Needham & Company LLC Reiterates “Buy” Rating for Arcutis Biotherapeutics (NASDAQ:ARQT)

Needham & Company LLC reaffirmed their buy rating on shares of Arcutis Biotherapeutics (NASDAQ:ARQT) in a research note released on Wednesday morning, MarketBeat.com reports. Needham & Company LLC currently has a $20.00 price objective on the stock.

A number of other analysts have also commented on ARQT. HC Wainwright reaffirmed a “buy” rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Monday, January 13th. Mizuho raised their target price on shares of Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 7th. Finally, Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research report on Monday. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.20.

Arcutis Biotherapeutics Stock Performance

Arcutis Biotherapeutics stock opened at $13.22 on Wednesday. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The firm has a market cap of $1.55 billion, a P/E ratio of -7.39 and a beta of 1.29. Arcutis Biotherapeutics has a 1-year low of $6.99 and a 1-year high of $16.20. The firm has a 50-day moving average of $13.58 and a 200-day moving average of $11.42.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.19. The business had revenue of $71.36 million during the quarter, compared to analyst estimates of $60.52 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. Sell-side analysts expect that Arcutis Biotherapeutics will post -1.33 EPS for the current year.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $12.51, for a total value of $125,100.00. Following the completion of the transaction, the director now directly owns 161,944 shares in the company, valued at $2,025,919.44. This trade represents a 5.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Masaru Matsuda sold 8,338 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $12.70, for a total transaction of $105,892.60. Following the transaction, the insider now directly owns 178,692 shares of the company’s stock, valued at approximately $2,269,388.40. This trade represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,029 shares of company stock valued at $756,017. 9.50% of the stock is currently owned by company insiders.

Institutional Trading of Arcutis Biotherapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in ARQT. Point72 DIFC Ltd purchased a new position in Arcutis Biotherapeutics during the third quarter valued at $25,000. GF Fund Management CO. LTD. purchased a new stake in shares of Arcutis Biotherapeutics in the fourth quarter worth $34,000. Venturi Wealth Management LLC bought a new position in shares of Arcutis Biotherapeutics during the fourth quarter valued at $46,000. Erste Asset Management GmbH purchased a new position in shares of Arcutis Biotherapeutics in the 3rd quarter worth about $104,000. Finally, Victory Capital Management Inc. boosted its stake in Arcutis Biotherapeutics by 9.9% in the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock worth $119,000 after purchasing an additional 1,155 shares in the last quarter.

About Arcutis Biotherapeutics

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.