Brokerages Set Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Target Price at $35.57

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) have been given an average recommendation of “Moderate Buy” by the nine research firms that are presently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $35.5714.

A number of equities analysts have recently issued reports on the company. Weiss Ratings downgraded Arcutis Biotherapeutics from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, September 8th. Guggenheim raised their price objective on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Morgan Stanley increased their price target on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Needham & Company LLC raised their price target on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Wall Street Zen upgraded Arcutis Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Todd Watanabe sold 4,375 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $26.12, for a total transaction of $114,275.00. Following the sale, the insider owned 717,203 shares in the company, valued at approximately $18,733,342.36. The trade was a 0.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Masaru Matsuda sold 9,989 shares of the stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $25.03, for a total value of $250,024.67. Following the completion of the transaction, the insider directly owned 116,182 shares in the company, valued at $2,908,035.46. This represents a 7.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 76,186 shares of company stock valued at $1,940,417. Company insiders own 9.40% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Montanova Capital LLC lifted its position in Arcutis Biotherapeutics by 0.9% during the second quarter. Montanova Capital LLC now owns 12,437,000 shares of the company’s stock valued at $326,098,000 after purchasing an additional 110,000 shares during the period. BlackRock Inc. acquired a new stake in Arcutis Biotherapeutics during the 2nd quarter worth about $276,502,000. Polar Capital Holdings Plc grew its position in Arcutis Biotherapeutics by 4.9% during the 4th quarter. Polar Capital Holdings Plc now owns 5,556,169 shares of the company’s stock worth $161,351,000 after purchasing an additional 257,415 shares during the period. California State Teachers Retirement System raised its stake in shares of Arcutis Biotherapeutics by 2,479.9% during the 2nd quarter. California State Teachers Retirement System now owns 3,310,485 shares of the company’s stock valued at $86,801,000 after buying an additional 3,182,168 shares during the last quarter. Finally, Bank of America Corp DE acquired a new position in shares of Arcutis Biotherapeutics in the 2nd quarter valued at about $78,330,000.

Arcutis Biotherapeutics Stock Up 1.6%

NASDAQ:ARQT opened at $24.27 on Tuesday. Arcutis Biotherapeutics has a fifty-two week low of $16.57 and a fifty-two week high of $31.77. The stock has a market capitalization of $3.05 billion, a P/E ratio of 115.58 and a beta of 1.50. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.67 and a current ratio of 2.92. The company’s 50-day simple moving average is $26.09 and its 200-day simple moving average is $24.41.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.06 by $0.05. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. The firm had revenue of $129.86 million during the quarter, compared to analyst estimates of $118.85 million. On average, equities analysts anticipate that Arcutis Biotherapeutics will post 0.4 earnings per share for the current fiscal year.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc is a biopharmaceutical company focused on developing and commercializing treatments for immune-mediated dermatological conditions. The company’s research and development activities are centered on therapies intended to address significant unmet needs in inflammatory skin diseases.

Arcutis’s primary commercial product is ZORYVE (roflumilast), a topical, nonsteroidal phosphodiesterase-4 inhibitor. The product is available in multiple formulations and strengths for certain patients with plaque psoriasis, seborrheic dermatitis and atopic dermatitis.