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

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) was the target of a large decrease in short interest in the month of November. As of November 15th, there was short interest totalling 25,020,000 shares, a decrease 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.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 16,023 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $10.14, for a total transaction of $162,473.22. Following the transaction, the insider now owns 128,669 shares in the company, valued at approximately $1,304,703.66. This represents a 11.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Larry Todd Edwards sold 3,725 shares of Arcutis Biotherapeutics stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $10.01, for a total transaction of $37,287.25. Following the transaction, the senior vice president now owns 136,635 shares of the company’s stock, valued at $1,367,716.35. This represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,951 shares of company stock valued at $752,744. 9.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC boosted its stake in Arcutis Biotherapeutics by 0.8% in the third quarter. Jennison Associates LLC now owns 11,663,497 shares of the company’s stock worth $108,471,000 after buying an additional 91,803 shares in the last quarter. Rubric Capital Management LP grew its stake in shares of Arcutis Biotherapeutics by 11.7% during the third quarter. Rubric Capital Management LP now owns 10,966,672 shares of the company’s stock valued at $101,990,000 after buying an additional 1,150,000 shares during the last quarter. Suvretta Capital Management LLC increased its holdings in shares of Arcutis Biotherapeutics by 7.2% in the third quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after buying an additional 717,019 shares during the period. State Street Corp increased its holdings in shares of Arcutis Biotherapeutics by 9.9% in the third 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 period. Finally, Vanguard Group Inc. lifted 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 during the last quarter.

Analyst Ratings Changes

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

Arcutis Biotherapeutics Stock Down 1.1 %

NASDAQ:ARQT traded down $0.14 on Monday, hitting $12.90. The stock had a trading volume of 565,877 shares, compared to its average volume of 3,179,311. Arcutis Biotherapeutics has a 1 year low of $1.89 and a 1 year high of $13.50. The firm’s fifty day simple moving average is $9.71 and its two-hundred day simple moving average is $9.56. The stock has a market cap of $1.51 billion, a P/E 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 posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share for the quarter, topping 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 company had revenue of $44.76 million during the quarter, compared to the consensus estimate of $38.05 million. Analysts predict that Arcutis Biotherapeutics will post -1.34 earnings per share for the current year.

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.