Mizuho Forecasts Strong Price Appreciation for Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics (NASDAQ:ARQT) had its target price hoisted by equities research analysts at Mizuho from $19.00 to $20.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price target points to a potential upside of 30.98% from the stock’s current price.

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

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock opened at $15.27 on Tuesday. Arcutis Biotherapeutics has a 12 month low of $3.11 and a 12 month high of $16.20. 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 capitalization of $1.79 billion, a P/E ratio of -8.53 and a beta of 1.30. The company’s fifty day moving average price is $12.13 and its two-hundred day moving average price is $10.56.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The firm had revenue of $44.76 million for the quarter, compared to analyst estimates of $38.05 million. On average, research analysts anticipate that Arcutis Biotherapeutics will post -1.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Todd Franklin Watanabe sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $15.17, for a total value 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 approximately $12,491,433.10. This represents a 1.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Howard G. Welgus sold 10,000 shares of the company’s 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 sale, the director now directly owns 171,944 shares of the company’s stock, valued at approximately $1,487,315.60. This represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 78,291 shares of company stock worth $927,966. Insiders own 9.50% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its stake in Arcutis Biotherapeutics by 0.9% during the third quarter. JPMorgan Chase & Co. now owns 1,296,911 shares of the company’s stock valued at $12,061,000 after purchasing an additional 11,833 shares during the last quarter. Geode Capital Management LLC lifted its stake in Arcutis Biotherapeutics by 2.0% during the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock valued at $22,977,000 after purchasing an additional 48,868 shares during the last quarter. Barclays PLC lifted its stake in Arcutis Biotherapeutics by 45.8% during the third quarter. Barclays PLC now owns 253,392 shares of the company’s stock valued at $2,356,000 after purchasing an additional 79,579 shares during the last quarter. XTX Topco Ltd lifted its stake in Arcutis Biotherapeutics by 30.9% during the third quarter. XTX Topco Ltd now owns 47,728 shares of the company’s stock valued at $444,000 after purchasing an additional 11,262 shares during the last quarter. Finally, State Street Corp lifted its stake in Arcutis Biotherapeutics by 9.9% during the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after purchasing an additional 506,788 shares during the last quarter.

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.