Why Arcutis Biotherapeutics Inc (NASDAQ: ARQT) Is A Stock Not To Be Discarded In 2024

In the last trading session, 2.02 million shares of the Arcutis Biotherapeutics Inc (NASDAQ:ARQT) were traded, and its beta was 1.14. Most recently the company’s share price was $9.40, and it changed around -$0.28 or -2.89% from the last close, which brings the market valuation of the company to $1.08B. ARQT currently trades at a discount to its 52-week high of $15.40, offering almost -63.83% off that amount. The share price’s 52-week low was $1.76, which indicates that the current value has risen by an impressive 81.28% since then. We note from Arcutis Biotherapeutics Inc’s average daily trading volume that its 10-day average is 3.16 million shares, with the 3-month average coming to 5.14 million.

Arcutis Biotherapeutics Inc (NASDAQ:ARQT) trade information

Instantly ARQT has showed a red trend with a performance of -2.89% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 191.02% year-to-date, but still up 1.51% over the last five days. On the other hand, Arcutis Biotherapeutics Inc (NASDAQ:ARQT) is -20.14% down in the 30-day period. We can see from the shorts that 14.99 million shares have been sold at a short interest cover period of 2.71 day(s).

The consensus price target as assigned by Wall Street analysts is $32, which translates to bulls needing to increase their stock price by 70.62% from its current value. Analyst projections state that ARQT is forecast to be at a low of $8 and a high of $51.

Arcutis Biotherapeutics Inc (ARQT) estimates and forecasts

Arcutis Biotherapeutics Inc share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 77.02 percent over the past six months and at a 34.13% annual growth rate that is well above the industry average of 13.60%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 43.50% in revenue this quarter, and will report an increase of 40.50% in the next quarter. The year-over-year growth rate is expected to be 76.60%, up from the previous year.

Consensus estimates provided by 5 financial analysts predict the company will bring in an average of $13.94 million in revenue for the current quarter. 5 analysts expect Arcutis Biotherapeutics Inc to make $21.64 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $2.78 million and $5.19 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 401.30%. Forecasts for the next quarter put sales growth at 317.00%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -48.07%. Arcutis Biotherapeutics Inc earnings are expected to increase by 34.20% in 2024, but the outlook is positive 9.80% per year for the next five years.