Arcutis Biotherapeutics (ARQT) Surges 15.9%: Is This an Indication of Further Gains?

Arcutis Biotherapeutics, Inc. (ARQT) shares rallied 15.9% in the last trading session to close at $13.21. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 14.2% loss over the past four weeks.Last month, the company announced robust preliminary results for the fourth-quarter and full-year 2024. Product revenues for the fourth quarter of 2024 are expected to be around $63 million. For the full year, product revenues are expected to be approximately $160 million. This might have driven the recent share price rally.This company is expected to post quarterly loss of $0.27 per share in its upcoming report, which represents a year-over-year change of +62.5%. Revenues are expected to be $57.75 million, up 326.9% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For Arcutis Biotherapeutics, the consensus EPS estimate for the quarter has been revised 15% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on ARQT going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Arcutis Biotherapeutics is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Legend Biotech Corporation Sponsored ADR (LEGN), finished the last trading session 3.6% higher at $35.87. LEGN has returned 9.5% over the past month.Legend Biotech's consensus EPS estimate for the upcoming report has changed +2.9% over the past month to -$0.34. Compared to the company's year-ago EPS, this represents a change of +15%. Legend Biotech currently boasts a Zacks Rank of #3 (Hold).Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Arcutis Biotherapeutics, Inc. (ARQT): Free Stock Analysis Report Legend Biotech Corporation Sponsored ADR (LEGN): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks