Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Arcutis Biotherapeutics Inc. shares valued at $37,167 were sold by Watanabe Todd Franklin on Mar 06. At $15.26 per share, Watanabe Todd Franklin sold 2,435 shares. The insider’s holdings dropped to 366,657 shares worth approximately $4.06 million following the completion of this transaction.
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Also, Burnett Patrick sold 851 shares, netting a total of over 12,989 in proceeds. Following the sale of shares at $15.26 each, the insider now holds 59,962 shares.
Before that, Lock Kenneth A. had sold 831 shares from its account. In a trade valued at $12,684, the Chief Commercial Officer traded Arcutis Biotherapeutics Inc. shares for $15.26 each. Upon closing the transaction, the insider’s holdings decreased to 831 shares, worth approximately $0.7 million.
As published in their initiating research note from Needham on September 07, 2022, Arcutis Biotherapeutics Inc. [ARQT] has been a Buy and the price target has been revised to $46. This represents a 75.91% premium over Thursday’s closing price. Analysts at Goldman started covering the stock with ‘”a Buy”‘ outlook in a report released in mid March. As of June 30, 2021, Mizuho has initiated its “Buy” rating for ARQT. Earlier on May 27, 2021, Morgan Stanley upgraded its rating. Their new recommendation was “an Overweight” for ARQT stock which previously was a “an Equal-weight”.
Analyzing ARQT Stock Performance
On Thursday, Arcutis Biotherapeutics Inc. [NASDAQ: ARQT] plunged -0.27% to $11.08. The stock’s lowest price that day was $10.74, but it reached a high of $11.28 in the same session. During the last five days, there has been a drop of approximately -12.96%. Over the course of the year, Arcutis Biotherapeutics Inc. shares have dropped approximately -25.14%. Shares of the company reached a 52-week high of $17.57 on 03/01/23 and a 52-week low of $10.65 on 03/15/23. A 50-day SMA is recorded $15.26, while a 200-day SMA reached $18.96. Nevertheless, trading volume fell to 1.2 million shares from 1.72 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 10.79, which, if violated, would cause prices to drop to 10.49. In the upper region, resistance lies at 11.33. The next price resistance is at 11.57. RSI (Relative Strength Index) is 19.80 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.50, which suggests the price will decrease in the coming days. Percent R is at 93.78%, indicating bearish price movement. Stochastics %K at buying 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 Jan 30, 2023 jumping by 0.14 million shares to 10.79 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 10.65 million shares. A jump of 1.3% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 13.21 of the overall float, the days-to-cover ratio (short ratio) jumped to 13.21.
Which companies own the most shares of Arcutis Biotherapeutics Inc. (ARQT)?
According to Fidelity Management & Research Co filings, the company currently owns 8,707,352 shares, which is about 14.29% of the total ARQT shares outstanding. The investor’s shares have appreciated by 206,302 from its previous 13-F filing of 8501050.0 shares. With the completion of the buy transaction, SSgA Funds Management, Inc.’s stake is now worth $59,532,449. BlackRock Fund Advisors acquire a 28.13% interest valued at $46.81 million while Rubric Capital Management LP purchased a 2,270,472 stake. A total of 277,194 shares of Arcutis Biotherapeutics Inc. were bought by The Vanguard Group, Inc. during the quarter, and 696,509 were bought by Polar Capital LLP. In its current portfolio, Avidity Partners Management LP holds 1,755,000 shares valued at $28.4 million.
In terms of Arcutis Biotherapeutics Inc. share price expectations, FactSet research, analysts set an average price target of $51.67 in the next 12 months, up nearly 350.05% from the previous closing price of $11.11. Analysts anticipate Arcutis Biotherapeutics Inc. stock to reach $80.00 by 2023, with the lowest price target being $24.00. In spite of this, 9 analysts ranked Arcutis Biotherapeutics Inc. stock as a Buy at the end of 2023. On November 09, 2020, Goldman assigned a price target of “a Buy” to the stock and upgraded coverage with a $36.