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Howard G. Welgus, a director at Arcutis Biotherapeutics Inc . (NASDAQ:ARQT), recently sold 10,000 shares of the company's common stock. The sale comes as the $1.72 billion market cap company trades near its 52-week high, having delivered an impressive 294% return over the past year. The shares were sold at a weighted average price of $14.67, with the total transaction amounting to $146,714. Following this sale, Welgus retains ownership of 151,944 shares in the company. The sale was conducted as part of a 10b5-1 trading plan that Welgus adopted in March 2024. The shares were sold in multiple transactions, with prices ranging from $14.16 to $15.11. According to InvestingPro data, analysts maintain price targets ranging from $12 to $29, with the company boasting impressive gross profit margins of nearly 90%. Get deeper insights into insider trading patterns and 13 additional ProTips with an InvestingPro subscription.
In other recent news, Arcutis Biotherapeutics has been the subject of significant developments. H.C. Wainwright initiated coverage on the company, issuing a Buy rating and highlighting the potential of the Zoryve product line. The Zoryve foam for seborrheic dermatitis was noted as a significant growth catalyst, with the company's revenue growing an impressive 182.84% over the last twelve months. Analysts anticipate that Zoryve could achieve $1 billion in sales across all indications by 2033.
Arcutis Biotherapeutics also announced several key executive promotions, including Patrick Burnett to Executive Vice President, Chief Medical (TASE:PMCN) 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.
The company reported a substantial increase in sales for its Zoryve portfolio, with a 452% year-over-year rise in net product revenues, totaling approximately $45 million. Arcutis plans to expand Zoryve's label, with approvals for additional indications expected by mid-2025. The company aims to reach breakeven by 2026 without the need for further equity market funding.
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