Investment analysts at Citigroup have reduced their price target for Arcturus Therapeutics (NASDAQ: ARCT) from $9.00 to $7.00. This adjustment, announced in a report on October 22, 2023, reflects a “neutral” rating on the biotechnology company’s stock. The new price objective suggests a potential upside of 7.54% based on the stock’s previous closing price.
Other analysts have also revised their expectations for Arcturus Therapeutics. BTIG Research significantly lowered its price objective from $48.00 to $23.00, maintaining a “buy” rating. Meanwhile, Piper Sandler adjusted its target from $140.00 to $72.00 with an “overweight” rating. Additionally, Wall Street Zen downgraded the stock from “hold” to “sell,” while Weiss Ratings reaffirmed a “sell (d-)” rating. Zacks Research also changed their rating from “strong-buy” to “hold” on October 24, 2023.
Currently, seven equities research analysts rate the stock as a buy, four have issued hold ratings, and one has categorized it as a sell. Data from MarketBeat indicates that Arcturus Therapeutics has an average rating of “Moderate Buy” with an average target price of $35.75.
Recent Earnings Report and Market Performance
Arcturus Therapeutics recently announced its quarterly earnings on November 10, 2023. The company reported an earnings per share (EPS) loss of $0.49, which was better than analysts’ consensus estimate of $1.09 by $0.60. The company recorded a revenue of $17.15 million for the quarter, slightly below the expected $17.47 million. Analysts forecast that Arcturus Therapeutics will report an EPS of -2.22 for the current year.
Following the recent announcements, shares of Arcturus Therapeutics saw a modest increase of 2.2% in trading.
Institutional Investors Take Positions
Hedge funds and institutional investors have been actively adjusting their stakes in Arcturus Therapeutics. The Goldman Sachs Group Inc. increased its holdings by 9.1% during the first quarter, now owning 509,712 shares valued at approximately $5.4 million. Dynamic Technology Lab Private Ltd also entered the market with a new stake valued at around $299,000.
Other notable transactions include the Public Employees Retirement System of Ohio, which purchased shares worth approximately $240,000, and Jacobs Levy Equity Management Inc., which raised its position by 20.6%, acquiring an additional 24,583 shares.
Currently, hedge funds and institutional investors hold 94.54% of Arcturus Therapeutics’ stock, indicating strong institutional interest in the company.
Arcturus Therapeutics Holdings Inc. is focused on developing messenger RNA (mRNA) medicines for various diseases. Utilizing its proprietary STARR® mRNA platform, the company aims for precise control over mRNA expression and employs its LUNAR® lipid nanoparticle delivery technology. Its product pipeline features candidates such as ARCT-810 for phenylketonuria (PKU) and ARCT-021, a COVID-19 vaccine developed in collaboration with Duke-NUS Medical School in Singapore.
As the biotechnology sector continues to evolve, investors will be closely monitoring Arcturus Therapeutics’ performance and any further adjustments to analyst ratings.
