Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Short Interest Down 19.2% in August

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) was the target of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 12,480,000 shares, a drop of 19.2% from the August 15th total of 15,450,000 shares. Currently, 27.9% of the shares of the company are sold short. Based on an average daily trading volume, of 1,100,000 shares, the short-interest ratio is currently 11.3 days.

Arcutis Biotherapeutics Price Performance

Shares of NASDAQ:ARQT traded down $0.41 during midday trading on Monday, hitting $6.40. The company’s stock had a trading volume of 383,722 shares, compared to its average volume of 1,086,920. The business’s 50 day simple moving average is $9.00 and its 200 day simple moving average is $10.40. The company has a debt-to-equity ratio of 2.48, a quick ratio of 8.14 and a current ratio of 8.43. The company has a market cap of $394.59 million, a P/E ratio of -1.16 and a beta of 0.64. Arcutis Biotherapeutics has a 12-month low of $6.36 and a 12-month high of $20.64.

Arcutis Biotherapeutics (NASDAQ:ARQT) last posted its quarterly earnings results on Tuesday, August 8th. The company reported ($1.16) earnings per share for the quarter, topping the consensus estimate of ($1.22) by $0.06. The firm had revenue of $5.19 million for the quarter, compared to the consensus estimate of $4.87 million. Arcutis Biotherapeutics had a negative net margin of 2,837.94% and a negative return on equity of 188.88%. On average, analysts forecast that Arcutis Biotherapeutics will post -4.77 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on ARQT shares. Truist Financial cut their price objective on shares of Arcutis Biotherapeutics from $45.00 to $40.00 in a research note on Friday, May 26th. TD Cowen dropped their price target on shares of Arcutis Biotherapeutics from $65.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 9th. Cantor Fitzgerald restated an “overweight” rating and set a $50.00 price target on shares of Arcutis Biotherapeutics in a research report on Tuesday, August 22nd. Guggenheim dropped their price target on shares of Arcutis Biotherapeutics from $45.00 to $38.00 in a research report on Monday, July 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $22.00 price target on shares of Arcutis Biotherapeutics in a research report on Thursday, August 10th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $44.75.

Hedge Funds Weigh In On Arcutis Biotherapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Swiss National Bank raised its stake in Arcutis Biotherapeutics by 7.8% during the first quarter. Swiss National Bank now owns 59,500 shares of the company’s stock worth $1,146,000 after purchasing an additional 4,300 shares during the period. JPMorgan Chase & Co. raised its stake in Arcutis Biotherapeutics by 20.8% during the first quarter. JPMorgan Chase & Co. now owns 27,022 shares of the company’s stock worth $520,000 after purchasing an additional 4,646 shares during the period. MetLife Investment Management LLC raised its stake in Arcutis Biotherapeutics by 58.5% during the first quarter. MetLife Investment Management LLC now owns 16,718 shares of the company’s stock worth $322,000 after purchasing an additional 6,170 shares during the period. Dimensional Fund Advisors LP raised its stake in Arcutis Biotherapeutics by 83.5% during the first quarter. Dimensional Fund Advisors LP now owns 227,383 shares of the company’s stock worth $4,378,000 after purchasing an additional 103,477 shares during the period. Finally, Vanguard Group Inc. raised its stake in Arcutis Biotherapeutics by 1.1% during the first quarter. Vanguard Group Inc. now owns 1,531,098 shares of the company’s stock worth $29,489,000 after purchasing an additional 16,770 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.