Arcutis Biotherapeutics (NASDAQ:ARQT) Price Target Raised to $31.00

Arcutis Biotherapeutics (NASDAQ:ARQT) had its target price lifted by research analysts at Needham & Company LLC from $30.00 to $31.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 17.80% from the company’s previous close.

Several other equities analysts also recently weighed in on ARQT. Zacks Research downgraded shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Arcutis Biotherapeutics in a research report on Wednesday, October 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Monday, December 29th. The Goldman Sachs Group lifted their target price on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Finally, Wall Street Zen lowered Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Friday. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $29.20.

Arcutis Biotherapeutics Trading Up 0.4%

Shares of Arcutis Biotherapeutics stock traded up $0.12 on Monday, hitting $26.32. 341,580 shares of the company traded hands, compared to its average volume of 1,592,848. The company has a current ratio of 3.50, a quick ratio of 3.28 and a debt-to-equity ratio of 0.68. The company has a market cap of $3.22 billion, a PE ratio of -73.06 and a beta of 1.71. The stock’s 50 day moving average price is $28.70 and its 200-day moving average price is $21.89. 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 results on Tuesday, October 28th. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $86.69 million. Equities research analysts predict that Arcutis Biotherapeutics will post -1.33 EPS for the current year.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Neha Krishnamohan sold 40,504 shares of the firm’s stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $23.20, for a total transaction of $939,692.80. Following the completion of the transaction, the director directly owned 22,123 shares in the company, valued at $513,253.60. This trade represents a 64.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Larry Todd Edwards sold 29,131 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $25.16, for a total transaction of $732,935.96. Following the completion of the transaction, the insider directly owned 150,193 shares of the company’s stock, valued at approximately $3,778,855.88. The trade was a 16.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 293,912 shares of company stock valued at $7,885,305 over the last ninety days. 9.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC boosted its stake in 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 purchasing an additional 1,144,714 shares during the period. Frazier Life Sciences Management L.P. boosted its holdings 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 valued at $138,441,000 after purchasing an additional 1,089,227 shares in the last quarter. Vanguard Group Inc. increased its position in Arcutis Biotherapeutics by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 7,146,090 shares of the company’s stock worth $134,704,000 after purchasing an additional 96,991 shares during the period. Polar Capital Holdings Plc raised its stake in shares of Arcutis Biotherapeutics by 5.8% during the 3rd quarter. Polar Capital Holdings Plc now owns 5,298,754 shares of the company’s stock worth $99,882,000 after buying an additional 292,279 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of Arcutis Biotherapeutics by 1.2% in the 2nd quarter. State Street Corp now owns 4,526,937 shares of the company’s stock valued at $63,468,000 after buying an additional 52,734 shares during the period.

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.