Needham & Company LLC Boosts Arcutis Biotherapeutics (NASDAQ:ARQT) Price Target to $18.00

Arcutis Biotherapeutics (NASDAQ:ARQT) had its price objective lifted by Needham & Company LLC from $16.00 to $18.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other research firms have also commented on ARQT. Mizuho boosted their price target on shares of Arcutis Biotherapeutics from $17.00 to $18.00 and gave the company a buy rating in a report on Wednesday. The Goldman Sachs Group boosted their price objective on shares of Arcutis Biotherapeutics from $6.00 to $11.00 and gave the stock a neutral rating in a research note on Wednesday, February 28th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $27.00.

Arcutis Biotherapeutics Stock Up 0.9 %

Shares of NASDAQ:ARQT opened at $9.20 on Wednesday. The business’s 50 day moving average is $9.60 and its 200 day moving average is $6.35. The stock has a market cap of $1.06 billion, a P/E ratio of -3.14 and a beta of 1.18. Arcutis Biotherapeutics has a 52-week low of $1.76 and a 52-week high of $13.17. The company has a quick ratio of 6.80, a current ratio of 9.89 and a debt-to-equity ratio of 0.90.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Tuesday, May 14th. The company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.60) by $0.28. The business had revenue of $49.57 million during the quarter. Arcutis Biotherapeutics had a negative return on equity of 197.28% and a negative net margin of 204.35%. During the same quarter in the prior year, the company posted ($1.31) earnings per share. Sell-side analysts predict that Arcutis Biotherapeutics will post -2.21 EPS for the current year.

Insiders Place Their Bets

In other news, insider Masaru Matsuda sold 3,760 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $11.12, for a total transaction of $41,811.20. Following the completion of the sale, the insider now owns 190,424 shares in the company, valued at approximately $2,117,514.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 20.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ARQT. Bank of New York Mellon Corp grew its stake in shares of Arcutis Biotherapeutics by 12.9% during the third quarter. Bank of New York Mellon Corp now owns 237,779 shares of the company’s stock worth $1,263,000 after acquiring an additional 27,170 shares during the last quarter. Jennison Associates LLC grew its position in Arcutis Biotherapeutics by 3.2% during the 3rd quarter. Jennison Associates LLC now owns 4,432,175 shares of the company’s stock worth $23,535,000 after purchasing an additional 138,209 shares during the last quarter. Jump Financial LLC acquired a new position in Arcutis Biotherapeutics during the 3rd quarter valued at approximately $108,000. Fox Run Management L.L.C. purchased a new position in shares of Arcutis Biotherapeutics in the third quarter worth $60,000. Finally, Swiss National Bank lifted its stake in shares of Arcutis Biotherapeutics by 9.9% during the third quarter. Swiss National Bank now owns 101,200 shares of the company’s stock worth $537,000 after buying an additional 9,100 shares during the period.

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.