Bullish indicating open at $55-$60, IPO prices at $37
Howard G. Welgus, a director at Arcutis Biotherapeutics Inc . (NASDAQ:ARQT), has sold 10,000 shares of the company’s common stock. The sale comes as the stock shows strong momentum, with shares up over 63% in the past six months. According to InvestingPro analysis, the company maintains impressive gross profit margins above 90%. The shares were sold at a weighted average price of $15.1236, with transactions occurring within a price range of $14.83 to $15.57. This transaction was executed under a 10b5-1 trading plan adopted on March 5, 2024, and marks a total sale value of $151,236. Following the sale, Welgus retains ownership of 121,944 shares in the company. The $1.91B market cap company maintains strong liquidity, with current assets exceeding short-term obligations by over 4 times. For comprehensive insider trading analysis and 8 additional key insights about ARQT, visit InvestingPro.
In other recent news, Arcutis Biotherapeutics has been in the spotlight following several notable developments. Jefferies recently increased its price target for Arcutis to $19, maintaining a Buy rating, citing the company’s strong performance with its product Zoryve. This comes as Arcutis shows impressive growth, with Zoryve reaching an estimated annualized run rate of $260 million within three years of its launch. Meanwhile, H.C. Wainwright also reiterated a Buy rating for Arcutis, emphasizing the significance of a recent agreement in the ongoing patent litigation with Padagis. This agreement requires Padagis to inform Arcutis of any FDA communications regarding its generic version of Zoryve, ensuring Arcutis retains its market exclusivity during the litigation stay.
The litigation stay, agreed upon by Arcutis and Padagis, postpones all scheduled court dates and extends the 30-month Hatch-Waxman regulatory approval stay. Arcutis’ CEO, Frank Watanabe, expressed confidence in the company’s patent portfolio and its legal position. The patent protection for Zoryve extends until at least 2037, highlighting its long-term commercial potential. These developments reflect a positive outlook for Arcutis, with analysts expressing optimism about the company’s future prospects and market positioning.
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