Why Arcutis Biotherapeutics Inc. (ARQT) Went Up On Wednesday?

We recently published a list of The Top 10 Performing Stocks on Wednesday. In this article, we are going to take a look at where Arcutis Biotherapeutics Inc. (NASDAQ:ARQT) stands against other top performing stocks on Wednesday.

Wall Street’s three major indices finished in the green territory on Wednesday as investors continued to digest news of President Donald Trump’s tariff rollout on imports.

The tech-heavy Nasdaq finished the day strongest, adding 0.87 percent. The S&P 500 grew 0.67 percent, while the Dow Jones was up 0.56 percent.

Ten individual stocks mirrored a broader market optimism, closing the day in the green amid a series of corporate developments that sparked buying appetite.

In this article, we named Wednesday’s top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.

A biotechnologist working in a laboratory, examining the effects of a Janus Kinase type 1 inhibitor on plaque psoriasis.

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.

Overall, ARQT ranks 3rd on our list of top performing stocks on Wednesday. While we acknowledge the potential of ARQT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as ARQT but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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