In a report released yesterday, Vikram Purohit from Morgan Stanley maintained a Buy rating on Arcutis Biotherapeutics (ARQT – Research Report), with a price target of $19.00.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Vikram Purohit has given his Buy rating due to a combination of factors surrounding Arcutis Biotherapeutics’ recent developments. The FDA’s approval of Zoryve foam for treating psoriasis in patients aged 12 and above marks a significant milestone. This approval aligns with expectations and expands the product’s label to cover scalp and body psoriasis, which is anticipated to drive new patient starts without disrupting the existing use of Zoryve cream.
Furthermore, the commercial prospects for Zoryve foam are promising, with projected sales growth over the coming years. Although the initial revenue impact is expected to be modest, the broad label approval and the potential for increased market penetration contribute positively to the overall valuation of Arcutis Biotherapeutics. These factors, combined with the company’s strategic focus on expanding its franchise sales, underpin Purohit’s optimistic outlook and Buy rating for ARQT stock.
In another report released yesterday, Needham also maintained a Buy rating on the stock with a $20.00 price target.
ARQT’s price has also changed moderately for the past six months – from $10.140 to $13.660, which is a 34.71% increase.