Todd Franklin Watanabe, President and CEO of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), recently acquired additional shares of the company, showing confidence in the $1.43 billion market cap biotech firm. According to a recent SEC filing, Watanabe purchased a total of 6,038 shares of common stock. The insider buying comes as InvestingPro analysis suggests the stock is trading below its Fair Value, with impressive gross profit margins of nearly 90%. The transactions, executed under the company's Employee Stock Purchase Plan, took place on May 31 and November 30, 2024, at prices ranging from $1.692 to $7.106 per share. The total value of these purchases amounted to $21,250. Following these acquisitions, Watanabe's direct ownership stands at 838,430 shares. The stock has shown remarkable momentum, delivering a 284% return year-to-date, with the current price at $12.27. For deeper insights into ARQT's valuation and 13 additional ProTips, visit InvestingPro.
In other recent news, Arcutis Biotherapeutics announced several key executive promotions, including Patrick Burnett's elevation to Executive Vice President, Chief Medical (TASE:PMCN) Officer, and L. Todd Edwards' promotion to Executive Vice President, Chief Commercial Officer. These changes are aimed to enhance 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 for its ZORYVE portfolio, totaling approximately $45 million. This growth is primarily attributed to the success of ZORYVE in treating various skin conditions. Additionally, Arcutis Biotherapeutics has outlined plans to expand ZORYVE's label, expecting approvals for additional indications by mid-2025.
The company reported a 25% rise in total prescriptions for ZORYVE, with new prescriptions up by 23% quarter-over-quarter. It has secured Medicaid coverage in several states and is in ongoing negotiations for Medicare Part B. Arcutis expressed confidence in reaching breakeven by 2026 without the need for further equity market funding.
These developments are part of Arcutis Biotherapeutics' recent strategic moves, with the company also planning to submit a supplemental NDA for mild to moderate atopic dermatitis in children aged 2-5 in Q1 2025. Despite potential delays, positive coverage discussions with Medicare Part D payers are anticipated.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.