Arcutis Biotherapeutics, Inc. (ARQT) Recently Broke Out Above the 200-Day Moving Average

20.11.24 15:30 Uhr

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From a technical perspective, Arcutis Biotherapeutics, Inc. (ARQT) is looking like an interesting pick, as it just reached a key level of support. ARQT recently overtook the 200-day moving average, and this suggests a long-term bullish trend.The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.Shares of ARQT have been moving higher over the past four weeks, up 21%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that ARQT could be poised for a continued surge.Once investors consider ARQT's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 3 higher, and the consensus estimate has increased as well.With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on ARQT for more gains in the near future.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 ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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