Brokerages Set Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Target Price at $13.33

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) have been assigned an average recommendation of “Moderate Buy” from the seven brokerages that are currently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $13.33.

ARQT has been the topic of several research analyst reports. Jefferies Financial Group started coverage on shares of Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They set a “buy” rating and a $15.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, August 15th.

Insiders Place Their Bets

In related news, insider Masaru Matsuda sold 5,220 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $9.02, for a total transaction of $47,084.40. Following the completion of the transaction, the insider now owns 183,288 shares in the company, valued at approximately $1,653,257.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Masaru Matsuda sold 5,220 shares of Arcutis Biotherapeutics stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $9.02, for a total value of $47,084.40. Following the sale, the insider now directly owns 183,288 shares in the company, valued at approximately $1,653,257.76. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO David Joseph Topper sold 11,626 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $9.48, for a total transaction of $110,214.48. Following the transaction, the chief financial officer now directly owns 158,374 shares of the company’s stock, valued at $1,501,385.52. The disclosure for this sale can be found here. Insiders have sold 38,574 shares of company stock valued at $378,024 over the last quarter. Insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jennison Associates LLC boosted its position in Arcutis Biotherapeutics by 34.3% during the 1st quarter. Jennison Associates LLC now owns 12,176,315 shares of the company’s stock worth $120,667,000 after acquiring an additional 3,110,233 shares during the period. Vestal Point Capital LP acquired a new stake in Arcutis Biotherapeutics in the fourth quarter worth about $8,721,000. Rubric Capital Management LP grew its position in Arcutis Biotherapeutics by 30.7% in the 2nd quarter. Rubric Capital Management LP now owns 9,816,672 shares of the company’s stock valued at $91,295,000 after buying an additional 2,306,672 shares in the last quarter. Opaleye Management Inc. acquired a new position in Arcutis Biotherapeutics during the 4th quarter valued at about $6,331,000. Finally, Farallon Capital Management LLC bought a new stake in shares of Arcutis Biotherapeutics during the 1st quarter worth about $17,640,000.

Arcutis Biotherapeutics Stock Performance

Arcutis Biotherapeutics stock opened at $9.36 on Friday. Arcutis Biotherapeutics has a 52 week low of $1.76 and a 52 week high of $13.17. The company has a current ratio of 8.46, a quick ratio of 8.19 and a debt-to-equity ratio of 1.09. The stock has a market cap of $1.08 billion, a P/E ratio of -3.19 and a beta of 1.18. The stock has a 50 day moving average of $9.83 and a 200-day moving average of $9.51.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.06. The firm had revenue of $30.86 million for the quarter, compared to analysts’ expectations of $31.00 million. Arcutis Biotherapeutics had a negative net margin of 150.51% and a negative return on equity of 145.41%. During the same period in the prior year, the company posted ($1.16) earnings per share. On average, analysts expect that Arcutis Biotherapeutics will post -1.56 EPS for the current fiscal year.

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.