Mizuho Raises Arcutis Biotherapeutics (NASDAQ:ARQT) Price Target to $21.00

Arcutis Biotherapeutics (NASDAQ:ARQT) had its price objective raised by equities research analysts at Mizuho from $20.00 to $21.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s target price would suggest a potential upside of 64.51% from the stock’s current price.

A number of other research firms have also weighed in on ARQT. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Arcutis Biotherapeutics in a report on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Monday, January 13th. Finally, Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Arcutis Biotherapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $17.20.

Arcutis Biotherapeutics Stock Performance

NASDAQ:ARQT traded up $0.57 on Wednesday, hitting $12.77. The stock had a trading volume of 1,750,378 shares, compared to its average volume of 2,136,096. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of -7.13 and a beta of 1.29. Arcutis Biotherapeutics has a 52-week low of $6.99 and a 52-week high of $16.20. The business’s 50-day simple moving average is $13.59 and its two-hundred day simple moving average is $11.41. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67.

Arcutis Biotherapeutics (NASDAQ:ARQT) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.19. The business had revenue of $71.36 million for the quarter, compared to the consensus estimate of $60.52 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. As a group, research analysts predict that Arcutis Biotherapeutics will post -1.33 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $12.71, for a total value of $127,100.00. Following the sale, the director now owns 141,944 shares of the company’s stock, valued at approximately $1,804,108.24. The trade was a 6.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd Franklin Watanabe sold 15,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $15.17, for a total value of $227,550.00. Following the sale, the insider now directly owns 823,430 shares of the company’s stock, valued at approximately $12,491,433.10. This represents a 1.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,029 shares of company stock worth $756,017. 9.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of institutional investors have recently made changes to their positions in ARQT. Point72 Asset Management L.P. lifted its position in shares of Arcutis Biotherapeutics by 617.5% during the 4th quarter. Point72 Asset Management L.P. now owns 1,753,522 shares of the company’s stock worth $24,427,000 after buying an additional 1,509,136 shares during the period. Cercano Management LLC bought a new position in Arcutis Biotherapeutics during the 4th quarter worth about $17,487,000. Millennium Management LLC increased its stake in Arcutis Biotherapeutics by 101.3% in the 4th quarter. Millennium Management LLC now owns 2,310,163 shares of the company’s stock valued at $32,181,000 after buying an additional 1,162,690 shares during the last quarter. Rubric Capital Management LP lifted its stake in Arcutis Biotherapeutics by 11.7% in the 3rd quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after purchasing an additional 1,150,000 shares during the last quarter. Finally, Driehaus Capital Management LLC acquired a new stake in shares of Arcutis Biotherapeutics during the 4th quarter worth about $15,278,000.

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.