Guggenheim Reaffirms Buy Rating for Arcutis Biotherapeutics (NASDAQ:ARQT)

Arcutis Biotherapeutics (NASDAQ:ARQT)‘s stock had its “buy” rating reissued by investment analysts at Guggenheim in a note issued to investors on Monday,Benzinga reports.

A number of other research firms have also recently commented on ARQT. HC Wainwright reaffirmed a “buy” rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Monday, January 13th. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. Finally, Mizuho upped their target price on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.60.

Arcutis Biotherapeutics Trading Down 2.5 %

ARQT traded down $0.32 during trading on Monday, reaching $12.70. The company had a trading volume of 134,232 shares, compared to its average volume of 2,087,621. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The business has a 50 day simple moving average of $13.66 and a 200-day simple moving average of $11.36. The stock has a market cap of $1.49 billion, a P/E ratio of -7.16 and a beta of 1.29. Arcutis Biotherapeutics has a 52 week low of $6.99 and a 52 week high of $16.20.

Insider Transactions at Arcutis Biotherapeutics

In related news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $12.51, for a total transaction of $125,100.00. Following the transaction, the director now directly owns 161,944 shares of the company’s stock, valued at $2,025,919.44. This trade represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Masaru Matsuda sold 8,338 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $12.70, for a total transaction of $105,892.60. Following the completion of the transaction, the insider now directly owns 178,692 shares in the company, valued at approximately $2,269,388.40. The trade was a 4.46 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,029 shares of company stock valued at $756,017. 9.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. grew its stake in shares of 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 worth $24,427,000 after acquiring an additional 1,509,136 shares during the last quarter. Cercano Management LLC acquired a new position in Arcutis Biotherapeutics during the 4th quarter valued at approximately $17,487,000. Millennium Management LLC raised its holdings in shares of Arcutis Biotherapeutics by 101.3% in the fourth quarter. Millennium Management LLC now owns 2,310,163 shares of the company’s stock worth $32,181,000 after buying an additional 1,162,690 shares during the last quarter. Rubric Capital Management LP increased its position in shares of Arcutis Biotherapeutics by 11.7% in the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after acquiring an additional 1,150,000 shares during the period. Finally, Driehaus Capital Management LLC purchased a new position in Arcutis Biotherapeutics in the 4th quarter worth $15,278,000.

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.