ARQT Arcutis Biotherapeutics, Inc. Common Stock

XNAS 25.41 Delayed
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Stock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Expected move IV rank history Fibonacci levels Insider trading

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ARQT $25.41 —
Key stats
$25.41
52-Week Range
$19.30 – $34.80
YTD
-12.37%
IV Rank (30D)
7.16
Straddle Price
$4.25
P/C Vol Ratio
0.40
Market Cap
$3.2B
Open
$25.65
Day Range
$25.23 – $26.25
Volume
1,032,536
Prev Close
$25.55
Fair Value
MODEL: NEUTRAL

A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.

  • DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
  • Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
  • DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
  • P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
  • Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
  • Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
  • Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
  • Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
10-yr Treasury (rf)4.90%
Beta vs SPY0.93
Cost of Equity (CAPM)9.57% (VRP-adj)
WACC9.48%
Volatility Risk Premium+0.0pp (IV − HV30)
Effective Tax Rate2.7%
Rev. Growth (YoY, DCF input)+30.0%
DCF Horizon10 years explicit + fade
Forward Tilt (NTM/TTM)×1.10 (applied to P/E, EV/EBITDA, P/S)
Free Cash Flow (TTM)$0.0B
Return on Equity (TTM)12.9%
Book / Price6.4%
Gross Margin (TTM)91.1%
FCF Margin (TTM)8.4%
Debt / Equity0.46
Quality Score3/6 — normal (10y DCF)
SMA 50$27.16 (Market Anchor value)
SMA 20 / Bollinger Mid$30.27
Bollinger Width / SMA2033.9% (drives anchor stability)
Net Debt$0.1B
Market Cap$3B
Peers used for multiples: ALKS, GH, LGND, LQDA, PTCT, PTGX, RVMD, TGTX
60-Day Conviction
26%
20-Day Fair Value
≈ by Dec 8, 2026
$25.46
α +0.2% rank 31%
conviction
18%
40-Day Fair Value
≈ by Jan 6, 2027
$25.70
α +1.2% rank 34%
conviction
42%
60-Day Fair Value
≈ by Feb 4, 2027
$25.63
α +0.9% rank 42%
conviction
26%
MethodImplied PriceWeightDetail
DCF $19.56 36%
DDM (Gordon) n/a 0%
Peer P/E $15.51 11% median 67.1× · 4 peers
Peer EV/EBITDA $13.99 11% median 50.6× · 6 peers
Peer P/B $20.36 11% median 12.5× · 6 peers
Peer P/S $53.52 11% median 14.2× · 8 peers
Market Anchor (SMA50) $27.16 0% stability 0% (BB-width)
Options Expected (B-L 30d) $25.88 20% 11 strikes · skew +0.44
As of 2026-11-09 · updated
About
Industry (SIC)
PHARMACEUTICAL PREPARATIONS (2834) · industry map
Exchange
XNAS
Market Cap
$3.2B
Employees
354
List Date
2020-01-31
CIK
0001787306
Last Earnings
Nov 4 after close · −20.7% vs ±14.5% expected
Next Earnings
~Feb 24, 2027 (estimated)
Headquarters
Westlake Village, CA
Homepage
https://www.arcutis.com

Arcutis Biotherapeutics Inc is a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for dermatological diseases with high unmet medical needs. Its current portfolio is comprised of differentiated topical and systemic treatments with potential to treat immune-mediated dermatological diseases and conditions. The company's product candidate ZORYVE roflumilast cream, has completed pivotal Phase 3 clinical trials in plaque psoriasis, demonstrating symptomatic improvement and favorable tolerability in this population. The Company has one reportable segmen…

Summary
—
composite
—
No summary data available for this symbol yet.

Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.

Chart
Seasonality
'21'22'23'24'25'26Avg
Jan-4.04%-33.70%12.19%71.14%-9.07%-12.52%4.00%
Feb-3.96%14.84%-3.92%54.82%7.88%5.48%12.52%
Mar-17.27%10.06%-34.09%-15.80%21.90%-4.85%-6.68%
Apr12.64%-0.74%24.13%-14.05%-0.47%-3.65%2.98%
May-24.17%-2.16%-47.81%-5.43%-10.99%-8.09%-16.44%
Jun-0.47%5.03%24.58%13.83%4.01%22.12%11.52%
Jul-11.96%11.64%24.69%5.33%6.04%3.01%6.46%
Aug-9.06%33.02%-19.21%14.77%8.61%-7.59%3.42%
Sep12.32%-28.88%-40.74%-11.43%23.04%11.28%-5.74%
Oct-15.99%-7.92%-52.33%-12.98%28.09%26.81%-5.72%
Nov-27.48%-5.38%-18.58%50.40%23.79%-18.62%*0.69%
Dec34.15%-13.35%62.31%12.20%-4.38%--18.19%
Total-52.36%-31.85%-78.44%224.54%136.73%3.79%33.74%
Technical Indicators

Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.

Trend Indicators
  • SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
  • EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
  • MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
  • ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
  • +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
  • RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
  • Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
  • Williams %R — inverted scale: <−80 oversold, >−20 overbought.

Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.

Volume & Volatility
  • Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
  • OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
  • Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
  • ATR / True Range — average daily $ move; sizing and stop-loss reference.
  • HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.

Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →

Trend Indicators

SMA 20: $30.23
SMA 50: $27.20
SMA 200: $25.34
Current: $25.40
EMA 12: $29.32
EMA 26: $29.06
MACD: 0.2584 | Signal: -0.8496
BULLISH
ADX (14): 31.48
TREND
+DI: 22.52
−DI: 29.55

Momentum Oscillators

RSI (14): 38.25
NEUTRAL
Stoch %K: 6.00
Stoch %D: 33.87
Williams %R: -98.25

Volume & Volatility

BB Upper: $35.50
BB Lower: $24.96
NEUTRAL
OBV: 39,066,086
Vol SMA 20: 2,602,444
Vol ROC: -33.86%
ATR: $1.82
True Range: $1.02
HV 20: 106.4%
HV 30: 92.0%
HV 60: 74.2%

Data Summary

Data Points: 500
Last Updated:
Date Range: 2024-11-08T00:00:00 – 2026-11-06T00:00:00
AI Analysis
Written before ARQT’s Nov 4 earnings report, so it doesn’t reflect the results.

LLM Stock Analysis Report

Executive Summary

Overall assessment: BULLISH with confidence level (8/10)

Key drivers: Positive news sentiment, FDA approval, and improving momentum

Primary risks: High volatility, potential for oversold condition, and negative news surprises

Investment thesis: ARQT's recent FDA approval and strong momentum indicators suggest a bullish trend. However, high volatility and potential for oversold conditions pose risks.

Recent news sentiment impact: Positive news headlines about the FDA approval have contributed to the stock's upward movement, while neutral and mixed sentiments from other articles have had minimal impact.

Technical Analysis

Trend Direction:

  • Short-term (1-4 weeks): Bullish
  • Medium-term (1-3 months): Bullish
  • Long-term (3-12 months): Neutral

Support/Resistance Levels:

  • SMA 20: $26.64 (resistance)
  • SMA 50: $23.70 (support)
  • SMA 200: $24.73 (support)

Momentum Signals:

  • RSI interpretation: Oversold (<30) - potential buy signal
  • MACD signal: Bullish momentum - above signal line
  • Bollinger Bands position: Neutral - price near middle band

Volume Analysis:

  • Volume SMA 20: 1867682.60 (increasing)
  • On-Balance Volume (OBV): 59645718.16 (strongly positive)
  • Volume Rate of Change: -61.23% (low) - suggests low institutional interest

News & Sentiment Analysis

Recent Headlines Summary:

  • FDA approval for ZORYVE Cream
  • Management sells stock
  • Neutral news about Antag Therapeutics and Arcutis Biotherapeutics

Sentiment Assessment: Positive sentiment dominates, with 4/6 articles having a positive tone.

Catalyst Identification:

  • Upcoming earnings release (no specific date provided)
  • Potential regulatory changes for ZORYVE Cream

Market Narrative:

  • Technical signals align with recent news headlines, indicating a bullish trend.
  • No conflicting signals between technical and news data.

Risk & Volatility Assessment

Risk Assessment: High risk due to high volatility and potential for oversold conditions.

Beta Interpretation: 1.33 (high risk relative to market)

Volatility Regime: Current vs historical volatility levels - high volatility.

Options Market Signals:

  • IV rank: Low (11.7%) - suggests historically low volatility.
  • Put/call ratios: Neutral sentiment (1.14) and OI ratio: 0.18.

Downside Protection: Support levels at SMA 50 ($23.70) and SMA 200 ($24.73).

Market Context & Positioning

Sector Performance:

  • Relative strength vs sector/market: Mixed - strong in the healthcare sector, but weak in the overall market.

Institutional Activity:

  • Volume patterns suggesting institutional interest: Low - decreasing volume.

Correlation Analysis:

  • R-squared interpretation: 0.29 (moderate correlation) - suggests some relationship between stock and market movements.

Relative Valuation:

  • Position within trading range: Within a moderate uptrend, with room for further growth.

Key Levels & Action Items

Critical Price Levels:

  • Support at SMA 50 ($23.70) and SMA 200 ($24.73)
  • Resistance at SMA 20 ($26.64)

Breakout/Breakdown Levels:

  • Technical levels that could trigger significant moves: SMA 50 and SMA 200.

Time-Sensitive Catalysts:

  • Earnings release (no specific date provided)
  • Regulatory changes for ZORYVE Cream

Risk Management:

  • Stop-loss levels: Consider setting stop-loss at $23.70 (SMA 50) to limit potential losses.
  • Position sizing considerations: Monitor volume and price action before increasing position size.

Overall Analysis: ARQT's recent FDA approval and strong momentum indicators suggest a bullish trend. However, high volatility and potential for oversold conditions pose risks. The stock is trading within a moderate uptrend, with room for further growth. Investors should monitor the stock's technical levels, news sentiment, and institutional activity before making investment decisions.

Generated
News
All ARQT news →
Showing 1–10 of 13
Page 1 of 2
Earnings History
18 of 21 under expected move
Avg Expected Move
18.37%
Avg Actual Move
7.82%
Each row pairs the pre-earnings straddle-implied expected move with the realized close-to-close move. Sorted oldest first.
Earnings Date Timing Expected Move Actual Move Ratio Outcome
2021-02-05 After-Close 13.81% 5.54% 0.40x Within
2021-05-04 After-Close 14.90% 1.02% 0.07x Within
2021-08-05 After-Close 7.42% 1.74% 0.23x Within
2021-11-04 After-Close 8.81% 2.27% 0.26x Within
2022-02-22 After-Close 23.11% 0.87% 0.04x Within
2022-08-04 After-Close 13.04% 2.19% 0.17x Within
2023-02-28 After-Close 17.00% 3.15% 0.19x Within
2023-05-09 After-Close 11.34% 18.83% 1.66x Exceeded
2023-08-08 After-Close 16.79% 4.48% 0.27x Within
2023-10-19 After-Close 68.65% 18.65% 0.27x Within
2024-02-27 After-Close 22.39% 2.07% 0.09x Within
2024-05-14 After-Close 16.24% 13.65% 0.84x Within
2024-08-14 Pre-Market 13.82% 3.72% 0.27x Within
2024-11-06 After-Close 17.60% 7.66% 0.44x Within
2025-02-25 After-Close 20.70% 8.36% 0.40x Within
2025-05-06 After-Close 17.81% 4.33% 0.24x Within
2025-08-06 After-Close 11.39% 8.07% 0.71x Within
2025-10-28 Pre-Market 21.00% 27.04% 1.29x Exceeded
2026-02-25 After-Close 15.46% 5.78% 0.37x Within
2026-08-05 Pre-Market 20.07% 4.11% 0.20x Within
2026-11-04 After-Close 14.46% 20.70% 1.43x Exceeded

Earnings calendar: this week’s reports with expected vs actual moves →

ARQT Options Activity & IV Rank

ARQT IV rank history, 52-week IV rank and IV percentile →

Volatility Metrics

Current IV: 49.3%
7-DTE IV: 70.1%
Expected Move: $4.25
7-DTE Move: $3.12
Days to Exp: 39 (2026-12-18)

Options Flow · All expiries

Call Volume: 587
Put Volume: 237
P/C Volume: 0.404
BULLISH
Call OI: 7,712
Put OI: 717
P/C OI: 0.093
Total OI: 8,429

ATM Options Pricing

ATM Call: $2.70
ATM Put: $1.55
Call %: 10.6%
Put %: 6.1%

Chain Summary

Chain Volume: 824
Chain OI: 8,429
Last Updated: 11/9/2026
Spread Scanner
Full Algorithm Docs ↗

Each spread is ranked by a composite score built in three stages. Full documentation →

Stage 1 — Base Score

score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Calendars: the long leg is valued at the short leg’s expiration (Black-Scholes at its current IV) across the range of prices the short leg’s IV implies, giving the best-case profit (R/R = that over the debit) and P(profit).

Stage 2 — Skew Adjustment (±25% cap)

RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.

Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
  • RSI <40 bullish / >60 bearish
  • MACD crossover + histogram trend
  • Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
  • Stochastic %K <20 / >80
  • Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
  • Blended ATR + straddle expected-move penalty
  • Bollinger Band signal (+ counter-trend penalty)
  • BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
  • IV rank ≥ 75 → strong boost for credit spreads
  • IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
  • Min open interest across all legs
  • OI < 100 → −0.10 · OI < 500 → −0.05

score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →

Scanning bull put, bear call, iron condor and calendar spreads…

Dealer Positioning
HIGH γ vs HISTORY

Estimated net dealer gamma is at the 88th percentile of this name's own daily history, near the high end of its range. This describes current positioning; it is not a forecast or a trading signal.

Gamma percentile
88%
vs own history
GEX tilt
+0.90
OI-weighted, today
Vanna tilt
+0.88
δ-sensitivity to IV
Charm tilt
-0.97
δ-decay vs time
Vanna tilt +0.88: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.97: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.

Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.

Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.

Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.

This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.

· 10 ATM contracts, 3k total OI
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Metric:
Wing vs ATM
IV(put wing) − IV(ATM), in vol points

How much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.

  • Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
  • Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
  • Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
  • Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each side

Which side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.

  • Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
  • Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
  • Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
  • Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together

Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:

  • High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
  • Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
  • Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d —
— pts EXTREME
No data
30 DTE / 10d —
— pts EXTREME
No data

Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.

Volatility Surface

Loading the implied volatility surface…

Volatility Smile

Loading the implied volatility smile…

IV Rank (7 DTE)11.1LowNov 9
IV Rank (30 DTE)7.2LowNov 9
Straddle Price (30 DTE)$4.25Nov 9
Beta Analysis

Risk Metrics

Beta: 1.3963
Alpha: 3.27%
Correlation: 0.3423
R-Squared: 11.7%
Stock Volatility: 56.2%
Market Volatility: 13.8%

Analysis Details

Benchmark: SPY
Data Points: 251
Period: 252 trading days
Interpretation:
High volatility - stock moves more than market
Beta & Alpha Over Time
Notable investors who own ARQT
5 of 37 tracked investors
InvestorValueShare of their portfolioRankQ/Q sharesSource
Citadel Hedge fund
Ken Griffin
$30.4M
0.02%
#924 of 6285+7333.1%13F
Millennium Management Hedge fund
Izzy Englander
$14.8M
0.01%
#1319 of 3716+1043.4%13F
Point72 Hedge fund
Steve Cohen
$9.5M
0.01%
#774 of 1945-38.7%13F
Renaissance Technologies Hedge fund
Jim Simons
$1.5M
0.00%
#2110 of 3138-86.8%13F
Rockefeller Capital Management Family office
Rockefeller family
$506K
0.00%
#2080 of 4729-1.5%13F

Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions

ARQT Institutional Ownership (13F)

Filings for 2026-06-30 · 112 already for 2026-09-30
Diluted shares outstanding: 131,345,391 (as of 2026-06-30)

Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.

  • Shares — long equity positions in this name, aggregated across share classes.
  • Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
  • % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
  • Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.

Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.

299 filers133,479,525 shares$3.50B value101.62% of float
# Filer Shares Value % of Total % of Float Period
1 MONTANOVA CAPITAL, LLC 12,437,000 $326.10M 9.31% 9.47% 2026-06-30
2 BlackRock, Inc. Custodian 10,545,466 $276.50M 7.89% 8.03% 2026-06-30
3 Frazier Life Sciences Management, L.P. 9,874,511 $258.91M 7.39% 7.52% 2026-06-30
4 Rubric Capital Management LP 8,271,577 $216.88M 6.19% 6.30% 2026-06-30
5 Polar Capital Holdings Plc 6,606,945 $173.23M 4.95% 5.03% 2026-06-30
6 State Street Corp 5,822,840 $152.67M 4.36% 4.43% 2026-06-30
7 Vanguard Capital Management LLC 4,988,756 $130.81M 3.73% 3.80% 2026-06-30
8 Morgan Stanley Custodian 4,451,014 $116.71M 3.33% 3.39% 2026-06-30
9 Jennison Associates LLC 4,219,058 $110.62M 3.16% 3.21% 2026-06-30
10 D. E. Shaw & Co., Inc. Custodian 3,949,609 $103.56M 2.96% 3.01% 2026-06-30
11 UBS Group AG Custodian 3,333,015 $87.39M 2.50% 2.54% 2026-06-30
12 Geode Capital Management, LLC Custodian 2,970,720 $78.53M 2.24% 2.26% 2026-09-30
13 Bank of America Corp Custodian 2,987,431 $78.33M 2.24% 2.27% 2026-06-30
14 Vanguard Portfolio Management LLC 2,429,005 $63.69M 1.82% 1.85% 2026-06-30
15 ORBIMED ADVISORS LLC 2,042,000 $53.54M 1.53% 1.55% 2026-06-30
16 Franklin Resources, Inc. Custodian 1,930,982 $50.63M 1.45% 1.47% 2026-06-30
17 American Century Companies, Inc. 1,925,031 $50.47M 1.44% 1.47% 2026-06-30
18 Goldman Sachs Group Inc Custodian 1,668,367 $43.74M 1.25% 1.27% 2026-06-30
19 Jupiter Topco LLC 1,410,435 $36.99M 1.06% 1.07% 2026-06-30
20 OBERWEIS ASSET MANAGEMENT INC/ 1,372,941 $36.00M 1.03% 1.05% 2026-06-30
21 GILDER GAGNON HOWE & CO LLC 1,313,211 $34.43M 0.98% 1.00% 2026-06-30
22 GW&K Investment Management, LLC 1,288,018 $33.77M 0.96% 0.98% 2026-06-30
23 Pivotal bioVenture Partners Investment Advisor LLC 1,265,283 $33.18M 0.95% 0.96% 2026-06-30
24 BAMCO INC /NY/ 1,253,120 $32.86M 0.94% 0.95% 2026-06-30
25 Aberdeen Group plc 1,204,900 $31.85M 0.91% 0.92% 2026-09-30
6 filers$17.01M notional
# Filer Notional Value % of Total Period
1 Susquehanna International Group, LLP Custodian $8.74M 51.40% 2026-06-30
2 Jane Street Group, LLC Custodian $3.09M 18.16% 2026-06-30
3 Citadel Advisors LLC Custodian $2.48M 14.58% 2026-06-30
4 GROUP ONE TRADING LLC Custodian $2.26M 13.29% 2026-06-30
5 Simplex Trading, LLC Custodian $399.09K 2.35% 2026-09-30
6 Walleye Capital LLC $36.71K 0.22% 2026-06-30
5 filers$1.55M notional
# Filer Notional Value % of Total Period
1 Susquehanna International Group, LLP Custodian $456.23K 29.43% 2026-06-30
2 Jane Street Group, LLC Custodian $385.43K 24.86% 2026-06-30
3 Citadel Advisors LLC Custodian $367.08K 23.68% 2026-06-30
4 GROUP ONE TRADING LLC Custodian $259.58K 16.74% 2026-06-30
5 Simplex Trading, LLC Custodian $81.93K 5.29% 2026-09-30

ARQT Insider Trading (Form 4)

Latest: 2026-11-04
Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
Filed Reporter Role Action Shares Avg Price Net $ Link
2026-11-04 Todd Watanabe See Remarks Sell (S) −4,377 $31.86 -$139.5K EDGAR
2026-11-04 Patrick Burnett EVP, Chief Medical Officer Sell (S) −943 $31.86 -$30.0K EDGAR
2026-11-04 Masaru Matsuda EVP, Chief Legal Officer Mixed
Sell −41,219 · Exer +40,000
 −1,219 $19.17 -$1.27M EDGAR
2026-10-28 Robert A Scott Director Award (A) +2,819 — EDGAR
2026-10-19 Howard G. Welgus Director Mixed
Sell −4,728 · Exer +4,094
 −634 $18.11 -$94.9K EDGAR
2026-09-18 Masaru Matsuda See Remarks Sell (S) −3,674 $25.00 -$91.9K EDGAR
2026-09-17 Howard G. Welgus Director Mixed
Exer +4,096 · Sell −4,730
 −634 $16.64 -$81.9K EDGAR
2026-09-10 Masaru Matsuda See Remarks Sell (S) −9,989 $25.03 -$250.0K EDGAR
2026-08-28 Terrie Curran Director Mixed
Sell −38,200 · Exer +38,200
 — $16.67 -$638.9K EDGAR
2026-08-24 Terrie Curran Director Mixed
Sell −1,072 · Exer +1,072
 — $16.77 -$19.9K EDGAR
2026-08-21 Patrick Burnett See Remarks Sell (S) −1,697 $27.00 -$45.8K EDGAR
2026-08-19 Howard G. Welgus Director Mixed
Exer +4,096 · Sell −4,730
 −634 $17.71 -$91.4K EDGAR
2026-08-13 Patrick Burnett See Remarks Mixed
Exer +15,000 · Sell −15,000
 — $14.98 -$340.3K EDGAR
2026-08-05 Patrick Burnett See Remarks Sell (S) −955 $26.12 -$24.9K EDGAR
2026-08-05 Todd Watanabe See Remarks Sell (S) −4,375 $26.12 -$114.3K EDGAR
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.

ARQT Insider Holdings

17 insiders · @ $25.40
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
# Insider Role Shares Disclosed Exposure Lifetime OM Net Filings Last Filed
1 Bhaskar Chaudhuri Director 917,807 $23.31M -$2.11M 16 2025-06-16
2 Todd Watanabe See Remarks 738,236 $18.75M -$9.69M 70 2026-11-04
3 Christopher Peetz Director 191,815 $4.87M $0 1 2026-07-17
4 David Joseph Topper Chief Financial Officer 182,774 $4.64M -$262.0K 4 2025-04-03
5 Larry Todd Edwards See Remarks 175,281 $4.45M -$1.20M 12 2026-03-03
6 Patrick Burnett EVP, Chief Medical Officer 116,649 $2.96M -$5.89M 42 2026-11-04
7 Masaru Matsuda EVP, Chief Legal Officer 111,289 $2.83M -$4.84M 32 2026-11-04
8 Latha Vairavan SVP Chief Financial Officer 85,978 $2.18M -$149.8K 7 2026-05-13
9 Howard G. Welgus Director 64,926 $1.65M -$6.85M 86 2026-10-19
10 Patrick J Heron Director 59,661 $1.52M $9.07M 16 2026-06-12
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.

ARQT Board & Officers

As of SEC filings through Nov 4, 2026

Directors 11

Officers 6

  • Todd Watanabe · Reporting Person's title: President and Chief Executive Officer · listed since Nov 2022
  • Patrick Burnett · Reporting Person's Title: Executive Vice President and Chief Medical Officer · listed since Dec 2024
  • Latha Vairavan · SVP Chief Financial Officer · since May 6, 2025
  • Larry Todd Edwards · Reporting Person's title: EVP Chief Commercial Officer · listed since Dec 2024
  • Masaru Matsuda · Reporting Person's title: EVP, Chief Legal Officer · listed since Mar 2026
  • Robert Lisicki · EVP, Chief Commercial Officer · since Nov 4, 2026
Changes in the last 10 years (81)
Nov 4, 2026Robert Lisicki became EVP, Chief Commercial Officer
Oct 23, 2026Robert A Scott became a director
Jul 15, 2026Christopher Peetz became a director
Mar 3, 2026Masaru Matsuda listed as Reporting Person's title: EVP, Chief Legal Officer (previously Reporting Person's title: SVP General Counsel and Corporate Secretary) in SEC filings
Dec 4, 2025Amit Munshi became a director
Dec 3, 2025The company announced the departure of Bhaskar Chaudhuri from the board in an SEC filing
Jun 17, 2025Patrick J Heron no longer listed as a 10% owner in SEC filings
Jun 16, 2025Patrick J Heron first listed as a 10% owner in an SEC filing
May 13, 2025Patrick J Heron first listed as a director in an SEC filing
May 6, 2025Latha Vairavan became SVP Chief Financial Officer
May 5, 2025Masaru Matsuda listed as Reporting Person's title: SVP General Counsel and Corporate Secretary (previously See Remark) in SEC filings
Apr 10, 2025The company announced the departure of David Joseph Topper as Chief Financial Officer in an SEC filing
Dec 31, 2024Patrick Burnett listed as Reporting Person's Title: Executive Vice President and Chief Medical Officer (previously Reporting Person's title: Senior Vice President and Chief Medical Officer) in SEC filings
Dec 3, 2024Larry Todd Edwards listed as Reporting Person's title: EVP Chief Commercial Officer (previously SVP Chief Commercial Officer) in SEC filings
May 20, 2024Larry Todd Edwards listed as SVP Chief Commercial Officer (previously Chief Commercial Officer) in SEC filings
Apr 10, 2024The company announced the departure of John W Smither as Chief Financial Officer in an SEC filing
Apr 10, 2024David Joseph Topper became Chief Financial Officer
Oct 26, 2023Patrick J Heron reported in an SEC filing no longer being a director
Oct 26, 2023Patrick J Heron reported in an SEC filing no longer being a 10% owner
Oct 26, 2023James N Topper reported in an SEC filing no longer being a 10% owner
Not reported recently (14)
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.

ARQT Proposed Insider Sales (Form 144)

Latest: 2026-11-04
Last 30d: 6 filings · $3.7M notice value  ·  Last 90d: 14 filings · $14.3M notice value · 6 unique filers · 36% under 10b5-1 plans

What is Form 144? A notice of intent to sell restricted or control stock under Rule 144. Affiliates (officers, directors, 10%+ owners) and holders of restricted shares must file Form 144 when planning to sell more than 5,000 shares or $50,000 in any 3-month rolling window.

How it relates to Form 4: Form 144 is filed before the trade (up to 90 days in advance); Form 4 is filed within 2 business days after the trade executes. Not every Form 144 results in a sale — the filer may cancel or delay. Look for the corresponding Form 4 on the Insider Activity card to confirm a sale actually happened.

10b5-1 plans: Trades made under a pre-scheduled Rule 10b5-1 plan are not discretionary — they execute automatically on dates set months earlier, regardless of news. High 10b5-1 percentages mean less per-filing signal value, though cumulative selling volume still matters.

"Notice value": Aggregate market value the filer wrote into the Form 144 — i.e. the size of the planned sale, not necessarily the executed dollars. An amended notice (Form 144/A) replaces the original it amends, and cancelled notices are dropped, so neither is double-counted above. A filed value that is clearly inconsistent with the share count at the stock's price (a filer typo) shows as a dash and is left out of the totals.

Source & freshness: Sourced from public Form 144 filings. Refreshed daily; new filings typically appear here the morning after they are filed.

Top 90-day filers: Larry Todd Edwards (2, $10.5M) · Masaru Matsuda (3, $1.8M) · Terrie Curran (2, $984K) · Patrick Burnett (3, $474K) · Howard Welgus (3, $366K)
Filed Filer Role Shares Notice Value Planned Sale Broker Plan Link
2026-11-04 Masaru Matsuda Officer 40,000 $1.37M 2026-11-04 Merrill Lynch 10b5-1 EDGAR
2026-11-02 Todd Franklin Watanabe Officer 4,377 $139.5K 2026-11-02 Merrill Lynch — EDGAR
2026-11-02 Masaru Matsuda Officer 1,219 $38.8K 2026-11-02 Merrill Lynch — EDGAR
2026-11-02 Patrick Burnett Officer 943 $30.0K 2026-11-02 Merrill Lynch — EDGAR
2026-10-20 Larry Todd Edwards Former Officer 60,376 $1.99M 2026-10-20 Merrill Lynch — EDGAR
2026-10-15 Howard Welgus Director 4,728 $127.3K 2026-10-15 Merrill Lynch 10b5-1 EDGAR
2026-09-16 Larry Todd Edwards Former Officer 341,980 $8.55M 2026-09-16 Merrill Lynch — EDGAR
2026-09-15 Howard Welgus Director 4,730 $114.4K 2026-09-15 Merrill Lynch 10b5-1 EDGAR
2026-09-08 Masaru Matsuda Officer 13,663 $341.9K 2026-09-08 Merrill Lynch 10b5-1 EDGAR
2026-08-27 Terrie Curran Director 38,200 $956.1K 2026-08-27 Merrill Lynch — EDGAR
Notice value is the aggregate market value the filer states they intend to sell — not a confirmed transaction. Compare to Insider Activity (Form 4) to see which planned sales actually executed. Market-wide feed: Planned sales (Form 144).
Recent SEC Filings
Latest: 2026-11-04
Current reports — material events the company must disclose within 4 business days (earnings releases, M&A, executive changes, etc.).
Filing Date Event Link
2026-11-04 Earnings results EDGAR
2026-10-28 Director or officer change · Regulation FD disclosure EDGAR
2026-08-05 Earnings results · Director or officer change EDGAR
2026-07-16 Director or officer change · Regulation FD disclosure EDGAR
2026-06-09 Shareholder vote results · Other events EDGAR
Annual report — audited financial statements, MD&A, risk factors. Filed 60–90 days after fiscal year-end.
Filing Date Accession Link
Quarterly report — unaudited financials and MD&A. Filed 40–45 days after each of the first three fiscal quarters.
Filing Date Accession Link
2026-11-04 0001787306-26-000057 EDGAR
2026-08-05 0001787306-26-000051 EDGAR
ETF Holders
85 ETFs hold ARQT
25 shown · $691.49M total exposure · 0.14% AUM-weighted avg weight
# ETF Provider Weight $ Exposure ETF AUM As Of
1 IJR iShares Core S&P Small-Cap ETF iShares (BlackRock) 0.17% $176.8M $103.8B 2026-11-06
2 VTI Vanguard Morningstar Total Stock Market ETF Vanguard 0.00% $94.8M — 2026-09-30
3 XBI State Street® SPDR® S&P® Biotech ETF SPDR (State Street) 0.84% $84.4M $10.0B 2026-11-05
4 IWM iShares Russell 2000 ETF iShares (BlackRock) 0.10% $75.9M $76.6B 2026-11-06
5 VXF Vanguard Extended Market ETF Vanguard 0.04% $34.1M — 2026-09-30
6 SPSM State Street® SPDR® Portfolio S&P 600™ Small Cap ETF SPDR (State Street) 0.18% $28.3M $15.7B 2026-11-05
7 IWO iShares Russell 2000 Growth ETF iShares (BlackRock) 0.20% $27.6M $13.7B 2026-11-06
8 IJT iShares S&P Small-Cap 600 Growth ETF iShares (BlackRock) 0.36% $26.4M $7.3B 2026-11-06
9 IBB iShares Biotechnology ETF iShares (BlackRock) 0.19% $21.1M $11.1B 2026-11-06
10 SLYG State Street® SPDR® S&P 600™ Small Cap Growth ETF SPDR (State Street) 0.39% $17.7M $4.6B 2026-11-05
11 VTWO Vanguard Russell 2000 ETF Vanguard 0.10% $17.6M — 2026-09-30
12 SCHA Schwab U.S. Small-Cap ETF Nport 0.06% $13.0M — 2026-08-31
13 JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF Janus 1.07% $10.7M $1.0B 2026-11-06
14 VIOO Vanguard S&P Small-Cap 600 ETF Vanguard 0.18% $10.7M — 2026-09-30
15 VHT Vanguard Health Care ETF Vanguard 0.04% $9.1M — 2026-09-30
16 FESM Fidelity Enhanced Small Cap Core ETF Fidelity 0.12% $7.9M $6.6B 2026-11-05
17 FYC First Trust Small Cap Growth AlphaDEX® Fund First Trust 0.51% $6.7M $1.3B 2026-11-06
18 PSC Principal U.S. Small-Cap ETF Nport 0.19% $4.5M — 2026-06-30
19 VIOG Vanguard S&P Small-Cap 600 Growth ETF Vanguard 0.39% $4.0M — 2026-11-05
20 ITOT iShares Core S&P Total U.S. Stock Market ETF iShares (BlackRock) 0.00% $3.9M $93.2B 2026-11-06
21 PTH Invesco Dorsey Wright Healthcare Momentum ETF Nport 1.53% $3.6M — 2026-07-31
22 VTWG Vanguard Russell 2000 Growth ETF Vanguard 0.20% $3.3M — 2026-09-30
23 FYX First Trust Small Cap Core AlphaDEX® Fund First Trust 0.24% $3.3M $1.4B 2026-11-06
24 LABU Direxion Daily S&P Biotech Bull 3X ETF Direxion 0.59% $3.0M — 2026-11-06
25 PSCH Invesco S&P SmallCap Health Care ETF Invesco 1.68% $3.0M — 2026-11-05
Fundamentals

Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.

Metrics
  • Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
  • Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
  • Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
  • Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
  • Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
  • YoY growth — compare to the same quarter a year earlier to remove seasonality.
  • Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
  • Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.

TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.

Trailing P/E
121.14
TTM Diluted EPS
$0.21
TTM Revenue
$463.98M
TTM Net Income
$28.52M
TTM Op. Cash Flow
$39.31M
Quarterly figures (12 quarters)
QuarterPeriod EndRevenueNet IncomeDiluted EPSOp. Cash Flow
Q2 '262026-06-30$129.86M$15.01M$0.11$12.64M
Q1 '262026-03-31$105.40M$-11.29M$-0.09$2.24M
Q4 '252025-12-31$129.50M$17.39M$0.13$26.18M
Q3 '252025-09-30$99.22M$7.41M$0.06$-1.75M
Q2 '252025-06-30$81.50M$-15.89M$-0.13$324.00K
Q1 '252025-03-31$65.85M$-25.06M$-0.20$-30.38M
Q4 '242024-12-31$71.36M$-10.79M$-0.08$-748.00K
Q3 '242024-09-30$44.76M$-41.54M$-0.33$-34.69M
Q2 '242024-06-30$30.86M$-52.33M$-0.42$-45.12M
Q1 '242024-03-31$49.57M$-35.38M$-0.32$-31.60M
Q4 '232023-12-31$13.53M$-66.28M$-0.59$-56.24M
Q3 '232023-09-30$38.11M$-44.77M$-0.73$-43.98M
Q2 2026 • period ending 2026-06-30 • filed 2026-08-05
Valuation

Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.

Price Multiples
  • P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
  • P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
  • P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
  • EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
  • EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
  • ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
  • ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
  • Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
  • FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
  • Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
  • Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
  • Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
  • Multiples expanding while earnings are flat = sentiment-driven rally.
  • Multiples compressing while earnings grow = value coming from fundamentals.
P/E
121.14
P/B
15.15
P/S
7.20
EV/EBITDA
96.37
EV/Sales
7.35
ROE
12.9%
ROA
5.8%
Div Yield
0.00%
FCF Yield
1.18%
Debt/Equity
0.46
Current Ratio
—
Market Cap
$3.34B
as of 2026-11-09

ARQT vs Peers

Related companies, largest first
Company Market cap P/E Revenue growth YTD IV rank
RVMD Revolution Medicines, Inc. Common Stock $41.6B — — +151.5% 66
GH Guardant Health, Inc. Common Stock $20.4B — +42.7% +58.3% 25
TGTX TG Therapeutics, Inc. $9.2B 22.2 +76.1% +108.3% 51
PTGX Protagonist Therapeutics, Inc $8.5B 133.0 +34.8% +55.6% 15
ALKS Alkermes Inc. plc $7.7B — +15.3% +65.1% 18
LGND Ligand Pharmaceuticals Inc. $6.1B 142.3 +1.0% +65.4% 43
PTCT PTC Therapeutics, Inc. $5.5B — −35.1% −15.0% 12
LQDA Liquidia Corporation Common Stock $4.0B 34.5 +2233.6% +52.9% 8
ARQT Arcutis Biotherapeutics, Inc. Common Sto $3.2B 120.9 +76.1% −12.4% 7
Peer median $8.1B 83.8 +34.8% +61.7% 21

P/E uses the latest reported trailing-12-month diluted EPS; "—" means no positive earnings or no data.

Short Interest & Float

Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.

Metric definitions
  • Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
  • SI % of Float — short interest / free float. The key crowding metric.
  • Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
  • Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
  • Free Float — shares available for public trading (total shares minus insider / restricted).
  • Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
  • SI % of Float < 5% — typical, no particular signal.
  • 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
  • 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
  • >30% — extreme; borrow is likely expensive and squeeze risk is material.
  • Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
  • Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
  • A sudden drop in SI after a rally may indicate a squeeze in progress.

Short interest is reported mid-month and end-of-month; short volume is daily.

Short Interest
20.49M
SI % of Float
18.04%
Days to Cover
9.78
Short Vol Ratio
65.5%
Free Float
113.54M
Float %
90.3%
Short interest 2026-10-15 • Short volume 2026-11-06 • Float 2026-08-14