Arcutis Biotherapeutics (NASDAQ:ARQT) Coverage Initiated at HC Wainwright

Equities researchers at HC Wainwright started coverage on shares of Arcutis Biotherapeutics (NASDAQ:ARQT) in a research note issued on Monday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $19.00 price target on the stock. HC Wainwright’s target price would suggest a potential upside of 32.87% from the company’s previous close.

Separately, Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $16.20.

Arcutis Biotherapeutics Stock Down 4.2 %

Shares of NASDAQ:ARQT opened at $14.30 on Monday. The stock’s 50-day moving average price is $11.28 and its 200-day moving average price is $10.26. 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 has a 12-month low of $2.99 and a 12-month high of $15.79. The stock has a market capitalization of $1.67 billion, a P/E ratio of -7.99 and a beta of 1.32.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.09. The business had revenue of $44.76 million during the quarter, compared to analysts’ expectations of $38.05 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. On average, equities analysts anticipate that Arcutis Biotherapeutics will post -1.34 earnings per share for the current year.

Insider Activity

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $12.51, for a total transaction of $125,100.00. Following the completion of the transaction, the director now owns 161,944 shares of the company’s stock, valued at approximately $2,025,919.44. This trade represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd Franklin Watanabe sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $15.17, for a total value of $227,550.00. Following the completion of the sale, the insider now directly owns 823,430 shares in the company, valued at approximately $12,491,433.10. This represents a 1.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 80,325 shares of company stock worth $887,480 in the last quarter. 9.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ARQT. Jennison Associates LLC grew its stake in shares of Arcutis Biotherapeutics by 0.8% in the third quarter. Jennison Associates LLC now owns 11,663,497 shares of the company’s stock worth $108,471,000 after acquiring an additional 91,803 shares during the last quarter. Rubric Capital Management LP grew its position in Arcutis Biotherapeutics by 11.7% during the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after purchasing an additional 1,150,000 shares during the last quarter. Suvretta Capital Management LLC increased its stake in Arcutis Biotherapeutics by 7.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock valued at $99,710,000 after purchasing an additional 717,019 shares in the last quarter. State Street Corp increased its stake in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after purchasing an additional 506,788 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Arcutis Biotherapeutics by 2.0% in the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock worth $22,977,000 after buying an additional 48,868 shares during the last quarter.

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.