Arcutis (ARQT) Soars to Record High on Swing to Profitability, ‘More-Than-Double’ Revenues

We recently published 10 Stocks Soaring by Double Digits; Uranium Stocks Leading. Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) is one of the top-performing stocks on Tuesday.

Arcutis jumped to a fresh record high on Tuesday, as investors cheered a stellar earnings performance in the third quarter of the year, having more than doubled its revenues to reach profitability during the period.

In intra-day trading, Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) jumped to its highest 52-week price of $25.75 before trimming gains to end the day just up by 27.04 percent at $24.95 apiece.

This followed announcements that it swung to a net profit of $7.4 million in the third quarter of the year from a $41.5 million net loss in the same period last year.

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Total revenues soared by 121 percent to $99 million from $44.7 million in the same comparable period.

For the nine-month period, Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) remained at a net loss of $33.5 million, albeit 74 percent lower than the $129 million year-on-year.

Revenues, on the other hand, surged by 97 percent to $246 million from $125 million.

“This success provides a tremendous foundation for sustained, long-term growth—offering the opportunity to reinvest in the ZORYVE franchise, systematically evaluate new opportunities, and expand our pipeline with new molecules that leverage our deep expertise in dermatology, as well as our best-in-class development and commercialization capabilities,” said President and CEO Frank Watanabe.

For next year, Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) is targeting to generate between $455 million and $470 million in net revenues.

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Disclosure: None. This article is originally published at Insider Monkey.