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Arcutis Biotherapeutics, Inc. (ARQT) Recently Broke Out Above the 200-Day Moving Average
From a technical perspective, Arcutis Biotherapeutics, Inc. (ARQT - Free Report) 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.