HC Wainwright Reaffirms “Buy” Rating for Arcutis Biotherapeutics (NASDAQ:ARQT)

Arcutis Biotherapeutics (NASDAQ:ARQT)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a research note issued on Wednesday,Benzinga reports. They presently have a $19.00 target price on the stock. HC Wainwright’s price objective would indicate a potential upside of 48.44% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a report on Wednesday. Guggenheim restated a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday. Finally, Mizuho increased their target price on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a report on Wednesday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Arcutis Biotherapeutics currently has an average rating of “Moderate Buy” and an average target price of $18.00.

Arcutis Biotherapeutics Price Performance

ARQT opened at $12.80 on Wednesday. The stock has a market capitalization of $1.50 billion, a P/E ratio of -7.15 and a beta of 1.29. The stock has a 50-day moving average price of $13.56 and a 200-day moving average price of $11.43. 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 has a 12-month low of $6.99 and a 12-month high of $16.20.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.19. The firm had revenue of $71.36 million for the quarter, compared to analysts’ expectations of $60.52 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. Equities analysts predict that Arcutis Biotherapeutics will post -1.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $12.51, for a total transaction of $125,100.00. Following the completion of the sale, the director now owns 161,944 shares of the company’s stock, valued at $2,025,919.44. This trade represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd Franklin Watanabe sold 15,000 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $15.17, for a total value of $227,550.00. Following the completion of the transaction, the insider now owns 823,430 shares of the company’s stock, valued at $12,491,433.10. This represents a 1.79 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 55,029 shares of company stock valued at $756,017. Corporate insiders own 9.50% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

A number of hedge funds have recently bought and sold shares of ARQT. Creative Planning purchased a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter worth $127,000. abrdn plc raised its position in shares of 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 period. China Universal Asset Management Co. Ltd. lifted its stake in shares of Arcutis Biotherapeutics by 65.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 22,482 shares of the company’s stock valued at $209,000 after buying an additional 8,881 shares in the last quarter. AMI Asset Management Corp boosted its holdings in Arcutis Biotherapeutics by 36.2% in the 3rd quarter. AMI Asset Management Corp now owns 223,681 shares of the company’s stock worth $2,080,000 after buying an additional 59,487 shares during the period. Finally, GSA Capital Partners LLP grew its position in shares of Arcutis Biotherapeutics by 730.0% during the third quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock worth $2,206,000 after purchasing an additional 208,599 shares in 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.