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

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) saw a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 23,530,000 shares, a drop of 6.0% from the November 15th total of 25,020,000 shares. Based on an average trading volume of 1,990,000 shares, the days-to-cover ratio is currently 11.8 days.

Wall Street Analyst Weigh In

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

Arcutis Biotherapeutics Stock Up 0.4 %

Shares of ARQT traded up $0.06 during trading hours on Tuesday, hitting $13.63. The company had a trading volume of 62,198 shares, compared to its average volume of 3,118,139. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of -7.58 and a beta of 1.32. The firm has a fifty day moving average price of $10.37 and a 200-day moving average price of $9.83. Arcutis Biotherapeutics has a 52-week low of $2.28 and a 52-week high of $13.79. 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 issued its 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. The firm had revenue of $44.76 million for the quarter, compared to the consensus estimate of $38.05 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. On average, equities research analysts forecast that Arcutis Biotherapeutics will post -1.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 10,000 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $12.51, for a total transaction of $125,100.00. Following the sale, the director now directly owns 161,944 shares of the company’s stock, valued at approximately $2,025,919.44. The trade was a 5.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO David Joseph Topper sold 11,626 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $9.48, for a total value of $110,214.48. Following the completion of the transaction, the chief financial officer now directly owns 158,374 shares of the company’s stock, valued at $1,501,385.52. This represents a 6.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,951 shares of company stock valued at $770,144 over the last quarter. 9.50% of the stock is owned by company insiders.

Institutional Trading of Arcutis Biotherapeutics

Institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its holdings in shares of Arcutis Biotherapeutics by 2.0% during the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock valued at $22,977,000 after purchasing an additional 48,868 shares in the last quarter. Barclays PLC lifted its stake in Arcutis Biotherapeutics by 45.8% during the 3rd quarter. Barclays PLC now owns 253,392 shares of the company’s stock valued at $2,356,000 after acquiring an additional 79,579 shares during the period. XTX Topco Ltd grew its stake in shares of Arcutis Biotherapeutics by 30.9% in the third quarter. XTX Topco Ltd now owns 47,728 shares of the company’s stock worth $444,000 after acquiring an additional 11,262 shares during the period. State Street Corp raised its holdings in shares of Arcutis Biotherapeutics by 9.9% during the third quarter. State Street Corp now owns 5,641,631 shares of the company’s stock valued at $52,467,000 after purchasing an additional 506,788 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new position in Arcutis Biotherapeutics during the third quarter valued at approximately $25,000.

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.