Bullish indicating open at $55-$60, IPO prices at $37
WESTLAKE VILLAGE, Calif.—Patrick Burnett, the Executive Vice President and Chief Medical (TASE:PMCN) Officer of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), recently sold shares of the company’s common stock. According to a Form 4 filing with the Securities and Exchange Commission, Burnett sold a total of 1,691 shares on December 31, 2024. The shares were sold at a weighted average price of $14.00, resulting in a total transaction value of $23,674.
The sale was conducted to cover tax withholding obligations related to the vesting of performance-based Restricted Stock Units (RSUs) that were granted on August 3, 2020. Following this transaction, Burnett retains direct ownership of 126,978 shares of Arcutis Biotherapeutics.
The transactions were reported as being executed under a pre-arranged trading plan, commonly referred to as a 10b5-1 plan, which allows insiders to set up a trading plan for selling stocks they own.
In other recent news, Arcutis Biotherapeutics has experienced significant growth with its Zoryve product line. The company reported a 452% year-over-year increase in net product revenues, reaching approximately $45 million. This growth is largely attributed to Zoryve's success in treating psoriasis, seborrheic dermatitis, and atopic dermatitis. Arcutis has also revealed plans to expand Zoryve's label, with approvals for additional indications expected by mid-2025.
H.C. Wainwright initiated coverage on Arcutis Biotherapeutics, issuing a Buy rating, aligning with the broader analyst consensus. The firm highlighted Zoryve's potential to become a leading topical agent in the inflammatory dermatology market, citing the product's significant growth catalyst and impressive revenue growth of 182.84% over the last twelve months.
Arcutis Biotherapeutics has also announced key executive promotions, including Patrick Burnett to Executive Vice President, Chief Medical Officer, and L. Todd Edwards to Executive Vice President, Chief Commercial Officer. These promotions are expected to bolster the growth and future prospects of the company and its Zoryve product line.
Lastly, the company aims to reach breakeven by 2026 without the need for further equity market funding and is confident in securing Medicare Part D coverage for Zoryve by 2025. These are significant developments in the company's recent history.
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