ARQT - Arcutis up 9% as Cowen says to add to positions as shares are 'meaningfully discounted'

• Cowen, which has an outperform rating on Arcutis Biotherapeutics ( NASDAQ: ARQT ), is recommending that investors add to their positions as the stock is trading at a discounted price amid positive feedback on the company's recently launched plaque psoriasis cream Zoryve (roflumilast).
• Shares are up ~9% in Thursday afternoon trading.
• Analyst Ken Cacciatore said that based on a recent conversation with a doctor, patients are seeing excellent efficacy with Zoryve without significant side effects.
• "This feedback provides us confidence that as the managed care strategy broadens, the Rx trends should accelerate," he wrote.
• Zoryve competes with Roivant Sciences ( ROIV ) unit Dermavant Sciences' Vtama (tapinarof).
• In December, Arcutis ( ARQT ) reported positive data on a second phase 3 trial of Zoryve for atopic dermatitis .

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