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

Guggenheim reiterated their buy rating on shares of Arcutis Biotherapeutics (NASDAQ:ARQT) in a research report report published on Monday morning,Benzinga reports.

A number of other brokerages have also issued reports on ARQT. HC Wainwright reaffirmed a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research report on Monday, January 13th. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. Finally, Mizuho increased their price objective on shares of Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, January 7th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $17.20.

Arcutis Biotherapeutics Trading Up 8.4 %

NASDAQ:ARQT opened at $13.22 on Monday. Arcutis Biotherapeutics has a 12 month low of $6.99 and a 12 month high of $16.20. The business’s 50-day moving average is $13.58 and its two-hundred day moving average is $11.42. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The firm has a market capitalization of $1.55 billion, a PE ratio of -7.39 and a beta of 1.29.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.19. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. The firm had revenue of $71.36 million during the quarter, compared to analysts’ expectations of $60.52 million. Research analysts predict that Arcutis Biotherapeutics will post -1.33 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $12.71, for a total transaction of $127,100.00. Following the completion of the transaction, the director now owns 141,944 shares of the company’s stock, valued at approximately $1,804,108.24. The trade was a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Todd Franklin Watanabe sold 15,000 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $15.17, for a total transaction of $227,550.00. Following the completion of the sale, the insider now directly owns 823,430 shares in the company, valued at approximately $12,491,433.10. This trade represents a 1.79 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 55,029 shares of company stock valued at $756,017. Company insiders own 9.50% of the company’s stock.

Institutional Trading of Arcutis Biotherapeutics

Several large investors have recently added to or reduced their stakes in ARQT. Creative Planning bought a new position in Arcutis Biotherapeutics in the 3rd quarter valued at about $127,000. abrdn plc lifted its position in Arcutis Biotherapeutics by 223.8% in the third quarter. abrdn plc now owns 482,074 shares of the company’s stock worth $4,483,000 after purchasing an additional 333,200 shares during the period. China Universal Asset Management Co. Ltd. boosted its stake in Arcutis Biotherapeutics by 65.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 22,482 shares of the company’s stock valued at $209,000 after purchasing an additional 8,881 shares in the last quarter. AMI Asset Management Corp increased its position in shares of Arcutis Biotherapeutics by 36.2% during the 3rd quarter. AMI Asset Management Corp now owns 223,681 shares of the company’s stock valued at $2,080,000 after purchasing an additional 59,487 shares during the period. Finally, GSA Capital Partners LLP raised its stake in shares of Arcutis Biotherapeutics by 730.0% in the 3rd quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock worth $2,206,000 after buying an additional 208,599 shares in the last quarter.

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.