Arcus Biosciences (NYSE:RCUS) Shares Up 9.5% – Here’s What Happened

Arcus Biosciences, Inc. (NYSE:RCUS) shares were up 9.5% on Monday . The company traded as high as $22.99 and last traded at $22.31. Approximately 399,555 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 1,194,246 shares. The stock had previously closed at $20.37.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. HC Wainwright reiterated a “buy” rating and issued a $32.00 target price on shares of Arcus Biosciences in a research report on Monday. Truist Financial set a $30.00 price objective on Arcus Biosciences in a report on Friday, December 12th. The Goldman Sachs Group raised Arcus Biosciences from a “neutral” rating to a “buy” rating and boosted their target price for the company from $16.00 to $28.00 in a research note on Monday, January 12th. Wells Fargo & Company set a $23.00 price target on Arcus Biosciences and gave the stock an “equal weight” rating in a research report on Thursday, February 12th. Finally, Bank of America boosted their price objective on Arcus Biosciences from $17.00 to $26.00 and gave the company a “neutral” rating in a research report on Friday, November 28th. Seven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $29.33.

Arcus Biosciences Stock Up 20.1%

The company has a debt-to-equity ratio of 0.16, a current ratio of 4.36 and a quick ratio of 4.36. The stock has a market capitalization of $3.07 billion, a PE ratio of -7.41 and a beta of 0.85. The company has a 50 day moving average price of $21.57 and a 200-day moving average price of $18.56.

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

Insider Activity at Arcus Biosciences

In related news, President Juan C. Jaen sold 82,997 shares of the stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $24.71, for a total value of $2,050,855.87. Following the completion of the transaction, the president directly owned 954,063 shares of the company’s stock, valued at $23,574,896.73. This represents a 8.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Terry J. Rosen sold 28,947 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $21.88, for a total transaction of $633,360.36. Following the completion of the sale, the chief executive officer owned 2,220,553 shares of the company’s stock, valued at $48,585,699.64. This trade represents a 1.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 263,987 shares of company stock worth $6,025,620 over the last ninety days. Corporate insiders own 9.60% of the company’s stock.

Institutional Investors Weigh In On Arcus Biosciences

Several hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in Arcus Biosciences by 59.1% in the third quarter. GAMMA Investing LLC now owns 2,748 shares of the company’s stock worth $37,000 after purchasing an additional 1,021 shares in the last quarter. Hantz Financial Services Inc. grew its position in shares of Arcus Biosciences by 121.9% in the 4th quarter. Hantz Financial Services Inc. now owns 1,604 shares of the company’s stock worth $38,000 after buying an additional 881 shares during the period. SBI Securities Co. Ltd. increased its stake in shares of Arcus Biosciences by 13,547.6% in the 3rd quarter. SBI Securities Co. Ltd. now owns 2,866 shares of the company’s stock worth $39,000 after acquiring an additional 2,845 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in Arcus Biosciences during the 4th quarter valued at about $39,000. Finally, CWM LLC lifted its position in Arcus Biosciences by 233.6% during the 2nd quarter. CWM LLC now owns 5,441 shares of the company’s stock valued at $44,000 after acquiring an additional 3,810 shares during the period. 92.89% of the stock is currently owned by institutional investors.

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.