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

Arcutis Biotherapeutics (NASDAQ:ARQT) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Several other equities research analysts also recently weighed in on the company. 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 report on Thursday, August 6th. Guggenheim lifted 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. Needham & Company LLC boosted their price objective on Arcutis Biotherapeutics from $36.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Weiss Ratings raised Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, September 24th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $39.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.00.

Arcutis Biotherapeutics Price Performance

NASDAQ:ARQT opened at $26.58 on Friday. The firm has a market capitalization of $3.34 billion, a P/E ratio of 126.58 and a beta of 1.57. Arcutis Biotherapeutics has a 1-year low of $19.30 and a 1-year high of $31.77. The company’s fifty day moving average price is $25.33 and its 200-day moving average price is $24.64. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.92 and a quick ratio of 2.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its earnings results on Wednesday, August 5th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.05. The firm had revenue of $129.86 million during the quarter, compared to analysts’ expectations of $118.85 million. Arcutis Biotherapeutics had a net margin of 6.15% and a return on equity of 15.05%. As a group, equities research analysts anticipate that Arcutis Biotherapeutics will post 0.42 EPS for the current year.

Insider Activity

In related news, insider Masaru Matsuda sold 9,989 shares of the business’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $25.03, for a total value of $250,024.67. Following the completion of the transaction, the insider directly owned 116,182 shares in the company, valued at $2,908,035.46. The trade was a 7.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Howard Welgus sold 4,730 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $26.18, for a total transaction of $123,831.40. Following the completion of the transaction, 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 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. Over the last 90 days, insiders sold 79,225 shares of company stock worth $2,015,966. 9.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ARQT. Arizona State Retirement System lifted its position in shares of 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 buying an additional 521 shares in the last quarter. Bank of New York Mellon Corp grew its stake in 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 valued at $7,198,000 after acquiring an additional 1,104 shares during the period. KBC Group NV grew its stake in Arcutis Biotherapeutics by 43.2% in the 1st quarter. KBC Group NV now owns 4,376 shares of the company’s stock valued at $103,000 after acquiring an additional 1,321 shares during the period. AMI Asset Management Corp increased its holdings in Arcutis Biotherapeutics by 3.2% in the 1st quarter. AMI Asset Management Corp now owns 50,863 shares of the company’s stock worth $1,198,000 after acquiring an additional 1,601 shares in the last quarter. Finally, Fishman Jay A Ltd. MI increased its holdings in Arcutis Biotherapeutics by 0.4% in the 1st quarter. Fishman Jay A Ltd. MI now owns 566,730 shares of the company’s stock worth $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.