Microvast Holdings announces departure of chief financial officer
Larry Todd Edwards, the Executive Vice President and Chief Commercial Officer of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), recently sold 2,173 shares of the company’s common stock. The shares were sold at a weighted average price of $12.70, totaling approximately $27,597. This transaction comes as ARQT shows strong momentum, with the stock delivering an impressive 117% return over the past year and maintaining robust gross profit margins of nearly 90%. This transaction was made to cover tax withholding obligations related to the vesting of restricted stock units. Following this sale, Edwards holds 135,555 shares in the company. The shares were sold in multiple transactions, with prices ranging from $12.545 to $13.0096. According to InvestingPro analysis, ARQT appears slightly undervalued at current levels, with 5 analysts recently revising their earnings expectations upward for the upcoming period. Discover more insights about ARQT and 1,400+ other stocks with InvestingPro’s comprehensive research reports.
In other recent news, Arcutis Biotherapeutics has been the focus of several analyst reviews. Needham maintained its Buy rating on Arcutis and increased the price target to $20.00, following Arcutis’ preliminary fourth quarter 2024 sales report for its Zoryve franchise, which surpassed expectations with sales of $63 million. Mizuho (NYSE:MFG) Securities also demonstrated confidence in Arcutis by increasing the price target for the company’s stock to $20.00 while maintaining its Outperform rating. H.C. Wainwright initiated coverage on Arcutis, issuing a Buy rating and setting a price target of $19.00, highlighting the potential of the Zoryve product line.
In addition to these analyst reviews, Arcutis recently announced the promotion of several key executives. These promotions are expected to bolster the growth and future prospects of the company and its Zoryve product line. Arcutis also 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, reaching approximately $45 million.
These are among the recent developments for Arcutis Biotherapeutics, shedding light on the company’s performance and the potential market response to its strategic initiatives and product sales. The company’s momentum is expected to continue into 2025, bolstered by the ongoing launch of the 0.15% cream for atopic dermatitis, broader Medicaid and Medicare coverage, and a promotional partnership with Kowa aimed at primary care physicians.
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