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 research report report published on Saturday morning.

Other analysts have also issued reports about the company. HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of Arcutis Biotherapeutics in a report on Wednesday, October 29th. The Goldman Sachs Group lifted their price target on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Monday, December 22nd. Mizuho lifted their target price on shares of Arcutis Biotherapeutics from $32.00 to $37.00 and gave the company an “outperform” rating in a research note on Friday, November 28th. Finally, Needham & Company LLC boosted their target price on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Arcutis Biotherapeutics has a consensus rating of “Moderate Buy” and an average price target of $29.00.

Arcutis Biotherapeutics Price Performance

NASDAQ ARQT opened at $28.56 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.50 and a quick ratio of 3.28. The firm has a market capitalization of $3.50 billion, a price-to-earnings ratio of -79.33 and a beta of 1.69. The company has a 50 day simple moving average of $27.04 and a 200-day simple moving average of $20.04. Arcutis Biotherapeutics has a 52-week low of $11.13 and a 52-week high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, beating 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 the consensus estimate of $86.69 million. Equities research analysts predict that Arcutis Biotherapeutics will post -1.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 1,657 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $30.23, for a total value of $50,091.11. Following the sale, the insider directly owned 150,641 shares of the company’s stock, valued at approximately $4,553,877.43. This trade represents a 1.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Todd Watanabe sold 48,945 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $30.36, for a total value of $1,485,970.20. Following the completion of the sale, the insider directly owned 740,537 shares in the company, valued at approximately $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 339,229 shares of company stock worth $8,638,027 in the last quarter. 9.40% of the stock is owned by corporate insiders.

Institutional Trading of Arcutis Biotherapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Triumph Capital Management acquired a new stake in shares of Arcutis Biotherapeutics in the second quarter worth $410,000. Invst LLC bought a new stake in Arcutis Biotherapeutics in the 1st quarter valued at $323,000. Frazier Life Sciences Management L.P. grew its position in Arcutis Biotherapeutics by 12.4% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock worth $138,441,000 after purchasing an additional 1,089,227 shares during the last quarter. Ieq Capital LLC bought a new position in shares of Arcutis Biotherapeutics during the 1st quarter worth about $345,000. Finally, Perpetual Ltd raised its position in shares of Arcutis Biotherapeutics by 7,534.3% during the third quarter. Perpetual Ltd now owns 2,024,606 shares of the company’s stock valued at $38,164,000 after buying an additional 1,998,086 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.