Arcutis Biotherapeutics price target raised to $19 from $16 at Jefferies

Jefferies raised the firm’s price target on Arcutis Biotherapeutics (ARQT) to $19 from $16 and keeps a Buy rating on the shares. The firm views Arcutis as a beneficiary of a rotation to commercial from clinical biotech names given underlying market dynamics and market volatility shifting the risk profile lower, the analyst tells investors. Arcutis has demonstrated steady Zoryve growth and consistent quarterly beats, adds the analyst, who calls it a “GARP-y SMID-cap biotech.”