Arcutis Biotherapeutics (NASDAQ:ARQT) Cut to Buy at Wall Street Zen

Arcutis Biotherapeutics (NASDAQ:ARQT) was downgraded by Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Friday.

Several other research analysts have also commented on ARQT. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, October 29th. Needham & Company LLC raised their target price on shares of Arcutis Biotherapeutics from $22.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, October 28th. Zacks Research cut shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Mizuho increased their price target on shares of Arcutis Biotherapeutics from $32.00 to $37.00 and gave the stock an “outperform” rating in a research note on Friday, November 28th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research report on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Arcutis Biotherapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

Arcutis Biotherapeutics Stock Performance

NASDAQ ARQT traded down $0.45 during trading hours on Friday, hitting $26.20. The company had a trading volume of 1,317,112 shares, compared to its average volume of 1,522,003. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.28 and a current ratio of 3.50. Arcutis Biotherapeutics has a 1-year low of $11.13 and a 1-year high of $31.77. The company has a market cap of $3.21 billion, a PE ratio of -72.78 and a beta of 1.71. The business has a 50 day moving average of $28.70 and a 200-day moving average of $21.78.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its earnings results on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.16. Arcutis Biotherapeutics had a negative return on equity of 29.69% and a negative net margin of 13.94%.The business had revenue of $99.22 million for the quarter, compared to analysts’ expectations of $86.69 million. As a group, equities research analysts expect that Arcutis Biotherapeutics will post -1.33 EPS for the current year.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, insider Todd Watanabe sold 48,945 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $30.36, for a total value of $1,485,970.20. Following the completion of the sale, the insider owned 740,537 shares in the company, valued at $22,482,703.32. This trade represents a 6.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Neha Krishnamohan sold 40,504 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $23.20, for a total value of $939,692.80. Following the transaction, the director owned 22,123 shares in the company, valued at $513,253.60. The trade was a 64.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 293,912 shares of company stock valued at $7,885,305. Insiders own 9.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Jennison Associates LLC raised its stake in shares of 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 buying an additional 1,144,714 shares during the last quarter. Frazier Life Sciences Management L.P. raised its position in Arcutis Biotherapeutics by 12.4% during the second quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock worth $138,441,000 after acquiring an additional 1,089,227 shares during the last quarter. Vanguard Group Inc. raised its position in Arcutis Biotherapeutics by 1.4% during the third quarter. Vanguard Group Inc. now owns 7,146,090 shares of the company’s stock worth $134,704,000 after acquiring an additional 96,991 shares during the last quarter. Polar Capital Holdings Plc lifted its holdings in shares of Arcutis Biotherapeutics by 5.8% in the third quarter. Polar Capital Holdings Plc now owns 5,298,754 shares of the company’s stock valued at $99,882,000 after purchasing an additional 292,279 shares in the last quarter. Finally, State Street Corp grew its position in shares of Arcutis Biotherapeutics by 1.2% in the second quarter. State Street Corp now owns 4,526,937 shares of the company’s stock valued at $63,468,000 after purchasing an additional 52,734 shares during the last quarter.

Arcutis Biotherapeutics Company Profile

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.