Arcutis Biotherapeutics’ (ARQT) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Arcutis Biotherapeutics (NASDAQ:ARQT) in a research note released on Friday, Benzinga reports. Needham & Company LLC currently has a $16.00 price target on the stock.

Several other analysts have also commented on ARQT. The Goldman Sachs Group raised their price target on shares of Arcutis Biotherapeutics from $6.00 to $11.00 and gave the company a neutral rating in a research report on Wednesday, February 28th. Mizuho reiterated a buy rating and issued a $16.00 target price (up previously from $8.00) on shares of Arcutis Biotherapeutics in a research report on Friday, February 23rd. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $26.56.

Arcutis Biotherapeutics Stock Down 14.1 %

ARQT stock opened at $10.20 on Friday. The firm has a market cap of $987.49 million, a PE ratio of -2.60 and a beta of 1.14. The company has a debt-to-equity ratio of 2.28, a quick ratio of 6.80 and a current ratio of 7.08. The firm’s fifty day moving average is $9.68 and its 200 day moving average is $5.49. Arcutis Biotherapeutics has a one year low of $1.76 and a one year high of $15.40.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.64) by ($0.08). The firm had revenue of $13.53 million for the quarter, compared to analyst estimates of $11.78 million. Arcutis Biotherapeutics had a negative net margin of 439.79% and a negative return on equity of 294.85%. During the same quarter in the prior year, the business posted ($1.18) EPS. On average, research analysts forecast that Arcutis Biotherapeutics will post -2.49 EPS for the current year.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 3,760 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $11.12, for a total value of $41,811.20. Following the transaction, the insider now directly owns 190,424 shares of the company’s stock, valued at $2,117,514.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the business. Credit Suisse AG lifted its stake in shares of Arcutis Biotherapeutics by 2.9% in the second quarter. Credit Suisse AG now owns 17,741 shares of the company’s stock worth $378,000 after buying an additional 502 shares in the last quarter. Point72 Hong Kong Ltd raised its stake in Arcutis Biotherapeutics by 102.9% during the second quarter. Point72 Hong Kong Ltd now owns 1,197 shares of the company’s stock worth $26,000 after purchasing an additional 607 shares during the period. Legal & General Group Plc raised its stake in Arcutis Biotherapeutics by 4.8% during the fourth quarter. Legal & General Group Plc now owns 15,936 shares of the company’s stock worth $236,000 after purchasing an additional 723 shares during the period. JPMorgan Chase & Co. raised its stake in Arcutis Biotherapeutics by 2.4% during the fourth quarter. JPMorgan Chase & Co. now owns 44,608 shares of the company’s stock worth $660,000 after purchasing an additional 1,062 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Arcutis Biotherapeutics by 0.4% during the third quarter. Dimensional Fund Advisors LP now owns 313,943 shares of the company’s stock worth $5,999,000 after purchasing an additional 1,335 shares during the period.

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.