Short Interest in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Decreases By 9.3%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) was the target of a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 20,970,000 shares, a decline of 9.3% from the December 15th total of 23,110,000 shares. Based on an average daily trading volume, of 2,050,000 shares, the short-interest ratio is currently 10.2 days.

Arcutis Biotherapeutics Trading Down 7.8 %

Shares of Arcutis Biotherapeutics stock traded down $1.07 on Friday, reaching $12.68. 2,290,922 shares of the company were exchanged, compared to its average volume of 1,978,374. Arcutis Biotherapeutics has a fifty-two week low of $3.11 and a fifty-two week high of $16.20. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of -7.08 and a beta of 1.30. 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 fifty day moving average price of $12.83 and a 200-day moving average price of $10.78.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings data 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 return on equity of 119.11% and a negative net margin of 140.97%. On average, analysts expect that Arcutis Biotherapeutics will post -1.36 EPS for the current year.

Insider Transactions at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 5,015 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $8.68, for a total transaction of $43,530.20. Following the sale, the insider now directly owns 178,273 shares in the company, valued at approximately $1,547,409.64. The trade was a 2.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $8.65, for a total transaction of $86,500.00. Following the completion of the sale, the director now directly owns 171,944 shares of the company’s stock, valued at approximately $1,487,315.60. This represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 78,291 shares of company stock worth $927,966. Company insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARQT. Point72 DIFC Ltd purchased a new stake in shares of Arcutis Biotherapeutics in the third quarter valued at $25,000. Algert Global LLC purchased a new stake in Arcutis Biotherapeutics in the 2nd quarter worth about $97,000. Erste Asset Management GmbH acquired a new stake in Arcutis Biotherapeutics during the 3rd quarter worth about $104,000. Victory Capital Management Inc. grew its stake in Arcutis Biotherapeutics by 9.9% during the 3rd quarter. Victory Capital Management Inc. now owns 12,843 shares of the company’s stock valued at $119,000 after acquiring an additional 1,155 shares in the last quarter. Finally, Creative Planning acquired a new position in shares of Arcutis Biotherapeutics in the 3rd quarter valued at about $127,000.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a research report on Monday. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, November 7th. Finally, Mizuho raised their price objective on shares of Arcutis Biotherapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $16.60.

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.