Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Brief Update on Interests

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Get Rating) was the target of a significant increase in short-term interest in October. As of October 15, there was short interest totaling 6,850,000 shares, an increase of 14.4% from the total of 5,990,000 shares as of September 30. Currently, 16.4% of the stock’s shares are sold short. Based on an average trading volume of 753,600 shares, the short-term interest rate ratio is currently 9.1 days.

Arcutis Biotherapeutics Stock Performance

Arcutis Biotherapeutics stock opened Friday at $17.50. Arcutis Biotherapeutics has a 1-year low of $13.59 and a 1-year high of $27.40. The company has a 50-day simple moving average of $20.21 and a 200-day simple moving average of $21.19. The company has a debt ratio of 0.37, a current ratio of 10.75 and a quick ratio of 10.75.

Arcutis Biotherapeutics (NASDAQ:ARQT – Get Rating) last reported results on Thursday August 4th. The company reported ($1.31) earnings per share (EPS) for the quarter, beating analyst consensus estimates of ($1.38) by $0.07. Sell-side analysts expect Arcutis Biotherapeutics to post -5.6 earnings per share for the current year.

Wall Street analysts predict growth

Several analysts have recently released reports on the stock. Goldman Sachs Group raised its price target on Arcutis Biotherapeutics shares from $45.00 to $50.00 and gave the company a “buy” rating in a Tuesday, Aug. 2 research note. Jonestrading reaffirmed a “buy” rating and set a price target of $54.00 on Arcutis Biotherapeutics shares in a Thursday, September 22 research note. Needham & Company LLC assumed coverage for Arcutis Biotherapeutics stock in a Wednesday, September 7 research note. They set a “buy” rating and a price target of $46.00 for the company. Finally, Morgan Stanley raised its price target on Arcutis Biotherapeutics shares from $46.00 to $49.00 and gave the company an “overweight” rating in a Tuesday, Oct. 4 research note. Six equity research analysts rated the stock with a buy rating. According to MarketBeat.com, Arcutis Biotherapeutics has a consensus rating of “Buy” and a consensus price target of $51.20.

Insiders place their bets

In other Arcutis Biotherapeutics news, Director Howard G. Welgus sold 6,000 shares of the company in a trade dated Tuesday, October 4. The shares were sold at an average price of $20.29, for a total value of $121,740.00. Following completion of the transaction, the administrator now owns 168,208 shares of the company, valued at $3,412,940.32. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. During the last quarter, insiders sold 14,000 shares of the company worth $311,560. Insiders of the company hold 23.00% of the shares of the company.

Institutional investors weigh in on Arcutis Biotherapeutics

A number of institutional investors have recently bought and sold shares of ARQT. Frazier Life Sciences Management LP acquired a new stake in Arcutis Biotherapeutics during the first quarter valued at approximately $162,443,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Arcutis Biotherapeutics during the first quarter for a value of approximately $29,000. Nisa Investment Advisors LLC acquired a new stake in Arcutis Biotherapeutics during the first quarter valued at approximately $268,000. Allspring Global Investments Holdings LLC increased its stake in Arcutis Biotherapeutics by 3.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 629,754 shares of the company worth $13,420,000 after purchasing an additional 20,106 shares during the period. Finally, Tekla Capital Management LLC increased its stake in Arcutis Biotherapeutics by 13.1% during the second quarter. Tekla Capital Management LLC now owns 148,874 shares of the company worth $3,173,000 after purchasing an additional 17,241 shares during the period.

Arcutis Biotherapeutics Company Profile

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Arcutis Biotherapeutics, Inc., a biopharmaceutical company, is focused 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.

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