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

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) was the recipient of a large decrease in short interest in March. As of March 15th, there was short interest totalling 15,110,000 shares, a decrease of 23.6% from the February 28th total of 19,770,000 shares. Based on an average daily trading volume, of 2,350,000 shares, the days-to-cover ratio is currently 6.4 days. Approximately 14.3% of the shares of the company are sold short.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Jefferies Financial Group increased their price target on Arcutis Biotherapeutics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, March 11th. HC Wainwright restated a “buy” rating and issued a $19.00 price target on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. Guggenheim reiterated a “buy” rating on shares of Arcutis Biotherapeutics in a research note on Monday, February 24th. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Arcutis Biotherapeutics in a research report on Wednesday, February 26th. Finally, Mizuho increased their price target on shares of Arcutis Biotherapeutics from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Arcutis Biotherapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

Arcutis Biotherapeutics Stock Performance

Arcutis Biotherapeutics stock opened at $15.73 on Monday. The company has a quick ratio of 2.38, a current ratio of 2.46 and a debt-to-equity ratio of 0.67. The stock has a market cap of $1.87 billion, a PE ratio of -8.79 and a beta of 1.48. Arcutis Biotherapeutics has a 12-month low of $6.99 and a 12-month high of $17.75. The business’s 50-day moving average price is $13.98 and its two-hundred day moving average price is $12.26.

Arcutis Biotherapeutics (NASDAQ:ARQT) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.19. The company had revenue of $71.36 million for the quarter, compared to analyst estimates of $60.52 million. Arcutis Biotherapeutics had a negative net margin of 140.97% and a negative return on equity of 119.11%. As a group, analysts expect that Arcutis Biotherapeutics will post -1.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Arcutis Biotherapeutics

In other Arcutis Biotherapeutics news, insider Todd Franklin Watanabe sold 1,500 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $17.52, for a total value of $26,280.00. Following the completion of the sale, the insider now owns 927,414 shares of the company’s stock, valued at $16,248,293.28. The trade was a 0.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Howard G. Welgus sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $14.67, for a total transaction of $146,700.00. Following the transaction, the director now directly owns 151,944 shares in the company, valued at $2,229,018.48. This represents a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 57,790 shares of company stock valued at $801,630 in the last ninety days. 9.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Arcutis Biotherapeutics during the 4th quarter valued at $291,000. GF Fund Management CO. LTD. bought a new position in Arcutis Biotherapeutics in the fourth quarter valued at about $34,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Arcutis Biotherapeutics by 1.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 280,100 shares of the company’s stock valued at $3,902,000 after purchasing an additional 3,409 shares during the last quarter. Voloridge Investment Management LLC boosted its stake in shares of Arcutis Biotherapeutics by 126.5% during the fourth quarter. Voloridge Investment Management LLC now owns 290,938 shares of the company’s stock valued at $4,053,000 after purchasing an additional 162,495 shares in the last quarter. Finally, Squarepoint Ops LLC grew its holdings in shares of Arcutis Biotherapeutics by 67.2% during the fourth quarter. Squarepoint Ops LLC now owns 121,392 shares of the company’s stock worth $1,691,000 after purchasing an additional 48,769 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.