Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Short Interest Up 11.1% in May

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) saw a significant increase in short interest in May. As of May 31st, there was short interest totalling 24,640,000 shares, an increase of 11.1% from the May 15th total of 22,170,000 shares. Based on an average daily volume of 3,190,000 shares, the days-to-cover ratio is currently 7.7 days.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ:ARQT opened at $8.63 on Monday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 9.61 and a current ratio of 9.89. The business’s fifty day moving average price is $8.97 and its two-hundred day moving average price is $7.29. The stock has a market cap of $999.01 million, a PE ratio of -2.95 and a beta of 1.17. Arcutis Biotherapeutics has a one year low of $1.76 and a one year high of $13.17.

Arcutis Biotherapeutics (NASDAQ:ARQT) last released its quarterly earnings results on Tuesday, May 14th. The company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.60) by $0.28. Arcutis Biotherapeutics had a negative return on equity of 197.28% and a negative net margin of 204.35%. The company had revenue of $49.57 million during the quarter. During the same period in the previous year, the business posted ($1.31) EPS. On average, analysts forecast that Arcutis Biotherapeutics will post -1.6 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ARQT. The Goldman Sachs Group boosted their price objective on Arcutis Biotherapeutics from $6.00 to $11.00 and gave the company a “neutral” rating in a research note on Wednesday, February 28th. Mizuho boosted their price objective on Arcutis Biotherapeutics from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Finally, Needham & Company LLC increased their price objective on Arcutis Biotherapeutics from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.38.

Insiders Place Their Bets

In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 23,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $8.75, for a total transaction of $201,250.00. Following the sale, the insider now owns 209,793 shares of the company’s stock, valued at $1,835,688.75. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Arcutis Biotherapeutics news, SVP Larry Todd Edwards sold 7,640 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $8.98, for a total value of $68,607.20. Following the completion of the sale, the senior vice president now owns 140,360 shares in the company, valued at $1,260,432.80. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Patrick Burnett sold 23,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $8.75, for a total value of $201,250.00. Following the completion of the sale, the insider now owns 209,793 shares of the company’s stock, valued at approximately $1,835,688.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,415 shares of company stock valued at $285,850. 9.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arcutis Biotherapeutics

A number of hedge funds have recently made changes to their positions in ARQT. Jump Financial LLC acquired a new position in shares of Arcutis Biotherapeutics in the 3rd quarter valued at $108,000. Swiss National Bank boosted its holdings in shares of Arcutis Biotherapeutics by 9.9% in the 3rd quarter. Swiss National Bank now owns 101,200 shares of the company’s stock valued at $537,000 after purchasing an additional 9,100 shares during the last quarter. Citigroup Inc. boosted its holdings in shares of Arcutis Biotherapeutics by 15.1% in the 3rd quarter. Citigroup Inc. now owns 176,822 shares of the company’s stock valued at $939,000 after purchasing an additional 23,234 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in shares of Arcutis Biotherapeutics in the 3rd quarter valued at $394,000. Finally, Federated Hermes Inc. grew its stake in Arcutis Biotherapeutics by 50.0% during the third quarter. Federated Hermes Inc. now owns 60,000 shares of the company’s stock worth $319,000 after buying an additional 20,000 shares during the period.

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.