In recent trading activity, Matthew Richard Moore, the Senior Vice President and Chief Business Officer of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), sold 4,681 shares of the company's common stock, resulting in over $40,000 in proceeds. The transaction, which took place on May 2, 2024, was executed at a weighted average price of $8.7378 per share, with individual sales prices ranging from $8.47 to $9.07.
This sale was part of an automatic sell-to-cover event, which is used by executives to handle tax withholding obligations upon the vesting of restricted stock units (RSUs). These RSUs were initially granted on February 22, 2024, with a performance-based vesting condition that was satisfied on May 1, 2024. As per the terms of the grant, the shares were sold to cover applicable tax withholdings.
Before the sale, Moore was awarded 4,166 RSUs as part of the company's compensation plan, which increased his holdings in Arcutis Biotherapeutics to a total of 150,186 shares. The RSUs are set to vest in twelve equal quarterly installments, contingent on Moore's continued service to the company.
Following the sale, Moore's direct ownership in the pharmaceutical company stands at 145,505 shares. The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission, dated May 3, 2024.
Arcutis Biotherapeutics, based in Westlake Village, California, is a biopharmaceutical company focused on developing innovative treatments for patients with dermatological diseases. The executive's trading activity provides investors with insight into insider transactions at the company.
InvestingPro Insights
As Arcutis Biotherapeutics (NASDAQ:ARQT) continues to navigate the biopharmaceutical landscape, recent insider trading activity has drawn attention to the company's stock performance and financial health. According to InvestingPro data, Arcutis has a market capitalization of $924.2 million, with a striking revenue growth of 1517.09% in the last twelve months as of Q4 2023. This growth is a testament to the company's potential in the competitive dermatological treatment market.
Despite the impressive revenue surge, the company's gross profit margin stands at a robust 91.63%, indicating a strong ability to control costs relative to revenue. However, it's important to note that Arcutis is trading at a high Price / Book multiple of 10.42, which could signal that the stock is relatively expensive compared to the company's book value.
Two InvestingPro Tips for Arcutis Biotherapeutics provide additional context for investors considering the company's prospects. Analysts are optimistic about sales growth in the current year, which could signal continued upward momentum for the company. Additionally, 2 analysts have revised their earnings upwards for the upcoming period, suggesting that Arcutis's financial outlook may be improving. For investors seeking to delve deeper into Arcutis's performance and potential, there are 12 more InvestingPro Tips available, which can be accessed through the company's dedicated page on InvestingPro.
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