Wall Street Zen cut shares of Arcutis Biotherapeutics (NASDAQ:ARQT – Free Report) from a buy rating to a hold rating in a research report sent to investors on Saturday,Wall Street Zen reports.
A number of other analysts also recently commented on the company. Morgan Stanley boosted their target price on Arcutis Biotherapeutics from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Needham & Company LLC set a $40.00 target price on Arcutis Biotherapeutics in a report on Thursday. Jefferies Financial Group restated a “buy” rating and issued a $39.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, October 8th. Weiss Ratings raised Arcutis Biotherapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, October 29th. Finally, Guggenheim lifted their price target on Arcutis Biotherapeutics from $38.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday, October 19th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Arcutis Biotherapeutics has an average rating of “Moderate Buy” and a consensus target price of $39.75.
Get Our Latest Stock Analysis on ARQT
Arcutis Biotherapeutics Price Performance
ARQT stock opened at $26.20 on Friday. The firm has a 50 day moving average of $27.21 and a 200-day moving average of $25.37. The company has a market cap of $3.29 billion, a price-to-earnings ratio of 162.14 and a beta of 1.66. The company has a current ratio of 2.92, a quick ratio of 2.67 and a debt-to-equity ratio of 0.46. Arcutis Biotherapeutics has a 12-month low of $19.30 and a 12-month high of $34.80.
Arcutis Biotherapeutics (NASDAQ:ARQT – Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.12). Arcutis Biotherapeutics had a return on equity of 14.96% and a net margin of 5.88%. The firm had revenue of $143.92 million during the quarter, compared to analyst estimates of $142.59 million. As a group, equities analysts expect that Arcutis Biotherapeutics will post 0.33 EPS for the current fiscal year.
Insider Activity
In related news, Director Terrie Curran sold 38,200 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $25.03, for a total value of $956,146.00. Following the sale, the director owned 23,526 shares of the company’s stock, valued at approximately $588,855.78. This represents a 61.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Masaru Matsuda sold 40,000 shares of the stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $34.32, for a total value of $1,372,800.00. Following the sale, the executive vice president owned 111,289 shares in the company, valued at approximately $3,819,438.48. This trade represents a 26.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last three months, insiders sold 115,632 shares of company stock worth $3,332,961. 9.40% of the stock is owned by corporate insiders.
Institutional Trading of Arcutis Biotherapeutics
Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in Arcutis Biotherapeutics during the 2nd quarter worth about $276,502,000. Bank of America Corp DE purchased a new position in Arcutis Biotherapeutics in the 2nd quarter valued at about $78,330,000. Jupiter Topco LLC acquired a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter worth about $36,989,000. Bamco Inc. NY acquired a new stake in shares of Arcutis Biotherapeutics during the 2nd quarter worth about $32,857,000. Finally, Simplify Asset Management Inc. acquired a new stake in shares of Arcutis Biotherapeutics during the 3rd quarter worth about $22,885,000.
About Arcutis Biotherapeutics
Arcutis Biotherapeutics is a biopharmaceutical company focused on developing and commercializing treatments for inflammatory skin diseases. Founded in 2016, the company is headquartered in Westlake Village, California.
Arcutis primarily serves the U.S.
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