Arcutis Biotherapeutics (NASDAQ:ARQT) Sets New 12-Month High Following Analyst Upgrade

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) hit a new 52-week high during mid-day trading on Tuesday after Mizuho raised their price target on the stock from $19.00 to $20.00. Mizuho currently has an outperform rating on the stock. Arcutis Biotherapeutics traded as high as $16.15 and last traded at $16.05, with a volume of 503141 shares. The stock had previously closed at $14.71.

A number of other research firms also recently weighed in on ARQT. Needham & Company LLC reissued a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. HC Wainwright began coverage on shares of Arcutis Biotherapeutics in a report on Monday, December 30th. They set a “buy” rating and a $19.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.60.

Insider Buying and Selling

In related news, insider Todd Franklin Watanabe sold 15,000 shares of the firm’s 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 sale, the insider now directly owns 823,430 shares of the company’s stock, valued at $12,491,433.10. This trade represents a 1.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Masaru Matsuda sold 5,015 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $8.68, for a total value of $43,530.20. Following the completion of the transaction, the insider now directly owns 178,273 shares of the company’s stock, valued at $1,547,409.64. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 78,291 shares of company stock worth $927,966 in the last 90 days. 9.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Point72 DIFC Ltd acquired a new position in shares of Arcutis Biotherapeutics in the 3rd quarter valued at $25,000. Algert Global LLC acquired a new position in shares of Arcutis Biotherapeutics in the 2nd quarter valued at $97,000. Erste Asset Management GmbH acquired a new position in shares of Arcutis Biotherapeutics in the 3rd quarter valued at $104,000. 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 worth $119,000 after acquiring an additional 1,155 shares in the last quarter. Finally, Creative Planning bought a new stake in Arcutis Biotherapeutics during the 3rd quarter worth approximately $127,000.

Arcutis Biotherapeutics Trading Down 3.1 %

The business’s fifty day moving average is $12.13 and its 200 day moving average is $10.56. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of -8.53 and a beta of 1.30. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67.

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

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.