Arcutis Biotherapeutics (NASDAQ:ARQT) Downgraded by Wall Street Zen to “Buy”

Wall Street Zen downgraded shares of Arcutis Biotherapeutics (NASDAQ:ARQT) from a strong-buy rating to a buy rating in a report released on Saturday morning.

A number of other analysts have also issued reports on ARQT. The Goldman Sachs Group boosted their target price on shares of Arcutis Biotherapeutics from $19.00 to $29.00 and gave the company a “neutral” rating in a research note on Thursday, October 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a research note on Monday, December 29th. Zacks Research lowered shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Needham & Company LLC boosted their price target on Arcutis Biotherapeutics from $30.00 to $31.00 and gave the company a “buy” rating in a report on Monday, January 26th. Finally, HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Arcutis Biotherapeutics in a research note on Wednesday, October 29th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $29.20.

Arcutis Biotherapeutics Price Performance

ARQT stock opened at $25.86 on Friday. The company has a current ratio of 3.50, a quick ratio of 3.28 and a debt-to-equity ratio of 0.68. Arcutis Biotherapeutics has a 12 month low of $11.75 and a 12 month high of $31.77. The stock has a market cap of $3.17 billion, a PE ratio of -71.83 and a beta of 1.70. The company has a 50-day moving average price of $27.68 and a 200 day moving average price of $23.01.

Insider Activity

In other news, insider Patrick Burnett sold 11,500 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $28.94, for a total transaction of $332,810.00. Following the transaction, the insider owned 98,307 shares in the company, valued at $2,845,004.58. This represents a 10.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Halley E. Gilbert sold 16,532 shares of the stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $27.55, for a total transaction of $455,456.60. Following the completion of the transaction, the director directly owned 22,123 shares of the company’s stock, valued at $609,488.65. The trade was a 42.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 219,010 shares of company stock worth $6,135,454 over the last quarter. Company insiders own 9.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Frazier Life Sciences Management L.P. increased its stake in shares of Arcutis Biotherapeutics by 12.4% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 9,874,511 shares of the company’s stock valued at $138,441,000 after purchasing an additional 1,089,227 shares in the last quarter. Jennison Associates LLC increased its holdings in Arcutis Biotherapeutics by 10.3% in the 3rd quarter. Jennison Associates LLC now owns 12,254,119 shares of the company’s stock worth $230,990,000 after acquiring an additional 1,144,714 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Arcutis Biotherapeutics during the third quarter worth $1,630,000. Perpetual Ltd raised its position in shares of Arcutis Biotherapeutics by 7,534.3% during the 3rd quarter. Perpetual Ltd now owns 2,024,606 shares of the company’s stock worth $38,164,000 after purchasing an additional 1,998,086 shares during the last quarter. Finally, Corton Capital Inc. purchased a new position in Arcutis Biotherapeutics in the 2nd quarter valued at about $238,000.

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.