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In a recent transaction, Masaru Matsuda, the Senior Vice President, General Counsel, and Corporate Secretary of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), sold shares of the company’s common stock. The sale, which took place on May 28, involved 1,800 shares sold at a weighted average price of $13.7814 per share, totaling $24,806. The transaction occurred as the company, currently valued at $1.63 billion, shows impressive gross profit margins of 88%. According to InvestingPro analysis, ARQT appears undervalued based on its Fair Value estimates.
The shares were sold to cover tax withholding obligations related to the vesting of Performance Stock Units granted in January 2022. Following this transaction, Matsuda holds 202,599 shares of Arcutis Biotherapeutics directly. The shares were sold in multiple transactions, with prices ranging from $13.64 to $14.16. InvestingPro data reveals the stock has demonstrated significant volatility, with a beta of 1.87, while maintaining strong liquidity with a current ratio of 3.55. For deeper insights into insider trading patterns and comprehensive financial analysis, including 8 additional ProTips, explore the full Pro Research Report available on InvestingPro.
In other recent news, Arcutis Biotherapeutics, Inc. announced that the U.S. Food and Drug Administration (FDA) has approved ZORYVE foam for the treatment of plaque psoriasis in both adults and children aged 12 and older. This marks the fifth approval for ZORYVE in less than three years, providing more treatment options for patients with psoriasis. In clinical studies, the foam demonstrated significant improvement in symptoms, including rapid itch relief, with a notable percentage of participants achieving success in assessment metrics. Additionally, Arcutis reported first-quarter revenues of $65.8 million, surpassing analyst expectations of $63.66 million, with ZORYVE product revenue accounting for $63.8 million, a 196% year-over-year increase. Despite a slight quarter-over-quarter revenue decrease attributed to insurance changes, Jefferies raised its price target for Arcutis to $20.00, citing strong sales and potential future catalysts like ARQ-255. The company continues to see strong demand for ZORYVE, with over 425,000 prescriptions filled since its launch. Arcutis is also looking ahead to a PDUFA action date in May 2025 for the foam’s use in treating plaque psoriasis of the scalp and body.
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