Arcutis Biotherapeutics’ (ARQT) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Arcutis Biotherapeutics (NASDAQ:ARQT) in a report published on Monday,Benzinga reports. The firm currently has a $19.00 price target on the stock.

ARQT has been the subject of several other reports. Mizuho upped their price objective on shares of Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, January 7th. Needham & Company LLC restated a “buy” rating and issued a $18.00 price objective on shares of Arcutis Biotherapeutics in a report 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 has an average rating of “Moderate Buy” and a consensus price target of $16.60.

Arcutis Biotherapeutics Trading Down 1.3 %

NASDAQ:ARQT opened at $13.63 on Monday. The company has a fifty day moving average of $12.50 and a 200 day moving average of $10.68. Arcutis Biotherapeutics has a 52 week low of $3.11 and a 52 week high of $16.20. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $1.60 billion, a P/E ratio of -7.61 and a beta of 1.30.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The company had revenue of $44.76 million during the quarter, compared to analyst estimates of $38.05 million. On average, research analysts predict that Arcutis Biotherapeutics will post -1.34 earnings per share for the current year.

Insider Transactions at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.67, for a total value of $146,700.00. Following the sale, the director now directly owns 151,944 shares of the company’s stock, valued at $2,229,018.48. This represents a 6.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick Burnett sold 16,023 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $10.14, for a total transaction of $162,473.22. Following the completion of the sale, the insider now directly owns 128,669 shares in the company, valued at $1,304,703.66. This represents a 11.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,291 shares of company stock valued at $927,966 in the last three months. 9.50% of the stock is currently owned by company insiders.

Institutional Trading of Arcutis Biotherapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of ARQT. Rubric Capital Management LP grew its position in Arcutis Biotherapeutics by 30.7% during the 2nd quarter. Rubric Capital Management LP now owns 9,816,672 shares of the company’s stock valued at $91,295,000 after purchasing an additional 2,306,672 shares during the last quarter. Perceptive Advisors LLC grew its position in Arcutis Biotherapeutics by 107.8% during the 2nd quarter. Perceptive Advisors LLC now owns 1,558,500 shares of the company’s stock valued at $14,494,000 after purchasing an additional 808,500 shares during the last quarter. Suvretta Capital Management LLC grew its position in Arcutis Biotherapeutics by 7.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock valued at $99,710,000 after purchasing an additional 717,019 shares during the last quarter. State Street Corp grew its position in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after purchasing an additional 506,788 shares during the last quarter. Finally, abrdn plc grew its position in Arcutis Biotherapeutics by 223.8% during the 3rd quarter. abrdn plc now owns 482,074 shares of the company’s stock valued at $4,483,000 after purchasing an additional 333,200 shares during the last quarter.

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.