Arcutis Biotherapeutics (NASDAQ:ARQT) Hits New 52-Week High on Analyst Upgrade

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT)’s share price hit a new 52-week high on Tuesday after Mizuho raised their price target on the stock from $19.00 to $20.00. Mizuho currently has an outperform rating on the stock. Arcutis Biotherapeutics traded as high as $16.15 and last traded at $16.05, with a volume of 503141 shares traded. The stock had previously closed at $14.71.

A number of other brokerages also recently weighed in on ARQT. HC Wainwright began coverage on Arcutis Biotherapeutics in a report on Monday, December 30th. They issued a “buy” rating and a $19.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.60.

Insider Buying and Selling

In other news, insider Masaru Matsuda sold 5,015 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $8.68, for a total transaction of $43,530.20. Following the sale, the insider now directly owns 178,273 shares of the company’s stock, valued at approximately $1,547,409.64. This trade represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Patrick Burnett sold 16,023 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $10.14, for a total value of $162,473.22. Following the completion of the transaction, the insider now directly owns 128,669 shares of the company’s stock, valued at $1,304,703.66. This represents a 11.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 78,291 shares of company stock worth $927,966 in the last 90 days. Insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several large investors have recently modified their holdings of ARQT. JPMorgan Chase & Co. increased its holdings in Arcutis Biotherapeutics by 0.9% in the third quarter. JPMorgan Chase & Co. now owns 1,296,911 shares of the company’s stock valued at $12,061,000 after purchasing an additional 11,833 shares during the period. Geode Capital Management LLC increased its stake in shares of Arcutis Biotherapeutics by 2.0% in the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock valued at $22,977,000 after buying an additional 48,868 shares during the period. Barclays PLC raised its position in shares of Arcutis Biotherapeutics by 45.8% during the third quarter. Barclays PLC now owns 253,392 shares of the company’s stock worth $2,356,000 after acquiring an additional 79,579 shares during the last quarter. XTX Topco Ltd lifted its stake in shares of Arcutis Biotherapeutics by 30.9% in the third quarter. XTX Topco Ltd now owns 47,728 shares of the company’s stock worth $444,000 after acquiring an additional 11,262 shares during the period. Finally, State Street Corp boosted its holdings in Arcutis Biotherapeutics by 9.9% in the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after acquiring an additional 506,788 shares during the last quarter.

Arcutis Biotherapeutics Price Performance

The firm has a market capitalization of $1.79 billion, a P/E ratio of -8.53 and a beta of 1.30. The company has a fifty day moving average of $12.13 and a 200 day moving average of $10.56. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The company had revenue of $44.76 million for the quarter, compared to analyst estimates of $38.05 million. Sell-side analysts predict that Arcutis Biotherapeutics, Inc. will post -1.34 earnings per share for the current year.

Arcutis Biotherapeutics Company Profile

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.