Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Arcutis Biotherapeutics Inc shares valued at $199,994 were purchased by Heron Patrick J on Mar 04 ’24. At $9.50 per share, Heron Patrick J acquired 21,052 shares. The insider’s holdings grew to 8,785,284 shares worth approximately $108.41 million following the completion of this transaction.
Also, Watanabe Todd Franklin sold 14,903 shares, netting a total of over 165,739 in proceeds. Following the sale of shares at $11.12 each, the insider now holds 874,533 shares.
Before that, Burnett Patrick had sold 4,782 shares from its account. In a trade valued at $53,182, the insider traded Arcutis Biotherapeutics Inc shares for $11.12 each. Upon closing the transaction, the insider’s holdings decreased to 4,782 shares, worth approximately $3.32 million.
As published in a research note from Mizuho on January 03, 2024, Arcutis Biotherapeutics Inc [ARQT] has been rated up from a Neutral to a Buy and the price target has been revised to $8 from $4. Analysts at Mizuho downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in late October. As of October 13, 2023, Goldman has decreased its “Buy” rating to a “Neutral” for ARQT. Earlier on September 07, 2022, Needham initiated its rating. Their recommendation was “a Buy” for ARQT stock.
Analyzing ARQT Stock Performance
During the last five days, there has been a surge of approximately 28.14%. Over the course of the year, Arcutis Biotherapeutics Inc shares have jumped approximately 282.04%. Shares of the company reached a 52-week high of $13.17 on 04/09/24 and a 52-week low of $3.07 on 01/02/24. A 50-day SMA is recorded $9.34, while a 200-day SMA reached $6.47. Nevertheless, trading volume fell to 2.79 million shares from 4.91 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 11.68, which, if violated, would cause prices to drop to 11.01. In the upper region, resistance lies at 12.74. The next price resistance is at 13.13. RSI (Relative Strength Index) is 67.32 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.03, which suggests the price will increase in the coming days. Percent R is at 20.34%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
Is Arcutis Biotherapeutics Inc subject to short interest?
Stocks of Arcutis Biotherapeutics Inc saw a sharp steep in short interest on Mar 15, 2024 dropping by -1.95 million shares to 14.99 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 16.94 million shares. A decline of -13.01% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.71 of the overall float, the days-to-cover ratio (short ratio) decline to 2.71.
