Arcutis Biotherapeutics (NASDAQ:ARQT) Coverage Initiated by Analysts at Cantor Fitzgerald

Analysts at Cantor Fitzgerald assumed coverage on shares of Arcutis Biotherapeutics (NASDAQ:ARQT) in a research report issued to clients and investors on Thursday, Marketbeat reports. The brokerage set an “overweight” rating and a $48.00 price target on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 81.75% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Needham & Company LLC upped their target price on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Morgan Stanley raised their price target 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 cut shares of Arcutis Biotherapeutics from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday. Wall Street Zen downgraded shares of Arcutis Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 10th. Finally, Guggenheim upped their price objective on shares of Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.33.

Arcutis Biotherapeutics Stock Up 1.2%

Shares of Arcutis Biotherapeutics stock opened at $26.41 on Thursday. The stock has a 50-day moving average price of $25.32 and a 200 day moving average price of $24.73. The company has a market cap of $3.32 billion, a P/E ratio of 124.24 and a beta of 1.57. The company has a current ratio of 2.92, a quick ratio of 2.67 and a debt-to-equity ratio of 0.46. Arcutis Biotherapeutics has a 1 year low of $19.30 and a 1 year high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. Arcutis Biotherapeutics had a return on equity of 15.05% and a net margin of 6.15%. The firm had revenue of $129.86 million during the quarter, compared to analyst estimates of $118.85 million. As a group, analysts expect that Arcutis Biotherapeutics will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 6,700 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $26.08, for a total value of $174,736.00. Following the transaction, the insider 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. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Terrie Curran sold 38,200 shares of the company’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $25.03, for a total value of $956,146.00. Following the completion of the transaction, the director directly owned 23,526 shares in the company, valued at approximately $588,855.78. The trade was a 61.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 79,225 shares of company stock valued at $2,015,966 in the last quarter. Corporate insiders own 9.40% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Institutional investors have recently made changes to their positions in the company. Toth Financial Advisory Corp bought a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter valued at approximately $285,000. Tidal Investments LLC bought a new position in Arcutis Biotherapeutics during the second quarter valued at approximately $606,000. Integrated Wealth Concepts LLC bought a new position in Arcutis Biotherapeutics during the second quarter valued at approximately $84,000. Arizona State Retirement System raised its position in Arcutis Biotherapeutics by 1.7% during the second quarter. Arizona State Retirement System now owns 30,802 shares of the company’s stock valued at $808,000 after acquiring an additional 521 shares in the last quarter. Finally, Nykredit A S bought a new position in Arcutis Biotherapeutics during the second quarter valued at approximately $63,000.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc (NASDAQ: ARQT) is a biopharmaceutical company focused on developing and commercializing treatments for dermatologic conditions. The company concentrates on medical dermatology, with an emphasis on addressing diseases that can significantly affect patients’ quality of life and for which additional treatment options are needed.

Arcutis’s primary commercial product is ZORYVE (roflumilast), a topical phosphodiesterase-4 inhibitor available in multiple formulations.