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

Arcutis Biotherapeutics (NASDAQ:ARQT)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research note issued on Wednesday, MarketBeat reports. They currently have a $20.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 56.25% from the company’s previous close.

A number of other research firms have also issued reports on ARQT. Guggenheim reaffirmed a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday. Mizuho raised their target price on shares of Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, January 7th. Finally, HC Wainwright reiterated a “buy” rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a report on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.00.

Arcutis Biotherapeutics Stock Down 3.2 %

Shares of NASDAQ:ARQT opened at $12.80 on Wednesday. The firm has a market capitalization of $1.50 billion, a PE ratio of -7.15 and a beta of 1.29. Arcutis Biotherapeutics has a 1 year low of $6.99 and a 1 year high of $16.20. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The firm’s 50-day moving average is $13.56 and its two-hundred day moving average is $11.43.

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

Insider Activity

In related news, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $12.51, for a total value of $125,100.00. Following the completion of the sale, the director now directly owns 161,944 shares of the company’s stock, valued at $2,025,919.44. This represents a 5.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Masaru Matsuda sold 8,338 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $12.70, for a total value of $105,892.60. Following the completion of the sale, the insider now owns 178,692 shares of the company’s stock, valued at approximately $2,269,388.40. This represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,029 shares of company stock worth $756,017. Corporate insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Summit Investment Advisors Inc. raised its stake in Arcutis Biotherapeutics by 8.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,245 shares of the company’s stock valued at $157,000 after acquiring an additional 837 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Arcutis Biotherapeutics by 9.9% in the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after purchasing an additional 1,155 shares during the period. China Universal Asset Management Co. Ltd. raised its stake 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 worth $346,000 after purchasing an additional 2,336 shares during the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Arcutis Biotherapeutics during the fourth quarter worth $34,000. Finally, Point72 DIFC Ltd purchased a new position in Arcutis Biotherapeutics in the 3rd quarter valued at $25,000.

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.