Arcutis Biotherapeutics (NASDAQ:ARQT) Price Target Raised to $15.00

Arcutis Biotherapeutics (NASDAQ:ARQT) had its price target boosted by The Goldman Sachs Group from $13.00 to $15.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other research analysts have also issued reports about the company. HC Wainwright restated a “buy” rating and issued a $19.00 target price on shares of Arcutis Biotherapeutics in a research note on Wednesday. Guggenheim restated a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday, February 24th. Mizuho upped their target price on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

Arcutis Biotherapeutics Stock Up 7.0 %

ARQT opened at $13.69 on Thursday. Arcutis Biotherapeutics has a 1-year low of $6.99 and a 1-year high of $16.20. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of -7.65 and a beta of 1.29. The business has a 50 day moving average of $13.53 and a 200-day moving average of $11.46.

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

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Todd Franklin Watanabe sold 15,000 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $15.17, for a total transaction of $227,550.00. Following the completion of the transaction, the insider now directly owns 823,430 shares in the company, valued at $12,491,433.10. This represents a 1.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $12.51, for a total value of $125,100.00. Following the transaction, the director now owns 161,944 shares of the company’s stock, valued at $2,025,919.44. This represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,029 shares of company stock worth $756,017 over the last three months. 9.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Arcutis Biotherapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Suvretta Capital Management LLC increased its stake in shares of Arcutis Biotherapeutics by 7.2% in the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock valued at $99,710,000 after buying an additional 717,019 shares in the last quarter. Fishman Jay A Ltd. MI increased its stake in shares of Arcutis Biotherapeutics by 28.3% in the fourth quarter. Fishman Jay A Ltd. MI now owns 536,400 shares of the company’s stock valued at $7,472,000 after buying an additional 118,400 shares in the last quarter. GSA Capital Partners LLP increased its stake in shares of Arcutis Biotherapeutics by 730.0% in the third quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock valued at $2,206,000 after buying an additional 208,599 shares in the last quarter. Rubric Capital Management LP increased its stake in shares of Arcutis Biotherapeutics by 11.7% in the third quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after buying an additional 1,150,000 shares in the last quarter. Finally, Algert Global LLC increased its stake in shares of Arcutis Biotherapeutics by 595.9% in the third quarter. Algert Global LLC now owns 72,480 shares of the company’s stock valued at $674,000 after buying an additional 62,065 shares in 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.