Arcutis Biotherapeutics price target raised to $16 from $8 at Mizuho

Mizuho analyst Uy Ear raised the firm’s price target on Arcutis Biotherapeutics to $16 from $8 and keeps a Buy rating on the shares. The firm increased its total sales forecasts for 2024 and beyond, driven primarily by higher expectations for Zoryve Foam in seborrheic dermatitis, and sees more upside in the shares despite the 198% rally since January 2. In the first three weeks of launch, uptake of Zoryve Foam has been very strong and significantly better than expectations, the analyst tells investors in a research note.