Short Interest in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Decreases By 9.9%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) was the recipient of a significant decline in short interest during 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 trading volume, of 1,950,000 shares, the days-to-cover ratio is currently 12.8 days.

Arcutis Biotherapeutics Stock Up 11.4 %

NASDAQ:ARQT traded up $1.33 during trading hours on Friday, reaching $13.04. 2,560,416 shares of the company traded hands, compared to its average volume of 2,315,090. The business's 50-day moving average price is $9.71 and its two-hundred day moving average price is $9.56. 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 $1.53 billion, a P/E ratio of -7.28 and a beta of 1.18. Arcutis Biotherapeutics has a 1 year low of $1.76 and a 1 year high of $13.50.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $38.05 million. Analysts predict that Arcutis Biotherapeutics will post -1.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ARQT. Needham & Company LLC reiterated a "buy" rating and issued a $18.00 price objective on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. Jefferies Financial Group started coverage on shares of Arcutis Biotherapeutics in a report on Wednesday, August 28th. They issued a "buy" rating and a $15.00 price target on the stock.

Insiders Place Their Bets

In related news, CFO David Joseph Topper sold 11,626 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $9.48, for a total transaction of $110,214.48. Following the transaction, the chief financial officer now owns 158,374 shares of the company's stock, valued at $1,501,385.52. The trade was a 6.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Patrick Burnett sold 16,023 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $10.14, for a total value of $162,473.22. Following the sale, the insider now directly owns 128,669 shares of the company's stock, valued at $1,304,703.66. The trade was a 11.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 76,951 shares of company stock valued at $752,744. 9.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of hedge funds have recently added to or reduced their stakes in ARQT. Victory Capital Management Inc. lifted its holdings in Arcutis Biotherapeutics by 9.9% during the third quarter. Victory Capital Management Inc. now owns 12,843 shares of the company's stock valued at $119,000 after purchasing an additional 1,155 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Arcutis Biotherapeutics by 3.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 47,753 shares of the company's stock worth $474,000 after purchasing an additional 1,681 shares in the last quarter. Point72 DIFC Ltd bought a new position in Arcutis Biotherapeutics in the 3rd quarter worth approximately $25,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Arcutis Biotherapeutics by 1.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 276,691 shares of the company's stock worth $2,573,000 after buying an additional 2,912 shares in the last quarter. Finally, CWM LLC boosted its position in shares of Arcutis Biotherapeutics by 6,740.0% during the second quarter. CWM LLC now owns 4,104 shares of the company's stock worth $38,000 after acquiring an additional 4,044 shares during the last quarter.

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.