Fintel reports that on May 26, 2023, Truist Securities maintained coverage of Arcutis Biotherapeutics (NASDAQ:ARQT) with a Buy recommendation.
Analyst Price Forecast Suggests 461.27% Upside
As of May 11, 2023, the average one-year price target for Arcutis Biotherapeutics is 47.15. The forecasts range from a low of 24.24 to a high of $68.25. The average price target represents an increase of 461.27% from its latest reported closing price of 8.40.
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The projected annual revenue for Arcutis Biotherapeutics is 53MM, an increase of 726.43%. The projected annual non-GAAP EPS is -4.69.
What is the Fund Sentiment?
There are 354 funds or institutions reporting positions in Arcutis Biotherapeutics. This is a decrease of 7 owner(s) or 1.94% in the last quarter. Average portfolio weight of all funds dedicated to ARQT is 0.13%, an increase of 15.07%. Total shares owned by institutions increased in the last three months by 6.47% to 77,812K shares. The put/call ratio of ARQT is 0.75, indicating a bullish outlook.
What are Other Shareholders Doing?
Frazier Life Sciences Management holds 8,684K shares representing 14.14% ownership of the company. No change in the last quarter.
Rubric Capital Management holds 3,500K shares representing 5.70% ownership of the company. In it’s prior filing, the firm reported owning 2,743K shares, representing an increase of 21.64%. The firm decreased its portfolio allocation in ARQT by 43.59% over the last quarter.
Polar Capital Holdings holds 3,136K shares representing 5.10% ownership of the company. In it’s prior filing, the firm reported owning 2,006K shares, representing an increase of 36.03%. The firm increased its portfolio allocation in ARQT by 6.25% over the last quarter.
Bain Capital Life Sciences Investors holds 3,000K shares representing 4.88% ownership of the company. No change in the last quarter.
XBI – SPDR(R) S&P(R) Biotech ETF holds 2,928K shares representing 4.77% ownership of the company. In it’s prior filing, the firm reported owning 1,898K shares, representing an increase of 35.18%. The firm increased its portfolio allocation in ARQT by 1.68% over the last quarter.
Arcutis Biotherapeutics Background Information
(This description is provided by the company.)
Arcutis Biotherapeutics, Inc. is a late-stage biopharmaceutical company focused on developing and commercializing treatments for unmet needs in immune-mediated dermatological diseases and conditions, or immuno-dermatology. The company is leveraging recent advances in immunology and inflammation to develop differentiated therapies against biologically validated targets to solve persistent treatment challenges in serious diseases of the skin. Arcutis’ robust pipeline includes four novel drug candidates currently in development for a range of inflammatory dermatological conditions. The company’s lead product candidate, topical roflumilast, has the potential to become the standard of care for plaque psoriasis, atopic dermatitis, scalp psoriasis, and seborrheic dermatitis.
Key filings for this company:
This story originally appeared on Fintel.
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