Arcutis Biotherapeutics (NASDAQ:ARQT) Reaches New 52-Week High – Should You Buy?

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s stock price reached a new 52-week high on Wednesday. The stock traded as high as $33.52 and last traded at $33.4610, with a volume of 638,876 shares changing hands. The stock had previously closed at $32.00.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ARQT shares. Jefferies Financial Group reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, October 8th. Morgan Stanley raised their target price on shares of Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Weiss Ratings upgraded shares of Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 29th. Cantor Fitzgerald began coverage on shares of Arcutis Biotherapeutics in a research report on Thursday, October 15th. They issued an “overweight” rating and a $48.00 price target on the stock. Finally, Needham & Company LLC upped their price target on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.12.

Arcutis Biotherapeutics Stock Performance

The firm has a market capitalization of $4.28 billion, a PE ratio of 162.15 and a beta of 1.66. The firm’s 50-day moving average price is $26.93 and its two-hundred day moving average price is $25.33. The company has a quick ratio of 2.67, a current ratio of 2.92 and a debt-to-equity ratio of 0.46.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.12). The business had revenue of $143.92 million for the quarter, compared to analysts’ expectations of $142.59 million. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. As a group, research analysts predict that Arcutis Biotherapeutics, Inc. will post 0.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Howard Welgus sold 4,728 shares of the company’s stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $26.93, for a total value of $127,325.04. Following the transaction, the director owned 35,207 shares in the company, valued at $948,124.51. This represents a 11.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Patrick Burnett sold 6,700 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $26.08, for a total transaction of $174,736.00. Following the transaction, the insider directly owned 119,289 shares in the company, valued at $3,111,057.12. The trade was a 5.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 77,393 shares of company stock valued at $1,971,944. 9.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ARQT. Montanova Capital LLC increased its position in Arcutis Biotherapeutics by 0.9% during the second quarter. Montanova Capital LLC now owns 12,437,000 shares of the company’s stock worth $326,098,000 after buying an additional 110,000 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Arcutis Biotherapeutics during the 2nd quarter valued at about $276,502,000. Bank of America Corp DE acquired a new position in shares of Arcutis Biotherapeutics during the 2nd quarter valued at about $78,330,000. Janus Henderson Group PLC raised its stake in shares of Arcutis Biotherapeutics by 1.3% in the 1st quarter. Janus Henderson Group PLC now owns 1,854,566 shares of the company’s stock valued at $43,684,000 after acquiring an additional 24,505 shares in the last quarter. Finally, Jupiter Topco LLC bought a new position in shares of Arcutis Biotherapeutics in the 2nd quarter valued at approximately $36,989,000.

Arcutis Biotherapeutics Company Profile

Arcutis Biotherapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and delivering treatments for dermatologic conditions. The company’s portfolio is centered on therapies designed to address inflammatory skin diseases, with an emphasis on nonsteroidal topical medicines that may help patients manage chronic conditions.

Arcutis’s lead product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor. ZORYVE has received U.S. Food and Drug Administration approvals for multiple dermatological uses, including plaque psoriasis, seborrheic dermatitis and atopic dermatitis, in different cream and foam formulations.