Arcutis Biotherapeutics (NASDAQ:ARQT) Given “Buy” Rating at Needham & Company LLC

Arcutis Biotherapeutics (NASDAQ:ARQT)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $20.00 price target on the stock. Needham & Company LLC’s target price indicates a potential upside of 48.81% from the company’s current price.

A number of other analysts have also weighed in on the stock. Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. The Goldman Sachs Group upped their price target on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Thursday, February 27th. Mizuho lifted their price objective on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. HC Wainwright restated a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a report on Thursday, April 3rd. Finally, Jefferies Financial Group raised their price target on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, March 11th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.80.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT stock opened at $13.44 on Wednesday. The company has a market capitalization of $1.59 billion, a P/E ratio of -7.51 and a beta of 1.67. Arcutis Biotherapeutics has a fifty-two week low of $6.99 and a fifty-two week high of $17.75. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. The stock has a 50 day moving average price of $14.24 and a two-hundred day moving average price of $12.57.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.19. The company had revenue of $71.36 million during the quarter, compared to analyst estimates of $60.52 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. Analysts expect that Arcutis Biotherapeutics will post -1.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Todd Franklin Watanabe sold 1,500 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $17.52, for a total value of $26,280.00. Following the sale, the insider now directly owns 927,414 shares of the company’s stock, valued at $16,248,293.28. This represents a 0.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick Burnett sold 12,242 shares of the stock in a transaction dated Friday, March 14th. The stock was 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 of the company’s stock, valued at approximately $1,833,917.44. The trade was a 9.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,099 shares of company stock worth $631,256. Company insiders own 9.50% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. raised its stake in Arcutis Biotherapeutics by 617.5% during the fourth quarter. Point72 Asset Management L.P. now owns 1,753,522 shares of the company’s stock valued at $24,427,000 after buying an additional 1,509,136 shares during the last quarter. Cercano Management LLC bought a new position in shares of Arcutis Biotherapeutics during the fourth quarter valued at $17,487,000. Millennium Management LLC raised its position in shares of Arcutis Biotherapeutics by 101.3% in the 4th quarter. Millennium Management LLC now owns 2,310,163 shares of the company’s stock worth $32,181,000 after purchasing an additional 1,162,690 shares during the last quarter. Driehaus Capital Management LLC bought a new position in Arcutis Biotherapeutics in the 4th quarter worth about $15,278,000. Finally, D. E. Shaw & Co. Inc. grew its position in Arcutis Biotherapeutics by 44.0% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,513,577 shares of the company’s stock valued at $35,014,000 after purchasing an additional 768,553 shares during 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.