Morgan Stanley assumed coverage of Arcutis Biotherapeutics (ARQT) with an Overweight rating and a price target of $20, up from $19. Arcutis is developing topical dermatology therapies and investor focus remains primarily on execution of the marketed Zoryve franchise and available follow-on indications, the analyst says. The firm estimates peak sales for Zoryve cream in plaque psoriasis and atopic dermatitis of $266M and $189M, respectively, and peak for Zoryve foam in seborrheic derm and scalp psoriasis of $267M and $77M.
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