company’s stock worth $12,061,000 after acquiring an additional 11,833 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Arcutis Biotherapeutics by 2.0% during the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock worth $22,977,000 after buying an additional 48,868 shares during the last quarter. Barclays PLC grew its position in Arcutis Biotherapeutics by 45.8% in the 3rd quarter. Barclays PLC now owns 253,392 shares of the company’s stock worth $2,356,000 after purchasing an additional 79,579 shares during the last quarter. XTX Topco Ltd increased its stake in Arcutis Biotherapeutics by 30.9% during the third quarter. XTX Topco Ltd now owns 47,728 shares of the company’s stock valued at $444,000 after acquiring an additional 11,262 shares during the period. Finally, State Street Corp lifted its position in Arcutis Biotherapeutics by 9.9% in the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after purchasing an additional 506,788 shares during the period.

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.