Arcus Biosciences (NYSE:RCUS) Shares Up 5.4% Following Analyst Upgrade

Arcus Biosciences, Inc. (NYSE:RCUS) shot up 5.4% during mid-day trading on Thursday after Wedbush raised their price target on the stock from $37.00 to $41.00. Wedbush currently has an outperform rating on the stock. Arcus Biosciences traded as high as $22.59 and last traded at $23.0270. 293,340 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 1,231,696 shares. The stock had previously closed at $21.84.

Other equities research analysts have also issued reports about the company. Wells Fargo & Company set a $23.00 target price on Arcus Biosciences and gave the stock an “equal weight” rating in a research report on Thursday, February 12th. UBS Group reissued a “buy” rating on shares of Arcus Biosciences in a report on Monday, December 15th. Citigroup upped their price target on shares of Arcus Biosciences from $44.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Leerink Partners increased their price objective on shares of Arcus Biosciences from $36.00 to $49.00 and gave the stock an “outperform” rating in a report on Monday, March 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcus Biosciences in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.80.

Insider Buying and Selling

In other Arcus Biosciences news, President Juan C. Jaen sold 31,823 shares of Arcus Biosciences stock in a transaction on Monday, January 5th. The stock was sold at an average price of $21.41, for a total transaction of $681,330.43. Following the sale, the president owned 922,240 shares of the company’s stock, valued at $19,745,158.40. The trade was a 3.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Arcus Biosciences by 20.1% in the fourth quarter. Vanguard Group Inc. now owns 7,962,874 shares of the company’s stock worth $189,755,000 after purchasing an additional 1,333,421 shares during the period. Suvretta Capital Management LLC increased its stake in Arcus Biosciences by 40.7% during the 4th quarter. Suvretta Capital Management LLC now owns 5,188,858 shares of the company’s stock valued at $123,650,000 after buying an additional 1,500,000 shares during the period. Wellington Management Group LLP increased its stake in Arcus Biosciences by 309.4% during the 4th quarter. Wellington Management Group LLP now owns 5,184,509 shares of the company’s stock valued at $123,547,000 after buying an additional 3,918,220 shares during the period. State Street Corp raised its position in shares of Arcus Biosciences by 34.8% during the 4th quarter. State Street Corp now owns 4,576,969 shares of the company’s stock worth $109,069,000 after buying an additional 1,182,115 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Arcus Biosciences in the 4th quarter worth approximately $80,731,000. 92.89% of the stock is owned by institutional investors and hedge funds.

Arcus Biosciences Trading Up 5.4%

The business’s 50 day moving average price is $21.36 and its two-hundred day moving average price is $20.33. The company has a debt-to-equity ratio of 0.16, a quick ratio of 4.36 and a current ratio of 4.36. The company has a market capitalization of $2.89 billion, a price-to-earnings ratio of -6.97 and a beta of 0.85.

Arcus Biosciences (NYSE:RCUS) last posted its quarterly earnings data on Wednesday, February 25th. The company reported ($0.89) EPS for the quarter, beating analysts’ consensus estimates of ($1.11) by $0.22. Arcus Biosciences had a negative net margin of 142.91% and a negative return on equity of 65.77%. The business had revenue of $33.00 million for the quarter, compared to analyst estimates of $24.94 million. During the same quarter last year, the business earned ($1.03) earnings per share. The business’s revenue for the quarter was down 8.3% on a year-over-year basis. Equities analysts forecast that Arcus Biosciences, Inc. will post -3.15 earnings per share for the current fiscal year.

About Arcus Biosciences

Arcus Biosciences is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel cancer immunotherapies. The company’s research platform centers on modulating tumor microenvironments and immune checkpoints through both small-molecule and antibody-based candidates. Arcus aims to enhance antitumor immune responses by targeting pathways such as the adenosine axis and inhibitory receptors on immune cells.

The company’s lead clinical programs include etrumadenant, an orally administered A2A adenosine receptor antagonist being evaluated in combination with anti-PD-1 therapy, and domvanalimab, an anti-TIGIT monoclonal antibody.