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Todd Franklin Watanabe, President and CEO of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), a $1.5 billion market cap biotech company currently trading near $13.40 per share, recently executed a series of stock transactions, according to a regulatory filing. InvestingPro analysis indicates the stock is currently trading below its Fair Value. On March 3 and March 4, Watanabe sold a total of 25,015 shares of Arcutis common stock, generating approximately $327,019. The shares were sold at prices ranging from $13.0311 to $13.2841 per share. The company has shown impressive performance with 230% revenue growth in the last twelve months and maintains strong gross profit margins above 90%. For deeper insights into insider trading patterns and comprehensive financial analysis, consider exploring InvestingPro, which offers additional ProTips and detailed research reports.
The filing also disclosed that Watanabe acquired 151,000 restricted stock units (RSUs) on February 28, with no immediate financial outlay, as these units will vest over time. Additionally, he acquired stock options for 396,000 shares at a future exercise price of $13.69 per share.
Following these transactions, Watanabe holds 930,114 shares directly, with additional holdings managed through various trusts and an LLC, reflecting his continued substantial stake in the company.
In other recent news, Arcutis Biotherapeutics has reported robust financial results for the fourth quarter of 2024, with earnings per share (EPS) of -$0.09, significantly surpassing the forecasted -$0.28. The company’s revenue for the quarter reached $71.3 million, exceeding expectations of $54.72 million. The Zoryve franchise, a key product line for Arcutis, recorded sales of $69.4 million, outperforming both the pre-announced figure and consensus estimates. Mizuho (NYSE:MFG) Securities responded to these positive developments by raising its price target for Arcutis shares from $20 to $21, while maintaining an Outperform rating. Additionally, the FDA has accepted a supplemental New Drug Application for ZORYVE cream 0.05% for treating atopic dermatitis in young children, with a target action date set for October 2025. Arcutis also highlighted its strategic partnership with Kowa for co-promotion, which could further impact sales positively in the coming years. The company remains on track to achieve cash breakeven by 2026, supported by its expanding market reach and new product launches.
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