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WESTLAKE VILLAGE, Calif.—Patrick Burnett, the Government Vice President and Chief Medical (TASE:PMCN) Officer of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), not too long ago bought shares of the corporate’s widespread inventory. In response to a Kind 4 submitting with the Securities and Trade Fee, Burnett bought a complete of 1,691 shares on December 31, 2024. The shares had been bought at a weighted common value of $14.00, leading to a complete transaction worth of $23,674.
The sale was performed to cowl tax withholding obligations associated to the vesting of performance-based Restricted Inventory Items (RSUs) that had been granted on August 3, 2020. Following this transaction, Burnett retains direct possession of 126,978 shares of Arcutis Biotherapeutics.
The transactions had been reported as being executed underneath a pre-arranged buying and selling plan, generally known as a 10b5-1 plan, which permits insiders to arrange a buying and selling plan for promoting shares they personal.
In different latest information, Arcutis Biotherapeutics has skilled important development with its Zoryve product line. The corporate reported a 452% year-over-year improve in web product revenues, reaching roughly $45 million. This development is essentially attributed to Zoryve’s success in treating psoriasis, seborrheic dermatitis, and atopic dermatitis. Arcutis has additionally revealed plans to broaden Zoryve’s label, with approvals for added indications anticipated by mid-2025.
H.C. Wainwright initiated protection on Arcutis Biotherapeutics, issuing a Purchase ranking, aligning with the broader analyst consensus. The agency highlighted Zoryve’s potential to develop into a number one topical agent within the inflammatory dermatology market, citing the product’s important development catalyst and spectacular income development of 182.84% over the past twelve months.
Arcutis Biotherapeutics has additionally introduced key government promotions, together with Patrick Burnett to Government Vice President, Chief Medical Officer, and L. Todd Edwards to Government Vice President, Chief Industrial Officer. These promotions are anticipated to bolster the expansion and future prospects of the corporate and its Zoryve product line.
Lastly, the corporate goals to succeed in breakeven by 2026 with out the necessity for additional fairness market funding and is assured in securing Medicare Half D protection for Zoryve by 2025. These are important developments within the firm’s latest historical past.
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