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Patrick Burnett, Executive Vice President and Chief Medical (TASE:PMCN) Officer at Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), recently sold 12,116 shares of the company’s common stock. The transactions, executed on February 3, 2025, were completed at a weighted average price of $12.70 per share, resulting in a total sale value of approximately $153,873. The sale comes as ARQT shares have shown remarkable strength, delivering a 117% return over the past year. According to InvestingPro data, the stock is currently trading near its Fair Value.
These shares were sold to cover tax withholding obligations related to the vesting of Restricted Stock Units (RSUs) granted on January 12, 2024. Following this transaction, Burnett retains ownership of 114,862 shares in the company. The shares were sold in multiple transactions at prices ranging from $12.545 to $13.0096. With a strong current ratio of 2.46 and analyst targets ranging up to $29, InvestingPro subscribers can access detailed insider trading patterns and 11 additional ProTips to better understand the company’s prospects.
In other recent news, Arcutis Biotherapeutics has been the subject of several analyst reports and significant internal changes. Needham and Mizuho (NYSE:MFG) Securities both maintained their positive ratings on Arcutis, with Needham lifting its stock target to $20.00, and Mizuho raising its target to the same price. According to the firms, this follows Arcutis’ strong fourth quarter 2024 sales report, particularly for its Zoryve franchise, which surpassed expectations with sales reaching $63 million.
H.C. Wainwright also 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 the inflammatory dermatology market. Arcutis has also seen recent internal changes, including the promotion of key executives Patrick Burnett, L. Todd Edwards, and Kent Taylor, in an effort to bolster the growth and future prospects of the company and its Zoryve product line.
The company also reported a significant increase in sales for its Zoryve portfolio in the third quarter of 2024, attributing this growth to Zoryve’s success in treating various dermatological conditions. These are just a few of the recent developments at Arcutis Biotherapeutics, as the company continues to make strides in its operations and market presence.
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