The Top 10 Performing Stocks on Wednesday

3. Arcutis Biotherapeutics Inc. (NASDAQ:ARQT)

Arcutis Biotherapeutics snapped a six-day losing streak on Wednesday, adding 10.81 percent to finish at $16.60 apiece as investors cheered news that it had halted an ongoing lawsuit over a patent dispute with Padagis Israel Pharmaceuticals Ltd.

As part of the joint stipulation agreement, ARQT said that Padagis is required to report to ARQT any US Food and Drug Administration (FDA) correspondence regarding their Abbreviated New Drug Application (ANDA) for their potential generic alternative to ARQT’s patented product, ZORYVE (roflumilast) cream 0.3 percent for plaque psoriasis.

In addition, the parties agreed to extend by one day the 30-month Hatch-Waxman stay of regulatory approval, for every day the litigation is stayed as of March 24, 2025. In the event the litigation resumes in the future, ARQT will still benefit from the entirety of the stay afforded to it under the Hatch-Waxman Act.