Brokerages Set Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) PT at $34.00

Shares of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) have been given a consensus rating of “Moderate Buy” by the eight brokerages that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $34.00.

ARQT has been the topic of a number of research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $36.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Mizuho decreased their target price on shares of Arcutis Biotherapeutics from $37.00 to $35.00 and set an “outperform” rating on the stock in a research note on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Wednesday, June 24th. Finally, Wall Street Zen cut shares of Arcutis Biotherapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th.

Arcutis Biotherapeutics Stock Performance

NASDAQ ARQT opened at $26.76 on Thursday. The company has a current ratio of 2.68, a quick ratio of 2.46 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of -891.70 and a beta of 1.52. The firm’s 50 day simple moving average is $23.05 and its 200 day simple moving average is $24.94. Arcutis Biotherapeutics has a 1 year low of $13.06 and a 1 year high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The firm had revenue of $105.40 million for the quarter, compared to analyst estimates of $103.68 million. Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%. As a group, research analysts expect that Arcutis Biotherapeutics will post 0.15 earnings per share for the current fiscal year.

Insider Activity

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 8,256 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $23.31, for a total transaction of $192,447.36. Following the sale, the insider owned 126,689 shares of the company’s stock, valued at approximately $2,953,120.59. The trade was a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Latha Vairavan sold 1,341 shares of the business’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $23.61, for a total transaction of $31,661.01. Following the sale, the chief financial officer directly owned 86,413 shares in the company, valued at approximately $2,040,210.93. The trade was a 1.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 40,931 shares of company stock valued at $968,886. 9.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Hedge funds have recently modified their holdings of the business. SBI Securities Co. Ltd. lifted its holdings in shares of Arcutis Biotherapeutics by 325.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 1,089 shares of the company’s stock worth $32,000 after purchasing an additional 833 shares during the period. Global Retirement Partners LLC acquired a new position in shares of Arcutis Biotherapeutics during the fourth quarter worth $35,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Arcutis Biotherapeutics by 124.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,261 shares of the company’s stock worth $37,000 after purchasing an additional 698 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of Arcutis Biotherapeutics by 209.0% during the fourth quarter. NewEdge Advisors LLC now owns 1,545 shares of the company’s stock worth $45,000 after purchasing an additional 1,045 shares during the period. Finally, Truvestments Capital LLC lifted its holdings in shares of Arcutis Biotherapeutics by 114.2% during the fourth quarter. Truvestments Capital LLC now owns 3,012 shares of the company’s stock worth $87,000 after purchasing an additional 1,606 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.