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

Arcutis Biotherapeutics (NASDAQ:ARQT)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a research note issued on Thursday,Benzinga reports. They currently have a $19.00 price target on the stock. HC Wainwright’s target price points to a potential upside of 14.46% from the stock’s current price.

A number of other brokerages have also commented on ARQT. Jefferies Financial Group boosted their price target on shares of 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 target price on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a report on Monday, February 24th. Finally, The Goldman Sachs Group increased their price objective on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Arcutis Biotherapeutics has an average rating of “Moderate Buy” and a consensus target price of $18.80.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ ARQT opened at $16.60 on Thursday. The firm has a market capitalization of $1.97 billion, a P/E ratio of -9.27 and a beta of 1.48. The firm’s 50-day moving average price is $14.14 and its 200-day moving average price is $12.36. 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 1-year low of $6.99 and a 1-year high of $17.75.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly 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. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The business had revenue of $71.36 million for the quarter, compared to analyst estimates of $60.52 million. Equities research analysts anticipate that Arcutis Biotherapeutics will post -1.33 earnings per share for the current fiscal year.

Insider Transactions at Arcutis Biotherapeutics

In related news, insider Patrick Burnett sold 12,242 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $15.04, for a total transaction of $184,119.68. Following the completion of the transaction, the insider now owns 121,936 shares in the company, valued at approximately $1,833,917.44. This represents a 9.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Masaru Matsuda sold 8,338 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $12.70, for a total transaction of $105,892.60. Following the completion of the sale, the insider now directly owns 178,692 shares in the company, 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. Insiders have sold 46,099 shares of company stock worth $631,256 in the last 90 days. Insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Large investors have recently modified their holdings of the stock. Fishman Jay A Ltd. MI grew its holdings in Arcutis Biotherapeutics by 28.3% during the fourth quarter. Fishman Jay A Ltd. MI now owns 536,400 shares of the company’s stock valued at $7,472,000 after purchasing an additional 118,400 shares during the period. Barclays PLC lifted its position in shares of Arcutis Biotherapeutics by 45.8% during the 3rd quarter. Barclays PLC now owns 253,392 shares of the company’s stock valued at $2,356,000 after buying an additional 79,579 shares during the last quarter. State Street Corp grew its stake in shares of Arcutis Biotherapeutics by 9.9% during the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after acquiring an additional 506,788 shares during the period. Geode Capital Management LLC increased its holdings in Arcutis Biotherapeutics by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock worth $22,977,000 after acquiring an additional 48,868 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in Arcutis Biotherapeutics in the 3rd quarter valued at about $2,273,000.

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.