Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Short Interest Up 5.6% in June

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) was the recipient of a significant growth in short interest in June. As of June 15th, there was short interest totalling 26,020,000 shares, a growth of 5.6% from the May 31st total of 24,640,000 shares. Based on an average daily volume of 2,980,000 shares, the days-to-cover ratio is presently 8.7 days.

Insider Buying and Selling at Arcutis Biotherapeutics

In other news, insider Patrick Burnett sold 23,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $8.75, for a total transaction of $201,250.00. Following the completion of the sale, the insider now owns 209,793 shares in the company, valued at approximately $1,835,688.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Arcutis Biotherapeutics news, insider Patrick Burnett sold 23,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $8.75, for a total value of $201,250.00. Following the completion of the transaction, the insider now owns 209,793 shares of the company’s stock, valued at approximately $1,835,688.75. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Howard G. Welgus sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $9.31, for a total value of $93,100.00. Following the completion of the transaction, the director now directly owns 180,339 shares of the company’s stock, valued at approximately $1,678,956.09. The disclosure for this sale can be found here. Insiders have sold 42,415 shares of company stock worth $378,950 over the last 90 days. 9.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arcutis Biotherapeutics

A number of large investors have recently bought and sold shares of ARQT. Cape Investment Advisory Inc. bought a new position in Arcutis Biotherapeutics in the 4th quarter valued at $26,000. Cantor Fitzgerald L. P. bought a new position in Arcutis Biotherapeutics in the 4th quarter valued at $33,000. Victory Capital Management Inc. bought a new position in Arcutis Biotherapeutics in the 4th quarter valued at $34,000. China Universal Asset Management Co. Ltd. boosted its position in Arcutis Biotherapeutics by 586.8% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,920 shares of the company’s stock valued at $35,000 after buying an additional 9,330 shares during the last quarter. Finally, Amalgamated Bank boosted its position in Arcutis Biotherapeutics by 48.9% in the 4th quarter. Amalgamated Bank now owns 11,078 shares of the company’s stock valued at $36,000 after buying an additional 3,639 shares during the last quarter.

Arcutis Biotherapeutics Trading Up 3.2 %

Shares of ARQT opened at $9.60 on Friday. Arcutis Biotherapeutics has a 1 year low of $1.76 and a 1 year high of $13.17. The company has a current ratio of 9.89, a quick ratio of 9.61 and a debt-to-equity ratio of 0.90. The stock has a 50 day simple moving average of $8.62 and a 200-day simple moving average of $7.88. The stock has a market cap of $1.11 billion, a PE ratio of -3.28 and a beta of 1.18.

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ARQT shares. Needham & Company LLC upped their price target on Arcutis Biotherapeutics from $16.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. Mizuho upped their price target on Arcutis Biotherapeutics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $25.38.

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.