Arcutis Biotherapeutics (NASDAQ:ARQT) Now Covered by Analysts at HC Wainwright

HC Wainwright began coverage on shares of Arcutis Biotherapeutics (NASDAQ:ARQT) in a report issued on Monday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $19.00 target price on the stock.

Separately, Needham & Company LLC restated a “buy” rating and issued a $18.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.20.

Arcutis Biotherapeutics Stock Performance

Shares of Arcutis Biotherapeutics stock opened at $14.20 on Monday. The firm has a 50 day simple moving average of $11.40 and a 200 day simple moving average of $10.30. Arcutis Biotherapeutics has a fifty-two week low of $3.07 and a fifty-two week high of $15.79. 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 has a market cap of $1.66 billion, a P/E ratio of -7.93 and a beta of 1.32.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data 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. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The firm had revenue of $44.76 million during the quarter, compared to analysts’ expectations of $38.05 million. Sell-side analysts predict that Arcutis Biotherapeutics will post -1.34 earnings per share for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $8.65, for a total transaction of $86,500.00. Following the transaction, the director now directly owns 171,944 shares in the company, valued at approximately $1,487,315.60. The trade was a 5.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Patrick Burnett sold 16,023 shares of Arcutis Biotherapeutics stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $10.14, for a total value of $162,473.22. Following the transaction, the insider now owns 128,669 shares in the company, valued at $1,304,703.66. This trade represents a 11.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 70,325 shares of company stock worth $794,880 in the last ninety days. Company insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Large investors have recently added to or reduced their stakes in the company. Rubric Capital Management LP increased its position in shares of Arcutis Biotherapeutics by 30.7% during the 2nd 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 during the last quarter. Candriam S.C.A. bought a new stake in shares of Arcutis Biotherapeutics during the second quarter worth approximately $12,159,000. Perceptive Advisors LLC increased its stake in shares of 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 during the period. Suvretta Capital Management LLC grew its holdings in Arcutis Biotherapeutics by 7.2% in the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock valued at $99,710,000 after buying an additional 717,019 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of 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 buying an additional 506,788 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.