Short-term stake in Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) increases 15.2%

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT – Get Rating) was the target of a surge in short-term interest during the month of September. As of September 30, there was short interest totaling 5,990,000 shares, an increase of 15.2% from the total of 5,200,000 shares as of September 15. Based on an average trading volume of 699,700 shares, the day-to-cover ratio is currently 8.6 days. Currently, 14.3% of the company’s shares are sold short.

Insider buying and selling

Separately, director Howard G. Welgus sold 6,000 shares of the company in a transaction that took place on Tuesday, October 4. The stock was sold at an average price of $20.29, for a total transaction of $121,740.00. As a result of the transaction, the administrator now directly owns 168,208 shares of the company, valued at approximately $3,412,940.32. The transaction was disclosed in a filing with the SEC, which is available via this hyperlink. Insiders sold a total of 20,000 shares of the company worth $457,960 in the past ninety days. 23.00% of the shares are held by insiders.

Institutional entries and exits

Large investors have recently increased or reduced their stakes in the stock. Frazier Life Sciences Management LP acquired a new position in Arcutis Biotherapeutics during the first quarter worth $162,443,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Arcutis Biotherapeutics during the first quarter worth $29,000. Nisa Investment Advisors LLC acquired a new position in Arcutis Biotherapeutics during the first quarter worth $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 valued at $13,420,000 after purchasing an additional 20,106 shares in the last quarter. 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 valued at $3,173,000 after purchasing an additional 17,241 shares in the last quarter.

Analysts set new price targets

A number of equity research analysts have weighed in on ARQT shares recently. Goldman Sachs Group raised its price target on Arcutis Biotherapeutics from $45.00 to $50.00 and gave the stock a “buy” rating in a Tuesday, August 2 research report. Jonestrading reiterated a “buy” rating and issued a $54.00 price target on Arcutis Biotherapeutics shares in a research report on Thursday, September 22. Needham & Company LLC began covering Arcutis Biotherapeutics in a research report on Wednesday, September 7. They issued a “buy” rating and a price target of $46.00 on the stock. Finally, Morgan Stanley raised its price target on Arcutis Biotherapeutics from $46.00 to $49.00 and gave the stock an “overweight” rating in a Tuesday, October 4 research report. Six investment analysts have rated the stock with a buy rating. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $51.20.

Arcutis Biotherapeutics up 2.3%

ARQT opened at $18.64 on Friday. The company has a debt ratio of 0.37, a quick ratio of 10.75 and a current ratio of 10.75. The company has a 50-day moving average of $21.73 and a 200-day moving average of $21.38. Arcutis Biotherapeutics has a 52 week low of $13.59 and a 52 week high of $27.40.

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

About Arcutis Biotherapeutics

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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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