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

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) was the target of a large 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 daily trading volume, of 1,990,000 shares, the days-to-cover ratio is currently 11.8 days.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, CFO David Joseph Topper sold 11,626 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $9.48, for a total value of $110,214.48. Following the completion of the sale, the chief financial officer now directly owns 158,374 shares in the company, valued at $1,501,385.52. This trade represents a 6.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Patrick Burnett sold 16,023 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $10.14, for a total value of $162,473.22. Following the transaction, the insider now owns 128,669 shares in the company, valued at $1,304,703.66. This trade represents a 11.07 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 76,951 shares of company stock worth $770,144. 9.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several large investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its stake in shares of Arcutis Biotherapeutics by 2.0% in the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock worth $22,977,000 after acquiring an additional 48,868 shares during the period. Barclays PLC raised 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 buying an additional 79,579 shares during the last quarter. XTX Topco Ltd raised its stake in Arcutis Biotherapeutics by 30.9% during the 3rd quarter. XTX Topco Ltd now owns 47,728 shares of the company’s stock valued at $444,000 after buying an additional 11,262 shares during the last quarter. State Street Corp boosted its stake in shares of Arcutis Biotherapeutics by 9.9% in the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company’s stock worth $52,467,000 after buying an additional 506,788 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new stake in shares of Arcutis Biotherapeutics in the third quarter worth $25,000.

Arcutis Biotherapeutics Stock Up 3.6 %

Shares of Arcutis Biotherapeutics stock opened at $12.69 on Monday. The company has a 50-day simple moving average of $10.30 and a two-hundred day simple moving average of $9.80. Arcutis Biotherapeutics has a 52-week low of $2.28 and a 52-week high of $13.50. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.38 and a current ratio of 2.46. The stock has a market capitalization of $1.49 billion, a PE ratio of -7.09 and a beta of 1.32.

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

Wall Street Analysts Forecast Growth

ARQT has been the topic of a number of recent research reports. 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 reaffirmed a “buy” rating and set a $18.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th.

Arcutis Biotherapeutics Company Profile

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.