Short Interest in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Increases By 9.1%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 27,130,000 shares, an increase of 9.1% from the September 15th total of 24,860,000 shares. Based on an average trading volume of 2,140,000 shares, the days-to-cover ratio is presently 12.7 days.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on ARQT shares. Jefferies Financial Group assumed coverage on shares of Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They set a “buy” rating and a $15.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a report on Thursday, August 15th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $13.33.

Arcutis Biotherapeutics Trading Down 0.5 %

Shares of ARQT opened at $9.74 on Tuesday. Arcutis Biotherapeutics has a fifty-two week low of $1.76 and a fifty-two week high of $13.17. The stock has a fifty day moving average of $9.84 and a two-hundred day moving average of $9.49. The company has a debt-to-equity ratio of 1.09, a quick ratio of 8.19 and a current ratio of 8.46. The company has a market capitalization of $1.13 billion, a PE ratio of -3.32 and a beta of 1.17.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.06. The company had revenue of $30.86 million during the quarter, compared to analyst estimates of $31.00 million. Arcutis Biotherapeutics had a negative return on equity of 145.41% and a negative net margin of 150.51%. During the same period in the prior year, the firm posted ($1.16) earnings per share. As a group, analysts forecast that Arcutis Biotherapeutics will post -1.56 EPS for the current year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, SVP Larry Todd Edwards sold 3,725 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total transaction of $37,287.25. Following the transaction, the senior vice president now directly owns 136,635 shares of the company’s stock, valued at $1,367,716.35. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, SVP Larry Todd Edwards sold 3,725 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $10.01, for a total value of $37,287.25. Following the completion of the transaction, the senior vice president now directly owns 136,635 shares of the company’s stock, valued at $1,367,716.35. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $10.77, for a total value of $107,700.00. Following the completion of the sale, the director now directly owns 191,944 shares in the company, valued at $2,067,236.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,299 shares of company stock valued at $507,911. 9.50% of the stock is owned by company insiders.

Institutional Trading of Arcutis Biotherapeutics

Several institutional investors and hedge funds have recently bought and sold shares of ARQT. Hennion & Walsh Asset Management Inc. boosted its position in shares of Arcutis Biotherapeutics by 14.4% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 48,997 shares of the company’s stock valued at $486,000 after purchasing an additional 6,155 shares in the last quarter. AMI Asset Management Corp purchased a new position in Arcutis Biotherapeutics during the first quarter valued at approximately $3,421,000. China Universal Asset Management Co. Ltd. increased its stake in Arcutis Biotherapeutics by 70.5% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 18,614 shares of the company’s stock valued at $184,000 after buying an additional 7,694 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Arcutis Biotherapeutics during the 1st quarter valued at $469,000. Finally, Capstone Investment Advisors LLC purchased a new position in shares of Arcutis Biotherapeutics during the 1st quarter valued at $569,000.

About Arcutis Biotherapeutics

Arcutis Biotherapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III clinical trials for the treatment of plaque psoriasis and atopic dermatitis.