Arcutis Biotherapeutics (NASDAQ:ARQT) Research Coverage Started at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Arcutis Biotherapeutics (NASDAQ:ARQT) in a report released on Wednesday, MarketBeat Ratings reports. The firm issued a buy rating and a $15.00 price target on the stock.

Several other brokerages have also commented on ARQT. Mizuho increased their price objective on Arcutis Biotherapeutics from $17.00 to $18.00 and gave the company a buy rating in a research report on Wednesday, May 15th. Needham & Company LLC reiterated a buy rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $13.33.

Arcutis Biotherapeutics Price Performance

ARQT stock opened at $10.88 on Wednesday. The firm has a 50 day simple moving average of $9.69 and a two-hundred day simple moving average of $9.46. The stock has a market cap of $1.26 billion, a PE ratio of -3.71 and a beta of 1.18. Arcutis Biotherapeutics has a one year low of $1.76 and a one year high of $13.17. The company has a debt-to-equity ratio of 0.90, a current ratio of 9.89 and a quick ratio of 9.61.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its earnings results on Wednesday, August 14th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.06. The company had revenue of $30.86 million during the quarter, compared to analyst estimates of $31.00 million. Arcutis Biotherapeutics had a negative net margin of 204.35% and a negative return on equity of 197.28%. During the same period in the previous year, the business earned ($1.16) earnings per share. On average, analysts predict that Arcutis Biotherapeutics will post -1.6 EPS for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 5,220 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $9.02, for a total value of $47,084.40. Following the transaction, the insider now owns 183,288 shares in the company, valued at $1,653,257.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $9.87, for a total transaction of $98,700.00. Following the completion of the transaction, the director now owns 176,953 shares of the company’s stock, valued at approximately $1,746,526.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Masaru Matsuda sold 5,220 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $9.02, for a total value of $47,084.40. Following the completion of the sale, the insider now owns 183,288 shares of the company’s stock, valued at approximately $1,653,257.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,948 shares of company stock worth $253,210. 9.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. abrdn plc purchased a new position in Arcutis Biotherapeutics during the 4th quarter valued at $481,000. Victory Capital Management Inc. purchased a new position in shares of Arcutis Biotherapeutics during the fourth quarter valued at about $34,000. Wilbanks Smith & Thomas Asset Management LLC purchased a new position in shares of Arcutis Biotherapeutics during the fourth quarter valued at about $65,000. Los Angeles Capital Management LLC bought a new position in Arcutis Biotherapeutics in the fourth quarter worth about $628,000. Finally, Amalgamated Bank lifted its holdings in Arcutis Biotherapeutics by 48.9% in the fourth quarter. Amalgamated Bank now owns 11,078 shares of the company’s stock worth $36,000 after buying an additional 3,639 shares during the period.

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.