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

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT - Get Free Report) saw a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 19,260,000 shares, an increase of 28.5% from the March 15th total of 14,990,000 shares. Based on an average daily trading volume, of 4,760,000 shares, the days-to-cover ratio is currently 4.0 days.

Arcutis Biotherapeutics Stock Down 14.1 %

Shares of Arcutis Biotherapeutics stock traded down $1.68 on Friday, hitting $10.20. The company had a trading volume of 4,161,247 shares, compared to its average volume of 3,710,285. The firm has a market capitalization of $987.46 million, a P/E ratio of -2.60 and a beta of 1.14. Arcutis Biotherapeutics has a twelve month low of $1.76 and a twelve month high of $15.40. The company has a debt-to-equity ratio of 2.28, a current ratio of 7.08 and a quick ratio of 6.80. The stock has a 50-day moving average of $9.68 and a 200-day moving average of $5.48.

Arcutis Biotherapeutics (NASDAQ:ARQT - Get Free Report) last released its quarterly earnings results on Tuesday, February 27th. The company reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.64) by ($0.08). The company had revenue of $13.53 million during the quarter, compared to analyst estimates of $11.78 million. Arcutis Biotherapeutics had a negative net margin of 439.79% and a negative return on equity of 294.85%. During the same quarter last year, the company earned ($1.18) EPS. Research analysts predict that Arcutis Biotherapeutics will post -2.49 earnings per share for the current year.

Insider Transactions at Arcutis Biotherapeutics

In other news, insider Masaru Matsuda sold 3,760 shares of Arcutis Biotherapeutics stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $11.12, for a total transaction of $41,811.20. Following the completion of the sale, the insider now owns 190,424 shares in the company, valued at approximately $2,117,514.88. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 20.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ARQT. Cape Investment Advisory Inc. acquired a new position in shares of Arcutis Biotherapeutics in the fourth quarter valued at approximately $26,000. Point72 Hong Kong Ltd lifted its position in shares of Arcutis Biotherapeutics by 102.9% in the second quarter. Point72 Hong Kong Ltd now owns 1,197 shares of the company's stock worth $26,000 after purchasing an additional 607 shares in the last quarter. Cantor Fitzgerald L. P. bought a new stake in shares of Arcutis Biotherapeutics in the fourth quarter worth $33,000. Victory Capital Management Inc. bought a new stake in shares of Arcutis Biotherapeutics in the fourth quarter worth $34,000. Finally, China Universal Asset Management Co. Ltd. lifted its position in shares of Arcutis Biotherapeutics by 586.8% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,920 shares of the company's stock worth $35,000 after purchasing an additional 9,330 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Needham & Company LLC reiterated a "buy" rating and set a $16.00 price target on shares of Arcutis Biotherapeutics in a research report on Friday. Mizuho restated a "buy" rating and set a $16.00 price objective (up previously from $8.00) on shares of Arcutis Biotherapeutics in a report on Friday, February 23rd. Finally, The Goldman Sachs Group boosted their price objective on shares of Arcutis Biotherapeutics from $6.00 to $11.00 and gave the company a "neutral" rating in a report on Wednesday, February 28th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $26.56.

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.