Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Receives $29.00 Consensus Target Price from Brokerages

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) have been given an average rating of “Moderate Buy” by the nine analysts that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $29.20.

ARQT has been the topic of several research reports. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, October 29th. The Goldman Sachs Group raised their price objective on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Wall Street Zen lowered Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 23rd. Needham & Company LLC increased their target price on shares of Arcutis Biotherapeutics from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Finally, Zacks Research lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th.

Insiders Place Their Bets

In related news, insider Larry Todd Edwards sold 29,131 shares of Arcutis Biotherapeutics stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $25.16, for a total transaction of $732,935.96. Following the transaction, the insider owned 150,193 shares in the company, valued at approximately $3,778,855.88. The trade was a 16.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Todd Watanabe sold 48,945 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $30.36, for a total value of $1,485,970.20. Following the completion of the sale, the insider owned 740,537 shares of the company’s stock, valued at approximately $22,482,703.32. This represents a 6.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 253,912 shares of company stock worth $6,884,105. 9.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Hedge funds have recently modified their holdings of the stock. Perpetual Ltd boosted its holdings in Arcutis Biotherapeutics by 7,534.3% in the 3rd quarter. Perpetual Ltd now owns 2,024,606 shares of the company’s stock worth $38,164,000 after acquiring an additional 1,998,086 shares during the period. Jennison Associates LLC lifted its position in shares of Arcutis Biotherapeutics by 10.3% during the third quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock worth $230,990,000 after purchasing an additional 1,144,714 shares in the last quarter. Frazier Life Sciences Management L.P. lifted its position in shares of Arcutis Biotherapeutics by 12.4% during the second quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock worth $138,441,000 after purchasing an additional 1,089,227 shares in the last quarter. Voloridge Investment Management LLC purchased a new position in shares of Arcutis Biotherapeutics in the third quarter valued at $15,711,000. Finally, Bank of America Corp DE grew its holdings in Arcutis Biotherapeutics by 133.5% during the 2nd quarter. Bank of America Corp DE now owns 1,202,513 shares of the company’s stock valued at $16,859,000 after purchasing an additional 687,562 shares in the last quarter.

Arcutis Biotherapeutics Price Performance

ARQT opened at $25.37 on Monday. Arcutis Biotherapeutics has a 1 year low of $11.13 and a 1 year high of $31.77. The company’s 50 day simple moving average is $28.52 and its 200 day simple moving average is $22.16. The stock has a market capitalization of $3.11 billion, a PE ratio of -70.47 and a beta of 1.71. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.28 and a current ratio of 3.50.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of ($0.10) by $0.16. The firm had revenue of $99.22 million during the quarter, compared to analyst estimates of $86.69 million. Arcutis Biotherapeutics had a negative net margin of 13.94% and a negative return on equity of 29.69%. As a group, sell-side analysts expect that Arcutis Biotherapeutics will post -1.33 EPS for the current year.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.