WESTLAKE VILLAGE, CA—Terrie Curran, a director at Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), recently sold 8,687 shares of the company's common stock. The transactions, which occurred on November 11, 2024, were executed at a weighted average price of $10.8482 per share. The shares were sold in multiple transactions at prices ranging from $10.7542 to $10.97.
Following these transactions, Curran retains ownership of 10,139 shares of Arcutis Biotherapeutics. The sales were conducted directly, as indicated in the filing.
Arcutis Biotherapeutics is a pharmaceutical company based in Westlake Village, California, specializing in dermatology treatments.
In other recent news, Arcutis Biotherapeutics reported a significant 452% year-over-year increase in net product revenues for its ZORYVE portfolio in the third quarter of 2024, reaching approximately $45 million. This growth is due to ZORYVE's success in treating psoriasis, seborrheic dermatitis, and atopic dermatitis. The company also revealed plans to expand ZORYVE's label, with approvals for additional indications expected by mid-2025.
Despite a decrease in R&D expenses, SG&A expenses have risen due to product launches and an expanded field force. However, Arcutis is optimistic about reaching breakeven in 2026 without additional equity market funding. The company is also in ongoing negotiations for Medicare Part B coverage and has secured Medicaid coverage in several states.
These recent developments come as the company anticipates label expansion for ZORYVE to reach an additional 3.3 million patients and approvals for scalp and body psoriasis by mid-2025. Arcutis also plans to submit a supplemental NDA for mild to moderate atopic dermatitis in children aged 2-5 in Q1 2025. Despite the increase in SG&A expenses, the company is confident in ZORYVE's strong performance and growth momentum heading into 2025.
InvestingPro Insights
In light of the recent insider sale by Director Terrie Curran, it's worth examining some key financial metrics and insights about Arcutis Biotherapeutics (NASDAQ:ARQT) provided by InvestingPro.
Despite the director's sale, Arcutis Biotherapeutics has shown impressive revenue growth, with a 182.84% increase in the last twelve months as of Q3 2024. This aligns with an InvestingPro Tip indicating that analysts anticipate sales growth in the current year. The company's strong revenue performance is further underscored by its remarkable gross profit margin of 89.57%, which InvestingPro highlights as an "impressive gross profit margin."
However, investors should note that Arcutis is not currently profitable, with a negative operating income of $181.93 million in the last twelve months. This is reflected in the company's price-to-earnings (P/E) ratio of -6.14, suggesting that the company is still in a growth phase and reinvesting heavily in its operations.
On a positive note, Arcutis holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations. This financial stability could provide the company with the flexibility to continue investing in its product pipeline and market expansion.
The stock has shown significant momentum, with a 396.21% price return over the past year and a 31.04% return in the last six months. This performance has caught the attention of analysts, with InvestingPro noting that three analysts have revised their earnings upwards for the upcoming period.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Arcutis Biotherapeutics, providing a deeper understanding of the company's financial health and market position.
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