Bullish indicating open at $55-$60, IPO prices at $37
WESTLAKE VILLAGE, Calif.—Todd Franklin Watanabe, the President and Chief Executive Officer of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), recently sold 19,301 shares of the company’s common stock. The shares were sold at an average price of $12.70, amounting to a total transaction value of approximately $245,122. The stock, which has delivered an impressive 117% return over the past year according to InvestingPro data, currently trades at $13.10 and appears slightly undervalued based on Fair Value analysis.
Following the sale, Watanabe retains ownership of 804,129 shares directly. Additionally, he holds indirect interests through various trusts and an LLC, including 24,413 shares by The John Franklin Watanabe Trust and The Anderson Prest Watanabe Irrevocable Trust, 57,358 shares by Watanabe Ventures, LLC, and 124,956 shares by The Watanabe 2016 Irrevocable Trust.
The transaction was conducted under a pre-arranged trading plan, often used by executives to manage stock sales in compliance with insider trading regulations.
In other recent news, Arcutis Biotherapeutics has seen several noteworthy developments. The company’s Zoryve franchise has reported sales of $63 million in the fourth quarter of 2024, surpassing the anticipated $55 million, with total sales for the year reaching $160 million. Needham and Mizuho (NYSE:MFG) Securities have both maintained their positive ratings on Arcutis and increased their price targets, reflecting confidence in the company’s performance.
H.C. Wainwright initiated coverage with a Buy rating, highlighting the potential of the Zoryve product line. Arcutis also announced key executive promotions to bolster the growth and future prospects of the company and its Zoryve product line.
Furthermore, Arcutis reported a significant increase in sales for its Zoryve portfolio in the third quarter of 2024, with a 452% year-over-year increase in net product revenues. The company is optimistic about reaching breakeven in 2026. These recent developments highlight the continued growth and positive outlook for Arcutis Biotherapeutics.
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