Needham & Company LLC Cuts Arcutis Biotherapeutics (NASDAQ:ARQT) Price Target to $24.00

Arcutis Biotherapeutics (NASDAQ:ARQT – Get Rating) had its target price trimmed by Needham & Company LLC from $46.00 to $24.00 in a research report sent to investors on Thursday, Benzinga reports. The firm currently has a buy rating on the stock.

ARQT has been the topic of several other reports. Morgan Stanley cut their target price on shares of Arcutis Biotherapeutics from $51.00 to $50.00 and set an overweight rating on the stock in a research note on Wednesday, March 1st. Cantor Fitzgerald reaffirmed an overweight rating on shares of Arcutis Biotherapeutics in a research note on Wednesday, March 1st. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Arcutis Biotherapeutics currently has an average rating of Buy and an average target price of $47.00.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ:ARQT opened at $11.09 on Thursday. The company’s fifty day moving average is $15.19 and its two-hundred day moving average is $17.05. The company has a quick ratio of 11.37, a current ratio of 11.57 and a debt-to-equity ratio of 0.94. Arcutis Biotherapeutics has a 12-month low of $10.65 and a 12-month high of $27.40. The company has a market cap of $677.38 million, a P/E ratio of -1.96 and a beta of 0.52.

Insider Buying and Selling

In related news, insider Todd Franklin Watanabe sold 2,343 shares of the company’s stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $16.17, for a total value of $37,886.31. Following the completion of the sale, the insider now directly owns 374,564 shares in the company, valued at $6,056,699.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 8,500 shares of the company’s stock in a transaction dated Wednesday, February 15th. The shares were sold at an average price of $16.98, for a total transaction of $144,330.00. Following the completion of the sale, the director now directly owns 165,825 shares in the company, valued at $2,815,708.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Todd Franklin Watanabe sold 2,343 shares of the company’s stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $16.17, for a total transaction of $37,886.31. Following the sale, the insider now owns 374,564 shares of the company’s stock, valued at $6,056,699.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,548 shares of company stock worth $537,319. Corporate insiders own 23.00% of the company’s stock.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Hedge funds have recently bought and sold shares of the company. Point72 Hong Kong Ltd boosted its holdings in Arcutis Biotherapeutics by 102.9% during the second quarter. Point72 Hong Kong Ltd now owns 1,197 shares of the company’s stock valued at $26,000 after acquiring an additional 607 shares during the period. Quantbot Technologies LP bought a new stake in shares of Arcutis Biotherapeutics in the first quarter valued at about $44,000. Amundi bought a new stake in shares of Arcutis Biotherapeutics in the second quarter valued at about $114,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Arcutis Biotherapeutics by 332.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,892 shares of the company’s stock valued at $113,000 after buying an additional 4,530 shares during the period. Finally, Amalgamated Bank lifted its stake in shares of Arcutis Biotherapeutics by 19.5% in the third quarter. Amalgamated Bank now owns 6,612 shares of the company’s stock valued at $126,000 after buying an additional 1,079 shares during the period.

Arcutis Biotherapeutics Company Profile

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Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.