Arcutis Biotherapeutics (NASDAQ:ARQT) Earns Buy Rating from HC Wainwright

Arcutis Biotherapeutics (NASDAQ:ARQT)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a report released on Monday,Benzinga reports. They presently have a $19.00 target price on the stock. HC Wainwright’s price target would indicate a potential upside of 37.58% from the company’s previous close.

Several other research analysts have also weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. Mizuho increased their target price on shares of Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 7th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $16.60.

Arcutis Biotherapeutics Price Performance

Arcutis Biotherapeutics stock opened at $13.81 on Monday. Arcutis Biotherapeutics has a 12-month low of $3.11 and a 12-month high of $16.20. The stock has a market cap of $1.62 billion, a P/E ratio of -7.72 and a beta of 1.30. The company has a 50-day moving average price of $12.50 and a 200 day moving average price of $10.67. 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 (NASDAQ:ARQT) last announced its 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 analyst estimates of $38.05 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. Sell-side analysts anticipate that Arcutis Biotherapeutics will post -1.34 earnings per share for the current year.

Insider Activity

In related news, insider Masaru Matsuda sold 5,015 shares of Arcutis Biotherapeutics stock in a transaction that occurred on 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 owns 178,273 shares in the company, valued at $1,547,409.64. The trade was a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $8.65, for a total transaction of $86,500.00. Following the completion of the transaction, the director now owns 171,944 shares of the company’s stock, valued at $1,487,315.60. This represents a 5.50 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 78,291 shares of company stock valued at $927,966. 9.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Rubric Capital Management LP raised its holdings in Arcutis Biotherapeutics by 30.7% during the second quarter. Rubric Capital Management LP now owns 9,816,672 shares of the company’s stock worth $91,295,000 after purchasing an additional 2,306,672 shares in the last quarter. Perceptive Advisors LLC raised its holdings in Arcutis Biotherapeutics by 107.8% during the second quarter. Perceptive Advisors LLC now owns 1,558,500 shares of the company’s stock worth $14,494,000 after purchasing an additional 808,500 shares in the last quarter. Suvretta Capital Management LLC raised its holdings in Arcutis Biotherapeutics by 7.2% during the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after purchasing an additional 717,019 shares in the last quarter. State Street Corp raised its holdings in Arcutis Biotherapeutics by 9.9% during the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after purchasing an additional 506,788 shares in the last quarter. Finally, abrdn plc raised its holdings in Arcutis Biotherapeutics by 223.8% during the third quarter. abrdn plc now owns 482,074 shares of the company’s stock worth $4,483,000 after purchasing an additional 333,200 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.