Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Short Interest Up 8.4% in August

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) saw a significant increase in short interest in the month of August. As of August 15th, there was short interest totalling 23,800,000 shares, an increase of 8.4% from the July 31st total of 21,950,000 shares. Based on an average trading volume of 2,650,000 shares, the days-to-cover ratio is currently 9.0 days.

Analyst Upgrades and Downgrades

ARQT has been the subject of several research analyst reports. Jefferies Financial Group started coverage on shares of Arcutis Biotherapeutics in a research note on Wednesday, August 28th. They issued a “buy” rating and a $15.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Arcutis Biotherapeutics in a research note on Thursday, August 15th. Finally, Mizuho boosted their price objective on Arcutis Biotherapeutics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Arcutis Biotherapeutics presently has an average rating of “Moderate Buy” and an average target price of $13.33.

Insider Buying and Selling

In other Arcutis Biotherapeutics news, insider Masaru Matsuda sold 5,220 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $9.02, for a total transaction of $47,084.40. Following the completion of the sale, the insider now owns 183,288 shares of the company’s stock, valued at approximately $1,653,257.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $9.87, for a total transaction of $98,700.00. Following the sale, the director now owns 176,953 shares in the company, valued at approximately $1,746,526.11. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Masaru Matsuda sold 5,220 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $9.02, for a total value of $47,084.40. Following the sale, the insider now directly owns 183,288 shares of the company’s stock, valued at approximately $1,653,257.76. The disclosure for this sale can be found here. Insiders have sold a total of 26,948 shares of company stock valued at $253,210 over the last ninety days. 9.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of ARQT. Cape Investment Advisory Inc. purchased a new stake in shares of Arcutis Biotherapeutics during the 4th quarter valued at $26,000. Cantor Fitzgerald L. P. purchased a new stake in shares of Arcutis Biotherapeutics during the 4th quarter valued at $33,000. Victory Capital Management Inc. purchased a new stake in shares of Arcutis Biotherapeutics during the 4th quarter valued at $34,000. Amalgamated Bank increased its position in shares of Arcutis Biotherapeutics by 48.9% during the 4th quarter. Amalgamated Bank now owns 11,078 shares of the company’s stock valued at $36,000 after purchasing an additional 3,639 shares during the last quarter. Finally, CWM LLC increased its position in shares of Arcutis Biotherapeutics by 6,740.0% during the 2nd quarter. CWM LLC now owns 4,104 shares of the company’s stock valued at $38,000 after purchasing an additional 4,044 shares during the last quarter.

Arcutis Biotherapeutics Trading Down 3.5 %

NASDAQ ARQT opened at $10.50 on Wednesday. The firm has a market capitalization of $1.23 billion, a P/E ratio of -3.58 and a beta of 1.18. The business has a fifty day simple moving average of $9.75 and a 200 day simple moving average of $9.52. Arcutis Biotherapeutics has a 12 month low of $1.76 and a 12 month high of $13.17. The company has a current ratio of 8.46, a quick ratio of 8.19 and a debt-to-equity ratio of 1.09.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.42) EPS for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.06. The business had revenue of $30.86 million during the quarter, compared to analyst estimates of $31.00 million. Arcutis Biotherapeutics had a negative return on equity of 145.41% and a negative net margin of 150.51%. During the same period in the prior year, the firm posted ($1.16) EPS. On average, analysts predict that Arcutis Biotherapeutics will post -1.56 EPS for the current fiscal year.

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.