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Executive Vice President and Chief Medical (TASE:BLWV) Officer Patrick Burnett of Arcutis Biotherapeutics (NASDAQ:ARQT), a $1.89 billion market cap biopharmaceutical company with impressive 88% gross margins, sold 28,750 shares of common stock for approximately $432,700, between July 10 and July 14. The sales were executed in multiple trades with prices ranging from $15.00 to $15.17 per share, coming amid the stock’s strong 12% gain over the past week.
According to a Form 4 filing with the Securities and Exchange Commission, the transactions were executed under a pre-arranged 10b5-1 trading plan adopted by Burnett on December 12, 2024, with a plan end date of February 27, 2026. InvestingPro analysis shows analysts maintain a bullish outlook on ARQT, with price targets ranging from $19 to $29, suggesting significant upside potential from current levels.
On July 10, Burnett exercised options to acquire 23,000 shares of Arcutis Biotherapeutics common stock at an exercise price of $3.64. Simultaneously, Burnett sold these 23,000 shares at a weighted average price of $15.0455. Following this transaction, Burnett directly owns 115,468 shares.
On July 14, Burnett exercised options to acquire 5,750 shares of Arcutis Biotherapeutics common stock at an exercise price of $3.64. Simultaneously, Burnett sold these 5,750 shares at a weighted average price of $15.0702. Following this transaction, Burnett directly owns 115,468 shares.
In other recent news, Arcutis Biotherapeutics has received FDA approval for ZORYVE foam 0.3% for the treatment of plaque psoriasis affecting the scalp and body in individuals aged 12 and older. This approval adds to the company’s lineup of treatments, offering a steroid-free option that has shown significant improvements in clinical trials. The foam formulation is particularly beneficial for use in hair-bearing areas, providing a convenient alternative to creams and ointments. Meanwhile, Morgan Stanley (NYSE:MS) has assumed coverage of Arcutis with an Overweight rating, highlighting the promising commercial execution of ZORYVE products. They project peak sales for ZORYVE cream and foam in various dermatological conditions, emphasizing the potential market share gains. H.C. Wainwright has maintained its Buy rating and $19 price target, citing the strength of recent open-label extension study data for ZORYVE cream, which underscores its durability and favorable tolerability profile. The firm is optimistic about the upcoming Prescription Drug User Fee Act decision for ZORYVE cream 0.05%, reflecting confidence in Arcutis’ ability to expand its product labels. Additionally, the ARRECTOR Phase 3 study published in JAMA Dermatology reported positive results for ZORYVE foam, with significant improvements observed in psoriasis symptoms and rapid itch relief.
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