Arcutis Biotherapeutics (NASDAQ:ARQT) Cut to Buy at Wall Street Zen

Wall Street Zen cut shares of Arcutis Biotherapeutics (NASDAQ:ARQT) from a strong-buy rating to a buy rating in a report released on Saturday morning,Wall Street Zen reports.

Several other research analysts have also weighed in on ARQT. Needham & Company LLC upped their price target on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Guggenheim raised their price target on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Morgan Stanley raised their price target on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Weiss Ratings raised shares of Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, September 24th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $39.00 price objective on shares of Arcutis Biotherapeutics in a research report on Thursday. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.00.

Arcutis Biotherapeutics Stock Performance

Shares of ARQT opened at $26.22 on Friday. Arcutis Biotherapeutics has a 12-month low of $19.30 and a 12-month high of $31.77. The firm’s 50 day moving average is $25.34 and its 200-day moving average is $24.67. The stock has a market capitalization of $3.30 billion, a P/E ratio of 124.86 and a beta of 1.57. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.92 and a quick ratio of 2.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.05. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%. The business had revenue of $129.86 million during the quarter, compared to analyst estimates of $118.85 million. Equities research analysts anticipate that Arcutis Biotherapeutics will post 0.42 EPS for the current fiscal year.

Insider Transactions at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 4,730 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $26.18, for a total transaction of $123,831.40. Following the completion of the sale, the director directly owned 36,475 shares of the company’s stock, valued at $954,915.50. This trade represents a 11.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Patrick Burnett sold 8,300 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $26.52, for a total value of $220,116.00. Following the sale, the insider directly owned 119,289 shares of the company’s stock, valued at $3,163,544.28. This trade represents a 6.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 79,225 shares of company stock valued at $2,015,966. Corporate insiders own 9.40% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several institutional investors have recently made changes to their positions in ARQT. Toth Financial Advisory Corp bought a new stake in shares of Arcutis Biotherapeutics during the 3rd quarter worth $285,000. Tidal Investments LLC acquired a new position in Arcutis Biotherapeutics in the 2nd quarter valued at $606,000. Integrated Wealth Concepts LLC bought a new position in Arcutis Biotherapeutics in the 2nd quarter worth $84,000. Arizona State Retirement System raised its holdings in Arcutis Biotherapeutics by 1.7% in the 2nd quarter. Arizona State Retirement System now owns 30,802 shares of the company’s stock worth $808,000 after acquiring an additional 521 shares during the period. Finally, Nykredit A S bought a new position in Arcutis Biotherapeutics in the 2nd quarter worth $63,000.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc (NASDAQ: ARQT) is a biopharmaceutical company focused on developing and commercializing treatments for dermatologic conditions. The company concentrates on medical dermatology, with an emphasis on addressing diseases that can significantly affect patients’ quality of life and for which additional treatment options are needed.

Arcutis’s primary commercial product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor available in multiple formulations.