Arcutis Biotherapeutics Inc (NASDAQ:ARQT) stock has reached a new 52-week high, touching $13.18, as investors rally behind the company's promising developments. The biopharmaceutical company, currently valued at $1.5 billion, has demonstrated impressive operational metrics, including a remarkable 89.6% gross profit margin and revenue of $138.7 million in the last twelve months. This peak represents a significant milestone for the biopharmaceutical company, which specializes in developing innovative treatments for dermatological diseases. Over the past year, Arcutis has seen an extraordinary surge in its stock value, with a 516% return over the past year, indicating robust investor confidence and a strong market performance that has propelled the company's shares to new heights. According to InvestingPro analysis, analysts have set price targets ranging from $12 to $29, with multiple analysts recently revising their earnings expectations upward. Get access to 13 additional exclusive ProTips and comprehensive analysis through InvestingPro's detailed research reports.
In other recent news, Arcutis Biotherapeutics reported a substantial growth in its ZORYVE portfolio sales in the third quarter of 2024. The company's net product revenues saw a 452% year-over-year increase, hitting around $45 million, thanks to the success of ZORYVE in treating various skin conditions. Arcutis also revealed plans to broaden ZORYVE's label, expecting approvals for additional uses by mid-2025. Despite a decrease in R&D expenses, SG&A expenses have surged due to product launches and an expanded field force.
The company anticipates reaching a breakeven point by 2026 without needing further equity market funding. Total (EPA:TTEF) prescriptions for ZORYVE rose by 25%, with new prescriptions up 23% quarter-over-quarter. Arcutis has secured Medicaid coverage in several states and is in ongoing negotiations for Medicare Part B.
However, it's important to note that SG&A expenses increased to $58.8 million from $47.6 million year-over-year. Despite these recent developments, the company has not provided specific guidance for the next year's financial outlook.
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