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

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) saw a large decline in short interest during 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 days-to-cover ratio is currently 10.2 days.

Analyst Ratings Changes

Several brokerages recently weighed in on ARQT. Mizuho lifted their price objective on Arcutis Biotherapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a report on Tuesday, January 7th. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Arcutis Biotherapeutics in a research note on Thursday, November 7th. Finally, HC Wainwright restated a “buy” rating and set a $19.00 price target on shares of Arcutis Biotherapeutics in a research note on Monday, January 13th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.60.

Arcutis Biotherapeutics Price Performance

NASDAQ:ARQT traded down $1.07 during mid-day trading on Friday, hitting $12.68. 2,290,922 shares of the stock traded hands, compared to its average volume of 1,930,050. Arcutis Biotherapeutics has a 12-month low of $3.11 and a 12-month high of $16.20. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.46 and a quick ratio of 2.38. The business’s 50-day moving average price is $12.87 and its 200 day moving average price is $10.81.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released 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 net margin of 140.97% and a negative return on equity of 119.11%. The firm had revenue of $44.76 million for the quarter, compared to analysts’ expectations of $38.05 million. Research analysts predict that Arcutis Biotherapeutics will post -1.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Patrick Burnett sold 16,023 shares of Arcutis Biotherapeutics 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 owns 128,669 shares of the company’s stock, valued at approximately $1,304,703.66. The trade was a 11.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $8.65, for a total value of $86,500.00. Following the transaction, the director now directly owns 171,944 shares of the company’s stock, valued at approximately $1,487,315.60. This trade represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 78,291 shares of company stock valued at $927,966. 9.50% of the stock is owned by insiders.

Institutional Trading of Arcutis Biotherapeutics

A number of large investors have recently modified their holdings of the business. Jennison Associates LLC raised 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 valued at $108,471,000 after purchasing an additional 91,803 shares in the last quarter. Rubric Capital Management LP raised its position in shares of Arcutis Biotherapeutics by 11.7% during the 3rd 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 in the last quarter. Suvretta Capital Management LLC lifted its holdings in shares of Arcutis Biotherapeutics by 7.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 10,721,511 shares of the company’s stock worth $99,710,000 after acquiring an additional 717,019 shares during the last quarter. State Street Corp grew its position in 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 acquiring an additional 506,788 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Arcutis Biotherapeutics by 2.0% in the third quarter. Geode Capital Management LLC now owns 2,470,138 shares of the company’s stock valued at $22,977,000 after acquiring an additional 48,868 shares during the last quarter.

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.