Arcutis Biotherapeutics (NASDAQ:ARQT) Given New $21.00 Price Target at Mizuho

Arcutis Biotherapeutics (NASDAQ:ARQT) had its target price increased by Mizuho from $20.00 to $21.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other research firms also recently commented on ARQT. HC Wainwright reaffirmed a “buy” rating and issued a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Monday, January 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Arcutis Biotherapeutics in a report on Wednesday. Finally, Guggenheim reissued a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday, February 24th. One investment analyst has rated the stock with a hold rating and five have issued 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 $18.00.

Arcutis Biotherapeutics Stock Performance

Shares of NASDAQ ARQT opened at $13.69 on Wednesday. Arcutis Biotherapeutics has a 12-month low of $6.99 and a 12-month high of $16.20. The firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of -7.65 and a beta of 1.29. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The firm has a 50 day moving average of $13.56 and a 200 day moving average of $11.43.

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

Insider Activity

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 value of $227,550.00. Following the sale, the insider now directly owns 823,430 shares of the company’s stock, valued at approximately $12,491,433.10. The trade was a 1.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $14.67, for a total value of $146,700.00. Following the transaction, the director now directly owns 151,944 shares of the company’s stock, valued at approximately $2,229,018.48. The trade was a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 55,029 shares of company stock worth $756,017 over the last quarter. Insiders own 9.50% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of hedge funds have recently bought and sold shares of the business. Point72 DIFC Ltd purchased a new position in shares of Arcutis Biotherapeutics in the 3rd quarter worth $25,000. GF Fund Management CO. LTD. purchased a new position in Arcutis Biotherapeutics in the fourth quarter worth about $34,000. Venturi Wealth Management LLC bought a new stake in Arcutis Biotherapeutics during the fourth quarter worth approximately $46,000. Erste Asset Management GmbH bought a new stake in Arcutis Biotherapeutics during the third quarter worth approximately $104,000. Finally, Victory Capital Management Inc. raised its position in Arcutis Biotherapeutics by 9.9% during the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after purchasing an additional 1,155 shares during the period.

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.