TD Cowen analyst Tyler Van Buren has maintained their bullish stance on ARQT stock, giving a Buy rating on February 22.
Tyler Van Buren has given his Buy rating due to a combination of factors surrounding the impressive performance and potential of Arcutis Biotherapeutics, particularly their product Zoryve. The sales of Zoryve in Q4 surpassed the consensus estimate, showcasing a significant quarterly growth and a higher-than-expected gross-to-net (GTN) percentage. The product’s market is expanding, with approvals for younger patients and the potential for an even broader patient base in the future. Additionally, the company’s management is efficiently working towards improving the GTN to a more profitable range, with expectations of reaching a steady state in the latter half of 2024.
Furthermore, prescription volumes have been increasing, and the company’s reach among prescribers is growing, indicating a solidifying position in the market. The improvement in reimbursement coverage has also contributed to the stock’s positive outlook, with over 80% of commercial lives now covered and no prior authorization hurdles for the majority of patients. The anticipation of Medicare/Medicaid expansion and the continued positive feedback from both physicians and patients point towards a strong growth trajectory for Zoryve, justifying the Buy rating assigned by Tyler Van Buren.
In another report released on February 22, Mizuho Securities also reiterated a Buy rating on the stock with a $16.00 price target.
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Arcutis Biotherapeutics (ARQT) Company Description:
Arcutis Biotherapeutics, Inc. engages in the development and commercialization of treatments for dermatological diseases. Its piepline consists of topical treatments for plaque psoriasis, atopic dermatitis, eczema, vitiligo, alopecia areata, and seborrheic dermatitis. The company was founded by Bhaskar Chaudhuri and David W. Osborne on June 1, 2016 and is headquartered in Westlake Village, CA.
Read More on ARQT:
- Arcutis Announces Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update
- Arcutis Biotherapeutics price target raised to $16 from $8 at Mizuho
- Arcutis to Report Fourth Quarter and Full Year 2023 Financial Results
- Arcutis Biotherapeutics Launches Stock Option Exchange Program
- Arcutis Biotherapeutics Inc (ARQT) Q4 Earnings Cheat Sheet
