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

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) was the target of a large decline in short interest in 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 short-interest ratio is presently 12.8 days.

Insider Buying and Selling

In other news, Director Howard G. Welgus sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $10.77, for a total value of $107,700.00. Following the completion of the transaction, the director now directly owns 191,944 shares of the company’s stock, valued at $2,067,236.88. The trade was a 4.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 value of $162,473.22. Following the completion of the sale, the insider now owns 128,669 shares in the company, valued at $1,304,703.66. This represents a 11.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,951 shares of company stock worth $752,744 in the last three months. Corporate insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of large investors have recently bought and sold shares of ARQT. Vanguard Group Inc. grew its stake in shares of Arcutis Biotherapeutics by 5.5% during the 1st quarter. Vanguard Group Inc. now owns 5,166,417 shares of the company’s stock valued at $51,199,000 after buying an additional 269,904 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Arcutis Biotherapeutics by 3.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 47,753 shares of the company’s stock valued at $474,000 after acquiring an additional 1,681 shares during the last quarter. CWM LLC boosted its holdings in Arcutis Biotherapeutics by 6,740.0% in the second quarter. CWM LLC now owns 4,104 shares of the company’s stock valued at $38,000 after acquiring an additional 4,044 shares during the last quarter. SG Americas Securities LLC grew its position in Arcutis Biotherapeutics by 531.2% during the second quarter. SG Americas Securities LLC now owns 99,161 shares of the company’s stock valued at $922,000 after acquiring an additional 83,452 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Arcutis Biotherapeutics by 25.8% during the second quarter. Bank of New York Mellon Corp now owns 390,202 shares of the company’s stock worth $3,629,000 after acquiring an additional 80,078 shares during the last quarter.

Arcutis Biotherapeutics Stock Performance

NASDAQ ARQT opened at $13.04 on Friday. The business’s 50-day moving average price is $9.71 and its 200 day moving average price is $9.55. The company has a current ratio of 2.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.67. Arcutis Biotherapeutics has a twelve month low of $1.76 and a twelve month high of $13.50. The company has a market capitalization of $1.53 billion, a PE ratio of -7.28 and a beta of 1.18.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings data 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 net margin of 140.97% and a negative return on equity of 119.11%. The business had revenue of $44.76 million for the quarter, compared to analyst estimates of $38.05 million. On average, research analysts predict that Arcutis Biotherapeutics will post -1.34 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ARQT shares. 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 started coverage on shares of Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They set a “buy” rating and a $15.00 price objective on the stock.

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.