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

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

Other analysts have also issued research reports about the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Monday, December 29th. Needham & Company LLC boosted their target price on shares of Arcutis Biotherapeutics from $30.00 to $31.00 and gave the company a “buy” rating in a report on Monday, January 26th. Zacks Research downgraded Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Mizuho lifted their price target on Arcutis Biotherapeutics from $32.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday, November 28th. Finally, The Goldman Sachs Group boosted their price objective on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. Six equities research 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.20.

Arcutis Biotherapeutics Trading Down 3.2%

Shares of ARQT opened at $25.86 on Friday. Arcutis Biotherapeutics has a fifty-two week low of $11.75 and a fifty-two week high of $31.77. The business has a 50-day moving average of $27.58 and a 200 day moving average of $23.15. The firm has a market cap of $3.17 billion, a P/E ratio of -71.83 and a beta of 1.70. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.28 and a current ratio of 3.50.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, Director Sue-Jean Lin sold 25,272 shares of the company’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 transaction, the director directly owned 26,735 shares in the company, valued at approximately $822,903.30. This represents a 48.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd Watanabe sold 48,945 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $30.36, for a total transaction of $1,485,970.20. Following the completion of the sale, the insider directly owned 740,537 shares in the company, valued at $22,482,703.32. This represents a 6.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 219,010 shares of company stock valued at $6,135,454 over the last 90 days. Insiders own 9.40% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of institutional investors have recently made changes to their positions in the stock. Jennison Associates LLC lifted its holdings in shares of Arcutis Biotherapeutics by 10.3% during the 3rd quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock worth $230,990,000 after acquiring an additional 1,144,714 shares during the last quarter. Frazier Life Sciences Management L.P. raised its position in Arcutis Biotherapeutics by 12.4% during the second quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock valued at $138,441,000 after purchasing an additional 1,089,227 shares in the last quarter. Vanguard Group Inc. raised its position in Arcutis Biotherapeutics by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company’s stock valued at $210,654,000 after purchasing an additional 107,846 shares in the last quarter. State Street Corp lifted its stake in Arcutis Biotherapeutics by 18.2% during the fourth quarter. State Street Corp now owns 5,488,301 shares of the company’s stock worth $159,380,000 after purchasing an additional 846,986 shares during the last quarter. Finally, Polar Capital Holdings Plc boosted its holdings in shares of Arcutis Biotherapeutics by 5.8% in the 3rd quarter. Polar Capital Holdings Plc now owns 5,298,754 shares of the company’s stock worth $99,882,000 after purchasing an additional 292,279 shares in the last quarter.

Arcutis Biotherapeutics Company Profile

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.