Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Sees Large Decrease in Short Interest

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) saw a large decline in short interest during the month of November. As of November 30th, there was short interest totalling 23,530,000 shares, a decline 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 short-interest ratio is presently 11.8 days.

Analysts Set New Price Targets

A number of research firms have recently commented on ARQT. Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. 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 price objective on the stock.

Insider Buying and Selling at Arcutis Biotherapeutics

In related news, CFO David Joseph Topper sold 11,626 shares of the business's stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $9.48, for a total transaction of $110,214.48. Following the completion of the transaction, the chief financial officer now owns 158,374 shares in the company, valued at approximately $1,501,385.52. The trade was a 6.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $9.26, for a total transaction of $92,600.00. Following the completion of the sale, the director now owns 181,944 shares in the company, valued at approximately $1,684,801.44. This trade represents a 5.21 % decrease in their ownership of the stock. 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. Insiders own 9.50% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in shares of Arcutis Biotherapeutics by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company's stock valued at $22,977,000 after buying an additional 48,868 shares during the last quarter. Barclays PLC raised its position in Arcutis Biotherapeutics by 45.8% during the third quarter. Barclays PLC now owns 253,392 shares of the company's stock worth $2,356,000 after acquiring an additional 79,579 shares in the last quarter. XTX Topco Ltd grew its position in shares of Arcutis Biotherapeutics by 30.9% in the 3rd quarter. XTX Topco Ltd now owns 47,728 shares of the company's stock valued at $444,000 after acquiring an additional 11,262 shares during the period. State Street Corp increased its stake in shares of Arcutis Biotherapeutics by 9.9% during the 3rd quarter. State Street Corp now owns 5,641,631 shares of the company's stock worth $52,467,000 after purchasing an additional 506,788 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new stake in shares of Arcutis Biotherapeutics in the 3rd quarter valued at about $25,000.

Arcutis Biotherapeutics Stock Up 6.9 %

Shares of NASDAQ ARQT traded up $0.88 during midday trading on Monday, reaching $13.57. The company's stock had a trading volume of 1,963,261 shares, compared to its average volume of 3,130,778. The stock has a 50 day simple moving average of $10.37 and a 200-day simple moving average of $9.83. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of -7.58 and a beta of 1.32. Arcutis Biotherapeutics has a fifty-two week low of $2.28 and a fifty-two week high of $13.60.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) 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 analysts' expectations of $38.05 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. Equities research analysts predict that Arcutis Biotherapeutics will post -1.34 earnings per share for the current year.

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.