Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Rating Cut to Buy at Wall Street Zen

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

ARQT has been the subject of several other research reports. Morgan Stanley increased their price target on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Guggenheim boosted their price objective on Arcutis Biotherapeutics from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Jefferies Financial Group reaffirmed a “buy” rating and set a $39.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday. Weiss Ratings upgraded shares of Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, September 24th. Finally, Needham & Company LLC lifted their target price on shares of Arcutis Biotherapeutics from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Arcutis Biotherapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $36.00.

Arcutis Biotherapeutics Stock Up 8.5%

ARQT opened at $26.58 on Friday. Arcutis Biotherapeutics has a twelve month low of $19.30 and a twelve month high of $31.77. The company’s 50-day moving average price is $25.33 and its two-hundred day moving average price is $24.63. The stock has a market cap of $3.34 billion, a price-to-earnings ratio of 126.58 and a beta of 1.57. 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 posted its quarterly earnings results 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 net margin of 6.15% and a return on equity of 15.05%. The company had revenue of $129.86 million for the quarter, compared to analysts’ expectations of $118.85 million. As a group, equities analysts expect that Arcutis Biotherapeutics will post 0.42 earnings per share for the current year.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, Director Howard Welgus sold 4,730 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $26.18, for a total transaction of $123,831.40. Following the sale, the director owned 36,475 shares of the company’s stock, valued at approximately $954,915.50. This represents a 11.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Todd Watanabe sold 4,375 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $26.12, for a total value of $114,275.00. Following the transaction, the insider directly owned 717,203 shares of the company’s stock, valued at $18,733,342.36. The trade was a 0.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 79,225 shares of company stock worth $2,015,966 in the last three months. 9.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Hedge funds have recently bought and sold shares of the company. Arizona State Retirement System raised its position in Arcutis Biotherapeutics by 1.7% during the 2nd quarter. Arizona State Retirement System now owns 30,802 shares of the company’s stock valued at $808,000 after purchasing an additional 521 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Arcutis Biotherapeutics by 0.4% in the 1st quarter. Bank of New York Mellon Corp now owns 305,532 shares of the company’s stock worth $7,198,000 after buying an additional 1,104 shares during the last quarter. KBC Group NV grew its position in shares of Arcutis Biotherapeutics by 43.2% in the 1st quarter. KBC Group NV now owns 4,376 shares of the company’s stock worth $103,000 after buying an additional 1,321 shares during the last quarter. AMI Asset Management Corp increased its stake in shares of Arcutis Biotherapeutics by 3.2% during the first quarter. AMI Asset Management Corp now owns 50,863 shares of the company’s stock valued at $1,198,000 after buying an additional 1,601 shares during the period. Finally, Fishman Jay A Ltd. MI raised its holdings in shares of Arcutis Biotherapeutics by 0.4% during the first quarter. Fishman Jay A Ltd. MI now owns 566,730 shares of the company’s stock valued at $13,352,000 after acquiring an additional 2,080 shares in the last quarter.

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.