ARQT - Why Shares of Arcutis Biotherapeutics Jumped This Week
2023-06-09 17:33:00 ET
Shares of Arcutis Biotherapeutics (NASDAQ: ARQT) climbed 21.2% for the week after rising as high as 23.8%, according to data provided by S&P Global Market Intelligence . The medical dermatology company's stock closed last week at $8.20 and rose to as high as $10.24 on Thursday. Arcutis' shares are down more than 32% so far this year.
Arcutis focuses on treatments for inflammatory dermatological conditions, including scalp and body psoriasis, atopic dermatitis, seborrheic dermatitis, and alopecia areata. The healthcare stock's push this week coincided with an article in the British Journal of Dermatology that published data from Arcutis' phase 2b study of once-daily roflumilast foam made by Arcutis to treat scalp and body psoriasis. The study found a 59.1% response rate for the therapy compared to the control, with few side effects.
The company also received several updates from analysts recently, with Mizuho Securities maintaining a buy rating with a price target of $57. JonesTrading maintained a buy rating on the stock with a target of $44.
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Why Shares of Arcutis Biotherapeutics Jumped This Week