Arcutis Biotherapeutics (NASDAQ:ARQT) Stock Rating Upgraded by Zacks Investment Research
Arcutis Biotherapeutics (NASDAQ:ARQT – Get Review) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released Thursday, Zacks.com reports.
According to Zacks, “Arcutis Biotherapeutics Inc. is a late-stage biopharmaceutical company. It focuses on the development and commercialization of treatments for unmet needs in immune-mediated dermatological diseases. The Company’s product portfolio includes ARQ-151, ARQ-154 and ARQ-252 for multiple indications, including psoriasis, atopic dermatitis, seborrheic dermatitis and eczema, which are at the stage clinical. Arcutis Biotherapeutics Inc. is based in Westlake Village, California. “
A number of other equity research analysts have also recently weighed in on the stock. Mizuho lowered its price target on Arcutis Biotherapeutics shares from $58.00 to $57.00 and set a “buy” rating on the stock in a Thursday, April 7 research note. Cantor Fitzgerald reiterated an “overweight” rating on Arcutis Biotherapeutics shares in a Wednesday, Feb. 23 research report. Goldman Sachs Group began covering Arcutis Biotherapeutics shares in a research report on Thursday, March 17. They have set a “buy” rating and a price target of $45.00 on the stock. Finally, Morgan Stanley raised its price target on Arcutis Biotherapeutics shares from $35.00 to $37.00 and gave the company an “overweight” rating in a Wednesday, March 2 research report. One analyst rated the stock with a hold rating and four rated the company’s stock with a buy rating. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $41.50.
ARQT traded down $0.06 on Thursday, hitting $19.66. The company had a trading volume of 500,346 shares, against an average volume of 281,093. The company has a 50-day simple moving average of $19.66 and a 200-day simple moving average of $18.16. The company has a market capitalization of $1.01 billion, a price-earnings ratio of -4.21 and a beta of 0.28. The company has a debt ratio of 0.29, a quick ratio of 12.09 and a current ratio of 10.89. Arcutis Biotherapeutics has a 52 week low of $13.59 and a 52 week high of $29.37.
Arcutis Biotherapeutics (NASDAQ:ARQT – Get Rating) last reported results on Thursday, May 5. The company reported ($1.27) earnings per share for the quarter, beating analyst consensus estimates of ($1.50) by $0.23. As a group, equity research analysts expect Arcutis Biotherapeutics to post -5.74 EPS for the current fiscal year.
Separately, insider David W. Osborne sold 2,197 shares of the company in a trade on Thursday, April 21. The stock was sold at an average price of $20.42, for a total value of $44,862.74. Following the completion of the sale, the insider now owns 257,229 shares of the company, valued at $5,252,616.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, CEO Todd Franklin Watanabe sold 2,489 shares of the company in a trade on Friday, March 4. The stock was sold at an average price of $16.86, for a total value of $41,964.54. The disclosure of this sale can be found here. Insiders sold 553,267 shares of the company worth $11,424,366 in the past 90 days. Insiders of the company hold 39.00% of the shares of the company.
A number of hedge funds have recently changed their positions in the stock. Neuberger Berman Group LLC increased its stake in Arcutis Biotherapeutics by 5.9% in the first quarter. Neuberger Berman Group LLC now owns 129,276 shares of the company worth $2,490,000 after acquiring an additional 7,179 shares during the period. Jane Street Group LLC acquired a new stake in Arcutis Biotherapeutics in the first quarter valued at $277,000. Quantbot Technologies LP acquired a new stake in Arcutis Biotherapeutics in the first quarter valued at $44,000. Ensign Peak Advisors Inc increased its stake in Arcutis Biotherapeutics by 18.1% in the first quarter. Ensign Peak Advisors Inc now owns 495,450 shares of the company worth $9,544,000 after acquiring an additional 75,776 shares during the period. Finally, Guggenheim Capital LLC increased its stake in Arcutis Biotherapeutics by 14.4% in the first quarter. Guggenheim Capital LLC now owns 12,266 shares of the company worth $236,000 after acquiring 1,544 additional shares during the period. 87.59% of the shares are held by institutional investors.
Arcutis Biotherapeutics Company Profile (Get an evaluation)
Arcutis Biotherapeutics, Inc., a biopharmaceutical company, is focused 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.
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