Mizuho Forecasts Strong Price Appreciation for Arcutis Biotherapeutics (NASDAQ:ARQT) Stock

Arcutis Biotherapeutics (NASDAQ:ARQT) had its price target boosted by analysts at Mizuho from $19.00 to $20.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price target suggests a potential upside of 28.12% from the stock’s previous close.

Several other brokerages have also recently issued reports on ARQT. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price objective on shares of Arcutis Biotherapeutics in a report on Thursday, November 7th. HC Wainwright began coverage on shares of Arcutis Biotherapeutics in a research report on Monday, December 30th. They set a “buy” rating and a $19.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.60.

Arcutis Biotherapeutics Price Performance

ARQT stock traded up $0.90 during midday trading on Tuesday, hitting $15.61. The company’s stock had a trading volume of 1,102,238 shares, compared to its average volume of 1,592,111. Arcutis Biotherapeutics has a 12 month low of $3.11 and a 12 month high of $16.20. The company has a 50 day moving average of $11.98 and a two-hundred day moving average of $10.51. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of -8.72 and a beta of 1.30.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The business had revenue of $44.76 million for the quarter, compared to analysts’ expectations of $38.05 million. On average, analysts expect that Arcutis Biotherapeutics will post -1.34 EPS for the current year.

Insiders Place Their Bets

In related news, insider Masaru Matsuda sold 5,015 shares of Arcutis Biotherapeutics stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $8.68, for a total transaction of $43,530.20. Following the completion of the transaction, the insider now directly owns 178,273 shares of the company’s stock, valued at approximately $1,547,409.64. The trade was a 2.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $8.65, for a total transaction of $86,500.00. Following the completion of the sale, the director now directly owns 171,944 shares in the company, valued at $1,487,315.60. This trade represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 78,291 shares of company stock valued at $927,966 over the last three months. 9.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of institutional investors have recently modified their holdings of the stock. Suvretta Capital Management LLC grew its stake in Arcutis Biotherapeutics by 7.2% in the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after purchasing an additional 717,019 shares in the last quarter. GSA Capital Partners LLP grew its position in shares of Arcutis Biotherapeutics by 730.0% during the 3rd quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock worth $2,206,000 after buying an additional 208,599 shares in the last quarter. Rubric Capital Management LP increased its stake in shares of Arcutis Biotherapeutics by 11.7% during the third quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after buying an additional 1,150,000 shares during the period. Wesbanco Bank Inc. bought a new stake in shares of Arcutis Biotherapeutics in the third quarter valued at about $955,000. Finally, Algert Global LLC lifted its stake in Arcutis Biotherapeutics by 595.9% in the third quarter. Algert Global LLC now owns 72,480 shares of the company’s stock worth $674,000 after acquiring an additional 62,065 shares during the period.

About Arcutis Biotherapeutics

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.