Arcutis Biotherapeutics (NASDAQ:ARQT) Coverage Initiated by Analysts at HC Wainwright

Investment analysts at HC Wainwright began coverage on shares of Arcutis Biotherapeutics (NASDAQ:ARQT) in a research report issued to clients and investors on Monday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $19.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 32.87% from the stock’s current price.

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

Arcutis Biotherapeutics Stock Performance

Shares of ARQT opened at $14.30 on Monday. Arcutis Biotherapeutics has a 1 year low of $2.99 and a 1 year 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 stock’s fifty day moving average price is $11.28 and its two-hundred day moving average price is $10.26. The firm has a market cap of $1.67 billion, a PE ratio of -7.99 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.09. The business had revenue of $44.76 million for the quarter, compared to analysts’ expectations of $38.05 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. On average, equities research analysts forecast that Arcutis Biotherapeutics will post -1.34 EPS for the current year.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Todd Franklin Watanabe sold 15,000 shares of Arcutis Biotherapeutics stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $15.17, for a total transaction of $227,550.00. Following the completion of the sale, the insider now owns 823,430 shares in the company, valued at approximately $12,491,433.10. This trade represents a 1.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $9.26, for a total transaction of $92,600.00. Following the completion of the transaction, the director now owns 181,944 shares in the company, valued at approximately $1,684,801.44. This trade represents a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 80,325 shares of company stock valued at $887,480. 9.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its stake in Arcutis Biotherapeutics by 0.9% in the third quarter. JPMorgan Chase & Co. now owns 1,296,911 shares of the company’s stock valued at $12,061,000 after acquiring an additional 11,833 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Arcutis Biotherapeutics by 2.0% during the 3rd 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 raised its holdings in shares of Arcutis Biotherapeutics by 45.8% during the 3rd quarter. Barclays PLC now owns 253,392 shares of the company’s stock valued at $2,356,000 after buying an additional 79,579 shares in the last quarter. XTX Topco Ltd lifted its position in Arcutis Biotherapeutics by 30.9% in the 3rd quarter. XTX Topco Ltd now owns 47,728 shares of the company’s stock worth $444,000 after buying an additional 11,262 shares during the last quarter. Finally, State Street Corp boosted its stake in Arcutis Biotherapeutics by 9.9% in 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.