Arcutis Biotherapeutics (NASDAQ:ARQT) Raised to “Buy” at Wall Street Zen

Arcutis Biotherapeutics (NASDAQ:ARQT) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Sunday.

ARQT has been the topic of a number of other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcutis Biotherapeutics in a report on Wednesday, June 24th. Needham & Company LLC reiterated a “buy” rating and issued a $36.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, May 7th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Arcutis Biotherapeutics Trading Down 3.6%

Arcutis Biotherapeutics stock traded down $1.04 during midday trading on Friday, reaching $27.74. 1,572,129 shares of the stock traded hands, compared to its average volume of 1,740,885. The company has a current ratio of 2.68, a quick ratio of 2.46 and a debt-to-equity ratio of 0.54. The firm has a market cap of $3.47 billion, a PE ratio of -924.36 and a beta of 1.48. The company has a 50-day simple moving average of $23.67 and a two-hundred day simple moving average of $24.85. Arcutis Biotherapeutics has a 12-month low of $13.69 and a 12-month high of $31.77.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). Arcutis Biotherapeutics had a negative return on equity of 1.41% and a negative net margin of 0.57%.The business had revenue of $105.40 million for the quarter, compared to analyst estimates of $103.67 million. Research analysts expect that Arcutis Biotherapeutics will post 0.15 earnings per share for the current fiscal year.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Todd Watanabe sold 3,172 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $23.61, for a total value of $74,890.92. Following the sale, the insider directly owned 720,755 shares in the company, valued at $17,017,025.55. This trade represents a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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. Also, Director Sue-Jean Lin sold 4,946 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $24.38, for a total value of $120,583.48. Following the sale, the director directly owned 27,567 shares of the company’s stock, valued at $672,083.46. This trade represents a 15.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 30,931 shares of company stock valued at $730,086 over the last ninety days. Company insiders own 9.40% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several hedge funds have recently added to or reduced their stakes in the stock. Suvretta Capital Management LLC lifted its position in shares of Arcutis Biotherapeutics by 14.2% during the 4th quarter. Suvretta Capital Management LLC now owns 11,964,000 shares of the company’s stock worth $347,435,000 after buying an additional 1,486,000 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Arcutis Biotherapeutics by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 7,253,936 shares of the company’s stock valued at $210,654,000 after buying an additional 107,846 shares during the last quarter. Polar Capital Holdings Plc raised its stake in Arcutis Biotherapeutics by 4.9% during the 4th quarter. Polar Capital Holdings Plc now owns 5,556,169 shares of the company’s stock worth $161,351,000 after acquiring an additional 257,415 shares in the last quarter. State Street Corp lifted its position in Arcutis Biotherapeutics by 18.2% in the fourth quarter. State Street Corp now owns 5,488,301 shares of the company’s stock valued at $159,380,000 after acquiring an additional 846,986 shares during the last quarter. Finally, Morgan Stanley boosted its stake in Arcutis Biotherapeutics by 1.5% in the fourth quarter. Morgan Stanley now owns 4,340,239 shares of the company’s stock valued at $126,041,000 after acquiring an additional 63,845 shares in the last quarter.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for immuno-inflammatory skin diseases. The company’s research and development efforts center on targeted treatments that address the underlying biology of conditions such as plaque psoriasis, atopic dermatitis, seborrheic dermatitis and vitiligo. Arcutis employs a precision-medicine approach to deliver topical therapies designed to improve efficacy and tolerability compared with existing treatment options.

In August 2022, Arcutis received U.S.