Needham & Company LLC Reaffirms “Buy” Rating for Arcutis Biotherapeutics (NASDAQ:ARQT)

Arcutis Biotherapeutics (NASDAQ:ARQT)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They presently have a $20.00 price objective on the stock. Needham & Company LLC’s price target would suggest a potential upside of 20.48% from the stock’s previous close.

Several other research analysts also recently issued reports on ARQT. Jefferies Financial Group raised their price objective on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, March 11th. HC Wainwright reissued a “buy” rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday. The Goldman Sachs Group upped their price objective on Arcutis Biotherapeutics from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Thursday, February 27th. Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday, February 24th. Finally, Mizuho boosted their target price on Arcutis Biotherapeutics from $20.00 to $21.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

Arcutis Biotherapeutics Stock Up 10.8 %

Shares of NASDAQ ARQT opened at $16.60 on Thursday. The business has a 50-day moving average price of $14.14 and a 200 day moving average price of $12.36. The stock has a market cap of $1.97 billion, a PE ratio of -9.27 and a beta of 1.48. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. Arcutis Biotherapeutics has a 52-week low of $6.99 and a 52-week high of $17.75.

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

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 8,338 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $12.70, for a total transaction of $105,892.60. Following the transaction, the insider now directly owns 178,692 shares of the company’s stock, valued at $2,269,388.40. This represents a 4.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Todd Franklin Watanabe sold 1,500 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $17.52, for a total transaction of $26,280.00. Following the completion of the transaction, the insider now directly owns 927,414 shares of the company’s stock, valued at approximately $16,248,293.28. This trade represents a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 46,099 shares of company stock valued at $631,256. Corporate insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fishman Jay A Ltd. MI increased its stake in shares of Arcutis Biotherapeutics by 28.3% during the 4th quarter. Fishman Jay A Ltd. MI now owns 536,400 shares of the company’s stock worth $7,472,000 after purchasing an additional 118,400 shares in the last quarter. Barclays PLC grew its holdings in 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 during the last quarter. State Street Corp increased its position in 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. Geode Capital Management LLC raised its holdings in shares of Arcutis Biotherapeutics by 2.0% in the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock worth $22,977,000 after acquiring an additional 48,868 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Arcutis Biotherapeutics in the third quarter valued at $2,273,000.

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.