Arcutis Biotherapeutics (NASDAQ:ARQT) Price Target Raised to $31.00

Arcutis Biotherapeutics (NASDAQ:ARQT) had its price objective upped by Needham & Company LLC from $30.00 to $31.00 in a report published on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts also recently issued reports on ARQT. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday, December 29th. The Goldman Sachs Group increased their target price 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 cut Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 23rd. Zacks Research cut shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Finally, HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday, October 29th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.20.

Arcutis Biotherapeutics Price Performance

Shares of Arcutis Biotherapeutics stock opened at $25.45 on Monday. The company has a quick ratio of 3.28, a current ratio of 3.50 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of -70.69 and a beta of 1.71. Arcutis Biotherapeutics has a twelve month low of $11.13 and a twelve month high of $31.77. The company has a 50-day simple moving average of $28.63 and a two-hundred day simple moving average of $22.07.

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

Insiders Place Their Bets

In other news, Director Sue-Jean Lin sold 25,272 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $30.78, for a total value of $777,872.16. Following the sale, the director directly owned 26,735 shares in the company, valued at approximately $822,903.30. This trade represents a 48.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Masaru Matsuda sold 1,657 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $30.23, for a total transaction of $50,091.11. Following the sale, the insider directly owned 150,641 shares in the company, valued at $4,553,877.43. This trade represents a 1.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 253,912 shares of company stock valued at $6,884,105 over the last ninety days. 9.40% of the stock is owned by insiders.

Institutional Trading of Arcutis Biotherapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Johnson Investment Counsel Inc. acquired a new position in shares of Arcutis Biotherapeutics during the third quarter worth $30,000. Mirae Asset Global Investments Co. Ltd. grew its position in Arcutis Biotherapeutics by 28.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,952 shares of the company’s stock worth $173,000 after acquiring an additional 1,316 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in Arcutis Biotherapeutics by 1,291.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock worth $124,000 after purchasing an additional 6,559 shares in the last quarter. Whalen Wealth Management Inc. acquired a new position in Arcutis Biotherapeutics in the 4th quarter worth about $233,000. Finally, PNC Financial Services Group Inc. raised its position in Arcutis Biotherapeutics by 10.2% in the second quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock valued at $124,000 after purchasing an additional 820 shares during the last quarter.

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.