Arcutis Biotherapeutics' (ARQT) "Buy" Rating Reiterated at Needham & Company LLC

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report)'s stock had its "buy" rating reaffirmed by stock analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They currently have a $20.00 price objective on the stock. Needham & Company LLC's price target would indicate a potential upside of 40.74% from the company's current price.

Several other equities research analysts have also recently commented on ARQT. Mizuho boosted their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 26th. HC Wainwright reiterated a "buy" rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday. Guggenheim reiterated a "buy" rating on shares of Arcutis Biotherapeutics in a report on Monday, February 24th. The Goldman Sachs Group increased their target price on shares of Arcutis Biotherapeutics from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, February 27th. Finally, Jefferies Financial Group boosted their price objective on shares of Arcutis Biotherapeutics from $16.00 to $19.00 and gave the company a "buy" rating in a research report on Tuesday, March 11th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Arcutis Biotherapeutics has an average rating of "Moderate Buy" and a consensus price target of $18.80.

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Arcutis Biotherapeutics Stock Down 3.5 %

NASDAQ ARQT traded down $0.52 on Thursday, reaching $14.21. The stock had a trading volume of 2,411,284 shares, compared to its average volume of 2,380,850. The business has a 50 day moving average price of $14.20 and a 200 day moving average price of $12.44. Arcutis Biotherapeutics has a 1 year low of $6.99 and a 1 year high of $17.75. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of -7.94 and a beta of 1.67. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $71.36 million during the quarter, compared to the consensus estimate of $60.52 million. On average, analysts forecast that Arcutis Biotherapeutics will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Patrick Burnett sold 12,242 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $15.04, for a total value of $184,119.68. Following the sale, the insider now directly owns 121,936 shares of the company's stock, valued at $1,833,917.44. This trade represents a 9.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Todd Franklin Watanabe sold 1,500 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $17.52, for a total transaction of $26,280.00. Following the transaction, the insider now owns 927,414 shares in the company, valued at $16,248,293.28. The trade was a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,099 shares of company stock worth $631,256. Insiders own 9.50% of the company's stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several hedge funds have recently added to or reduced their stakes in ARQT. Point72 DIFC Ltd bought a new stake in shares of Arcutis Biotherapeutics in the third quarter worth $25,000. GF Fund Management CO. LTD. purchased a new position in Arcutis Biotherapeutics during the 4th quarter valued at approximately $34,000. Venturi Wealth Management LLC bought a new position in shares of Arcutis Biotherapeutics in the 4th quarter valued at about $46,000. Erste Asset Management GmbH purchased a new stake in shares of Arcutis Biotherapeutics in the third quarter valued at $104,000. Finally, Cibc World Markets Corp purchased a new position in Arcutis Biotherapeutics during the 4th quarter valued at $140,000.

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.