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Todd Franklin Watanabe, President and CEO of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), a $1.96 billion market cap company that has seen an impressive 87% surge in share price over the past six months, recently sold shares of the company, according to a filing with the Securities and Exchange Commission. The transactions, conducted under a pre-arranged 10b5-1 trading plan, involved the sale of 3,671 shares of common stock over two days.
On March 24, Watanabe sold 1,500 shares at a weighted average price of $17.5213. The following day, he sold an additional 2,171 shares at a weighted average price of $17.564. The total value of these transactions amounted to $64,413. Following the sales, Watanabe holds 925,243 shares directly.
The shares were sold in multiple transactions at prices ranging from $17.50 to $17.69, near the company’s 52-week high of $17.75. These transactions are part of a trading plan Watanabe adopted on June 14, 2024, which is set to conclude on September 30, 2025. InvestingPro subscribers can access 8 additional key insights about ARQT, including detailed financial health scores and comprehensive valuation analysis in the Pro Research Report.
In other recent news, Arcutis Biotherapeutics Inc . reported impressive financial results for the fourth quarter of 2024, with earnings per share (EPS) of -$0.09, significantly exceeding the forecasted -$0.28. The company also reported revenue of $71.3 million for the quarter, surpassing expectations of $54.72 million. This growth was primarily driven by their Zoryve franchise, which saw sales of $69.4 million. Mizuho (NYSE:MFG) Securities responded positively by raising Arcutis’ stock price target to $21, maintaining an Outperform rating. Jefferies also showed confidence, increasing the price target to $19 and highlighting the company’s strong performance with its product Zoryve. Additionally, the FDA has set a review date for a new formulation of ZORYVE cream for young children with eczema, potentially expanding its market presence. Meanwhile, Artiva Biotherapeutics received a boost from H.C. Wainwright, which reiterated a Buy rating with a $20 price target, reflecting optimism about Artiva’s lead product candidate, AlloNK, and its potential in treating autoimmune diseases. These recent developments indicate a positive trajectory for both companies in their respective markets.
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