Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

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

A number of other brokerages have also commented on ARQT. Wall Street Zen lowered Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Friday. Mizuho raised their target price on shares of Arcutis Biotherapeutics from $32.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday, November 28th. Zacks Research cut shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research 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 report on Wednesday, October 29th. Finally, The Goldman Sachs Group lifted their price objective on Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Six 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. According to data from MarketBeat, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.20.

Arcutis Biotherapeutics Trading Up 0.4%

Shares of NASDAQ ARQT traded up $0.12 during trading hours on Monday, hitting $26.32. The company’s stock had a trading volume of 341,580 shares, compared to its average volume of 1,592,848. Arcutis Biotherapeutics has a 12 month low of $11.13 and a 12 month high of $31.77. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of -73.06 and a beta of 1.71. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.28 and a current ratio of 3.50. The business has a 50-day simple moving average of $28.70 and a 200-day simple moving average of $21.89.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16. The business had revenue of $99.22 million during the quarter, compared to analyst estimates of $86.69 million. Arcutis Biotherapeutics had a negative return on equity of 29.69% and a negative net margin of 13.94%. On average, analysts anticipate that Arcutis Biotherapeutics will post -1.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Todd Watanabe sold 48,945 shares of the firm’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $30.36, for a total transaction of $1,485,970.20. Following the sale, the insider directly owned 740,537 shares in the company, valued at $22,482,703.32. This trade represents a 6.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sue-Jean Lin sold 25,272 shares of the stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $30.78, for a total value of $777,872.16. Following the sale, the director owned 26,735 shares of the company’s stock, valued at $822,903.30. This represents a 48.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 293,912 shares of company stock worth $7,885,305 in the last 90 days. Insiders own 9.40% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several institutional investors have recently bought and sold shares of the business. Johnson Investment Counsel Inc. bought a new stake in Arcutis Biotherapeutics in the third quarter worth $30,000. Jones Financial Companies Lllp raised its stake in shares of Arcutis Biotherapeutics by 1,291.1% in the third quarter. Jones Financial Companies Lllp now owns 7,067 shares of the company’s stock valued at $124,000 after acquiring an additional 6,559 shares during the period. Whalen Wealth Management Inc. bought a new stake in shares of Arcutis Biotherapeutics in the 4th quarter worth about $233,000. PNC Financial Services Group Inc. boosted its stake in shares of Arcutis Biotherapeutics by 10.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 8,828 shares of the company’s stock worth $124,000 after purchasing an additional 820 shares during the period. Finally, Atlas Wealth LLC bought a new position in Arcutis Biotherapeutics during the 2nd quarter valued at about $138,000.

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.