Needham & Company LLC Reiterates “Buy” Rating for Arcutis Biotherapeutics (NASDAQ:ARQT)

Arcutis Biotherapeutics (NASDAQ:ARQT)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They currently have a $20.00 price objective on the stock. Needham & Company LLC’s target price points to a potential upside of 35.78% from the company’s current price.

ARQT has been the topic of several other reports. Jefferies Financial Group boosted their target price on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Tuesday, March 11th. Mizuho boosted their price objective on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. Guggenheim reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday, February 24th. HC Wainwright reaffirmed a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday. Finally, The Goldman Sachs Group increased their price target on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.80.

Arcutis Biotherapeutics Price Performance

ARQT stock opened at $14.73 on Thursday. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of -8.23 and a beta of 1.67. The firm’s 50-day moving average price is $14.20 and its two-hundred day moving average price is $12.41. 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 $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.19. The company 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%. As a group, equities analysts predict that Arcutis Biotherapeutics will post -1.33 earnings per share for the current year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 8,338 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $12.70, for a total value of $105,892.60. Following the sale, the insider now owns 178,692 shares in the company, valued at approximately $2,269,388.40. This represents a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $12.71, for a total transaction of $127,100.00. Following the transaction, the director now directly owns 141,944 shares of the company’s stock, valued at $1,804,108.24. This represents a 6.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,099 shares of company stock valued at $631,256. 9.50% of the stock is currently owned by company insiders.

Institutional Trading of Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Summit Investment Advisors Inc. raised its stake in Arcutis Biotherapeutics by 8.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company’s stock valued at $157,000 after buying an additional 837 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in shares of Arcutis Biotherapeutics by 10.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 24,818 shares of the company’s stock valued at $346,000 after acquiring an additional 2,336 shares in the last quarter. GF Fund Management CO. LTD. bought a new position in shares of Arcutis Biotherapeutics during the fourth quarter valued at $34,000. Point72 DIFC Ltd purchased a new position in shares of Arcutis Biotherapeutics in the 3rd quarter worth about $25,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Arcutis Biotherapeutics by 1.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 276,691 shares of the company’s stock worth $2,573,000 after purchasing an additional 2,912 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.