Arcutis Biotherapeutics (NASDAQ:ARQT) Given “Buy” Rating at Needham & Company LLC

Arcutis Biotherapeutics (NASDAQ:ARQT)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued on Wednesday, Marketbeat reports. They presently have a $20.00 target price on the stock. Needham & Company LLC’s price objective indicates a potential upside of 63.93% from the company’s previous close.

ARQT has been the subject of several other reports. Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday. Mizuho raised their price objective on shares of Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, January 7th. Finally, HC Wainwright reiterated a “buy” rating and set a $19.00 target price on shares of Arcutis Biotherapeutics in a research report on Monday, January 13th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Arcutis Biotherapeutics Price Performance

ARQT stock opened at $12.20 on Wednesday. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of -6.82 and a beta of 1.29. 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 company has a 50 day simple moving average of $13.59 and a 200 day simple moving average of $11.41. Arcutis Biotherapeutics has a 1 year low of $6.99 and a 1 year high of $16.20.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $71.36 million during the quarter, compared to the consensus estimate of $60.52 million. Research analysts anticipate that Arcutis Biotherapeutics will post -1.33 EPS for the current fiscal year.

Insider Activity

In related news, insider Masaru Matsuda sold 8,338 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $12.70, for a total value of $105,892.60. Following the transaction, the insider now owns 178,692 shares in the company, valued at $2,269,388.40. The trade was a 4.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $12.51, for a total transaction of $125,100.00. Following the sale, the director now directly owns 161,944 shares in the company, valued at $2,025,919.44. This trade represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 55,029 shares of company stock valued at $756,017. Company insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 DIFC Ltd acquired a new stake in Arcutis Biotherapeutics during the third quarter worth approximately $25,000. GF Fund Management CO. LTD. bought a new position in shares of Arcutis Biotherapeutics during the 4th quarter worth approximately $34,000. Venturi Wealth Management LLC acquired a new stake in shares of Arcutis Biotherapeutics during the 4th quarter worth approximately $46,000. Erste Asset Management GmbH bought a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter valued at $104,000. Finally, Victory Capital Management Inc. lifted its position in shares of Arcutis Biotherapeutics by 9.9% during the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after acquiring 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.