Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Given Average Recommendation of “Moderate Buy” by Brokerages

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) has been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price target among brokers that have covered the stock in the last year is $16.60.

Several research analysts have issued reports on the company. 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. Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday. Mizuho boosted their price target on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, January 7th. Finally, HC Wainwright reiterated a “buy” rating and set a $19.00 price objective on shares of Arcutis Biotherapeutics in a research report on Monday, January 13th.

Arcutis Biotherapeutics Stock Down 0.6 %

ARQT stock traded down $0.08 during midday trading on Monday, reaching $11.54. The company had a trading volume of 567,887 shares, compared to its average volume of 1,858,247. The company has a market capitalization of $1.35 billion, a P/E ratio of -6.44 and a beta of 1.29. Arcutis Biotherapeutics has a 1 year low of $6.05 and a 1 year high of $16.20. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The company has a 50 day moving average of $13.65 and a two-hundred day moving average of $11.15.

Insider Buying and Selling

In related news, insider Patrick Burnett sold 16,023 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $10.14, for a total value of $162,473.22. Following the completion of the transaction, the insider now owns 128,669 shares in the company, valued at $1,304,703.66. This trade represents a 11.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $12.51, for a total value of $125,100.00. Following the transaction, the director now owns 161,944 shares of the company’s stock, valued at approximately $2,025,919.44. This represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 72,927 shares of company stock valued at $936,675. Company insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Several large investors have recently bought and sold shares of ARQT. Millennium Management LLC increased its position in shares of Arcutis Biotherapeutics by 35.3% in the second quarter. Millennium Management LLC now owns 512,696 shares of the company’s stock valued at $4,768,000 after buying an additional 133,645 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Arcutis Biotherapeutics by 31.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 40,323 shares of the company’s stock valued at $375,000 after buying an additional 9,537 shares during the period. Inspire Investing LLC purchased a new stake in Arcutis Biotherapeutics during the 3rd quarter worth $412,000. Wesbanco Bank Inc. purchased a new stake in shares of Arcutis Biotherapeutics during the 3rd quarter valued at about $955,000. Finally, Creative Planning acquired a new position in shares of Arcutis Biotherapeutics during the third quarter worth $127,000.

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.