H.C. Wainwright Reiterates Buy Rating on Arcutis Biotherapeutics Inc. (ARQT)

H.C. Wainwright analyst Doug Tsao reiterated a Buy rating and $19.00 price target on Arcutis Biotherapeutics Inc. (NASDAQ: ARQT).

The analyst commented: "The FDA approval of Zoryve foam 0.3% further expands the drug’s reach by offering a single solution for psoriasis patients that can be used from "head to toe." Zoryve has been establishing leadership based on its rapid onset of action, tolerability, and versatility that was expanded further with the recent approval of the foam for scalp and body psoriasis. This new formulation is indicated for the treatment of plaque psoriasis of the scalp and body in adults and adolescents ages 12 and older. Zoryve foam is easier to apply on scalp, especially in hair-bearing areas, than cream and ointments, and does not require daily showering as with shampoo. While we don't expect to see the explosive growth that the foam saw when first approved for seborrheic dermatitis, but it should help sustain the growth trajectory that the Zoryve franchise has enjoyed. Arcutis is initiating a line extension of the existing contracts with the PBMs and payers for seborrheic dermatitis. We expect coverage for psoriasis to begin soon as there is no need for additional contracting or negotiations. Reiterate Buy rating and $19 PT."

For an analyst ratings summary and ratings history on Arcutis Biotherapeutics Inc. click here. For more ratings news on Arcutis Biotherapeutics Inc. click here.

Shares of Arcutis Biotherapeutics Inc. closed at $13.48 yesterday.

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