Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Arcutis Biotherapeutics Inc. shares valued at $146,374 were sold by Welgus Howard G. on Jul 18. At $24.40 per share, Welgus Howard G. sold 6,000 shares. The insider’s holdings dropped to 180,208 shares worth approximately $4.43 million following the completion of this transaction.
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Also, OSBORNE DAVID W sold 2,197 shares, netting a total of over 55,835 in proceeds. Following the sale of shares at $25.41 each, the insider now holds 256,649 shares.
Before that, Watanabe Todd Franklin had sold 13,500 shares from its account. In a trade valued at $342,473, the President and CEO traded Arcutis Biotherapeutics Inc. shares for $25.37 each. Upon closing the transaction, the insider’s holdings decreased to 13,500 shares, worth approximately $16.04 million.
As published in their initiating research note from Goldman on March 17, 2022, Arcutis Biotherapeutics Inc. [ARQT] has been a Buy and the price target has been revised to $45. This represents a 45.31% premium over Thursday’s closing price. Analysts at Mizuho started covering the stock with ‘”a Buy”‘ outlook in a report released in late June. As of May 27, 2021, Morgan Stanley has increased its “an Equal-weight” rating to a “an Overweight” for ARQT. Earlier on November 09, 2020, Goldman upgraded its rating. Their new recommendation was “a Buy” for ARQT stock which previously was a “a Neutral”.
Analyzing ARQT’s Price Performance
On Thursday, Arcutis Biotherapeutics Inc. [NASDAQ: ARQT] rose 10.81% to $24.61. The stock’s lowest price that day was $22.30, but it reached a high of $24.64 in the same session. During the last five days, there has been a surge of approximately 5.35%. Over the course of the year, Arcutis Biotherapeutics Inc. shares have jumped approximately 18.66%. Shares of the company reached a 52-week high of $26.13 on 07/11/22 and a 52-week low of $13.59 on 01/28/22. A 50-day SMA is recorded $22.00, while a 200-day SMA reached $19.36. Nevertheless, trading volume fell to 1.91 million shares from 1.05 million shares the previous day.
Support And Resistance Levels for Arcutis Biotherapeutics Inc. (ARQT)
According to the 24-hour chart, there is a support level at 23.06, which, if violated, would cause prices to drop to 21.51. In the upper region, resistance lies at 25.40. The next price resistance is at 26.19. RSI (Relative Strength Index) is 56.95 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.54, which suggests the price will decrease in the coming days. Percent R is at 11.47%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Arcutis Biotherapeutics Inc. subject to short interest?
Stocks of Arcutis Biotherapeutics Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 0.62 million shares to 3.92 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 3.3 million shares. A jump of 15.82% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 7.43 of the overall float, the days-to-cover ratio (short ratio) jumped to 7.43.
Which companies own the most shares of Arcutis Biotherapeutics Inc. (ARQT)?
According to Fidelity Management & Research Co filings, the company currently owns 7,261,512 shares, which is about 14.12% of the total ARQT shares outstanding. The investor’s shares have appreciated by 11,390 from its previous 13-F filing of 7250122.0 shares. With the completion of the sale transaction, BlackRock Fund Advisors’s stake is now worth $42,751,696. Polar Capital LLP reduced a 0.00% interest valued at $38.02 million while Point72 Asset Management LP sold a -945,738 stake. A total of 1,250,000 shares of Arcutis Biotherapeutics Inc. were sold by Logos Global Management LP during the quarter, and -106 were sold by BlackRock Advisors LLC. In its current portfolio, The Vanguard Group, Inc. holds 1,490,563 shares valued at $31.76 million.
In terms of Arcutis Biotherapeutics Inc. share price expectations, FactSet research, analysts set an average price target of $55.71 in the next 12 months, up nearly 125.12% from the previous closing price of $22.21. Analysts anticipate Arcutis Biotherapeutics Inc. stock to reach $80.00 by 2022, with the lowest price target being $45.00. In spite of this, 7 analysts ranked Arcutis Biotherapeutics Inc. stock as a Buy at the end of 2022. On October 08, 2020, Truist assigned a price target of “a Buy” to the stock and initiated coverage with a $38.