Arcutis Biotherapeutics (NASDAQ:ARQT) Earns "Buy" Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Arcutis Biotherapeutics (NASDAQ:ARQT - Free Report) in a research report sent to investors on Thursday morning,Benzinga reports. Needham & Company LLC currently has a $18.00 price objective on the stock.

Separately, Jefferies Financial Group assumed coverage on shares of Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They set a "buy" rating and a $15.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $14.40.

Arcutis Biotherapeutics Stock Up 7.8 %

ARQT stock traded up $0.75 during midday trading on Thursday, hitting $10.41. The company's stock had a trading volume of 4,294,732 shares, compared to its average volume of 3,256,505. Arcutis Biotherapeutics has a 52-week low of $1.76 and a 52-week high of $13.17. The firm has a market capitalization of $1.22 billion, a P/E ratio of -4.74 and a beta of 1.18. The company has a quick ratio of 8.19, a current ratio of 8.46 and a debt-to-equity ratio of 1.09. The firm has a 50-day simple moving average of $9.68 and a 200-day simple moving average of $9.29.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its earnings results on Wednesday, August 14th. The company reported ($0.42) EPS for the quarter, topping analysts' consensus estimates of ($0.48) by $0.06. Arcutis Biotherapeutics had a negative net margin of 150.51% and a negative return on equity of 145.41%. The firm had revenue of $30.86 million during the quarter, compared to the consensus estimate of $31.00 million. During the same quarter in the previous year, the firm posted ($1.16) earnings per share. As a group, equities analysts forecast that Arcutis Biotherapeutics will post -1.6 EPS for the current year.

Insider Activity at Arcutis Biotherapeutics

In related news, CFO David Joseph Topper sold 11,626 shares of the company's stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $9.48, for a total transaction of $110,214.48. Following the transaction, the chief financial officer now owns 158,374 shares of the company's stock, valued at approximately $1,501,385.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Arcutis Biotherapeutics news, CFO David Joseph Topper sold 11,626 shares of Arcutis Biotherapeutics stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $9.48, for a total value of $110,214.48. Following the completion of the sale, the chief financial officer now owns 158,374 shares in the company, valued at $1,501,385.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Howard G. Welgus sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $8.65, for a total transaction of $86,500.00. Following the completion of the sale, the director now directly owns 171,944 shares in the company, valued at $1,487,315.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,094 shares of company stock valued at $492,157 over the last quarter. Insiders own 9.50% of the company's stock.

Institutional Trading of Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in ARQT. Rubric Capital Management LP grew its position in Arcutis Biotherapeutics by 30.7% during the second quarter. Rubric Capital Management LP now owns 9,816,672 shares of the company's stock valued at $91,295,000 after acquiring an additional 2,306,672 shares during the period. Vanguard Group Inc. increased its holdings in Arcutis Biotherapeutics by 5.5% in the 1st quarter. Vanguard Group Inc. now owns 5,166,417 shares of the company's stock valued at $51,199,000 after purchasing an additional 269,904 shares in the last quarter. Farallon Capital Management LLC acquired a new position in Arcutis Biotherapeutics in the 1st quarter worth $17,640,000. Perceptive Advisors LLC raised its position in shares of Arcutis Biotherapeutics by 107.8% during the 2nd quarter. Perceptive Advisors LLC now owns 1,558,500 shares of the company's stock worth $14,494,000 after purchasing an additional 808,500 shares during the period. Finally, Candriam S.C.A. bought a new stake in shares of Arcutis Biotherapeutics in the 2nd quarter worth approximately $12,159,000.

Arcutis Biotherapeutics Company Profile

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.