Bullish indicating open at $55-$60, IPO prices at $37
Matsuda Masaru, Senior Vice President at Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), recently sold shares of the company’s common stock valued at $105,892. The sale, which took place on February 3, involved 8,338 shares at a weighted average price of $12.70. This transaction was undertaken to cover tax withholding obligations related to the vesting of Restricted Stock Units (RSUs). The transaction comes as the $1.53 billion market cap company maintains impressive gross profit margins of nearly 90%, according to InvestingPro data.
Following this transaction, Matsuda retains ownership of 178,692 shares in the company. The shares were sold in multiple transactions at prices ranging between $12.545 and $13.0096. InvestingPro analysis shows the stock has delivered an exceptional 117% return over the past year, with current trading near $13.10. InvestingPro subscribers can access 11 additional key insights and a comprehensive Pro Research Report for deeper analysis of ARQT’s valuation and prospects.
In other recent news, Arcutis Biotherapeutics has been receiving positive attention from several analyst firms, following the company’s impressive earnings and revenue results. Needham maintained its Buy rating on Arcutis, raising the price target to $20.00 due to the successful sales of its Zoryve franchise, which achieved sales of $63 million in the fourth quarter of 2024, surpassing the anticipated $55 million. The total sales for the year reached $160 million, a significant growth attributed to increased prescription volumes.
Mizuho (NYSE:MFG) Securities also demonstrated confidence in Arcutis, increasing the price target for the company’s stock to $20.00 and maintaining an Outperform rating. H.C. Wainwright initiated coverage on Arcutis, issuing a Buy rating with a price target of $19.00, recognizing the potential of the Zoryve product line in the inflammatory dermatology market.
In addition to these developments, Arcutis announced the promotion of several key executives, aimed at bolstering the growth and future prospects of the company and its Zoryve product line. The company also reported a 452% year-over-year increase in net product revenues, reaching approximately $45 million in the third quarter of 2024. These are recent developments that investors should keep an eye on.
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