Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Short Interest Update

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) was the recipient of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 25,020,000 shares, a decline of 9.9% from the October 31st total of 27,760,000 shares. Based on an average daily volume of 1,950,000 shares, the days-to-cover ratio is presently 12.8 days.

Arcutis Biotherapeutics Trading Down 1.1 %

Shares of ARQT traded down $0.14 during mid-day trading on Monday, reaching $12.90. 565,877 shares of the company were exchanged, compared to its average volume of 3,179,311. The business has a 50 day simple moving average of $9.71 and a two-hundred day simple moving average of $9.56. Arcutis Biotherapeutics has a 52 week low of $1.89 and a 52 week high of $13.50. The stock has a market capitalization of $1.51 billion, a PE ratio of -7.28 and a beta of 1.18. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.09. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. The firm had revenue of $44.76 million during the quarter, compared to analyst estimates of $38.05 million. On average, analysts predict that Arcutis Biotherapeutics will post -1.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Larry Todd Edwards sold 3,725 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total value of $37,287.25. Following the transaction, the senior vice president now directly owns 136,635 shares in the company, valued at approximately $1,367,716.35. This represents a 2.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Terrie Curran sold 8,687 shares of Arcutis Biotherapeutics stock in a transaction on Monday, November 11th. The shares were sold at an average price of $10.85, for a total value of $94,253.95. Following the completion of the transaction, the director now directly owns 10,139 shares of the company’s stock, valued at $110,008.15. This represents a 46.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,951 shares of company stock valued at $752,744 over the last ninety days. 9.50% of the stock is currently owned by company insiders.

Institutional Trading of Arcutis Biotherapeutics

Large investors have recently bought and sold shares of the business. Suvretta Capital Management LLC grew its stake in Arcutis Biotherapeutics by 7.2% during the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after purchasing an additional 717,019 shares during the period. SG Americas Securities LLC grew its position in shares of Arcutis Biotherapeutics by 531.2% during the 2nd quarter. SG Americas Securities LLC now owns 99,161 shares of the company’s stock worth $922,000 after buying an additional 83,452 shares during the period. Vanguard Group Inc. increased its stake in shares of Arcutis Biotherapeutics by 5.5% in the 1st quarter. Vanguard Group Inc. now owns 5,166,417 shares of the company’s stock valued at $51,199,000 after acquiring an additional 269,904 shares in the last quarter. GSA Capital Partners LLP boosted its stake in Arcutis Biotherapeutics by 730.0% during the third quarter. GSA Capital Partners LLP now owns 237,174 shares of the company’s stock worth $2,206,000 after acquiring an additional 208,599 shares in the last quarter. Finally, Wesbanco Bank Inc. acquired a new stake in Arcutis Biotherapeutics in the third quarter worth $955,000.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Jefferies Financial Group began coverage on shares of Arcutis Biotherapeutics in a research report on Wednesday, August 28th. They issued a “buy” rating and a $15.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th.

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.