Arcutis Biotherapeutics (NASDAQ:ARQT) Price Target Raised to $45.00 at Morgan Stanley

Arcutis Biotherapeutics (NASDAQ:ARQTGet Rating) had its price objective hoisted by Morgan Stanley from $39.00 to $45.00 in a research report released on Tuesday morning, The Fly reports. Morgan Stanley currently has an overweight rating on the stock.

Separately, Mizuho dropped their price objective on Arcutis Biotherapeutics from $58.00 to $57.00 and set a buy rating for the company in a report on Thursday, April 7th.

Arcutis Biotherapeutics Stock Performance

NASDAQ:ARQT opened at $25.15 on Tuesday. Arcutis Biotherapeutics has a twelve month low of $13.59 and a twelve month high of $26.13. The company has a current ratio of 10.89, a quick ratio of 10.89 and a debt-to-equity ratio of 0.29. The company has a 50-day moving average of $22.13 and a 200-day moving average of $19.50. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -5.39 and a beta of 0.33.

Arcutis Biotherapeutics (NASDAQ:ARQTGet Rating) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($1.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.41) by $0.10. Analysts forecast that Arcutis Biotherapeutics will post -5.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Masaru Matsuda sold 1,795 shares of the business’s stock in a transaction on Thursday, June 2nd. The stock was sold at an average price of $19.73, for a total transaction of $35,415.35. Following the sale, the senior vice president now directly owns 16,380 shares in the company, valued at approximately $323,177.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP Masaru Matsuda sold 1,795 shares of the company’s stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $19.73, for a total value of $35,415.35. Following the completion of the transaction, the senior vice president now directly owns 16,380 shares in the company, valued at approximately $323,177.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Franklin Watanabe sold 13,500 shares of the stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $25.37, for a total value of $342,495.00. Following the sale, the chief executive officer now owns 651,871 shares of the company’s stock, valued at $16,537,967.27. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 368,963 shares of company stock valued at $7,941,158. Insiders own 23.00% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Institutional investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Arcutis Biotherapeutics in the first quarter worth about $29,000. Quantbot Technologies LP bought a new position in Arcutis Biotherapeutics in the first quarter worth approximately $44,000. Amalgamated Bank acquired a new position in shares of Arcutis Biotherapeutics during the first quarter worth $67,000. Virtus ETF Advisers LLC grew its holdings in shares of Arcutis Biotherapeutics by 50.1% during the fourth quarter. Virtus ETF Advisers LLC now owns 10,965 shares of the company’s stock valued at $227,000 after buying an additional 3,661 shares during the last quarter. Finally, Guggenheim Capital LLC grew its holdings in shares of Arcutis Biotherapeutics by 14.4% during the first quarter. Guggenheim Capital LLC now owns 12,266 shares of the company’s stock valued at $236,000 after buying an additional 1,544 shares during the last quarter. 87.59% of the stock is owned by institutional investors.

About Arcutis Biotherapeutics

(Get Rating)

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.

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