Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Short Interest Down 6.0% in November

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) was the recipient of a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 23,530,000 shares, a drop 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 days-to-cover ratio is presently 11.8 days.

Wall Street Analysts Forecast Growth

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

Arcutis Biotherapeutics Stock Up 9.5 %

NASDAQ ARQT opened at $14.86 on Wednesday. Arcutis Biotherapeutics has a 12 month low of $2.28 and a 12 month high of $15.02. The company has a market capitalization of $1.74 billion, a P/E ratio of -8.30 and a beta of 1.32. The company’s 50 day simple moving average is $10.37 and its 200 day simple moving average is $9.83. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.09. The company had revenue of $44.76 million for the quarter, compared to analysts’ expectations of $38.05 million. Arcutis Biotherapeutics had a negative return on equity of 119.11% and a negative net margin of 140.97%. Equities research analysts expect that Arcutis Biotherapeutics will post -1.34 earnings per share for the current fiscal year.

Insider Activity at Arcutis Biotherapeutics

In other news, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $12.51, for a total value of $125,100.00. Following the completion of the transaction, the director now owns 161,944 shares of the company’s stock, valued at approximately $2,025,919.44. This represents a 5.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Masaru Matsuda sold 5,015 shares of Arcutis Biotherapeutics 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 owns 178,273 shares in the company, valued at approximately $1,547,409.64. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 76,951 shares of company stock worth $770,144 in the last three months. 9.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

Several hedge funds have recently modified their holdings of the stock. CWM LLC increased its stake in Arcutis Biotherapeutics by 6,740.0% in the 2nd quarter. CWM LLC now owns 4,104 shares of the company’s stock worth $38,000 after purchasing an additional 4,044 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of 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. Bank of New York Mellon Corp lifted its position in shares of Arcutis Biotherapeutics by 25.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 390,202 shares of the company’s stock valued at $3,629,000 after acquiring an additional 80,078 shares in the last quarter. Legato Capital Management LLC acquired a new position in Arcutis Biotherapeutics in the 2nd quarter worth approximately $523,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Arcutis Biotherapeutics in the 2nd quarter worth approximately $174,000.

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.