Granahan Investment Management LLC Sells 35,017 Shares of Arcus Biosciences, Inc. $RCUS

Granahan Investment Management LLC trimmed its position in Arcus Biosciences, Inc. (NYSE:RCUS) by 7.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 455,596 shares of the company’s stock after selling 35,017 shares during the quarter. Granahan Investment Management LLC owned 0.42% of Arcus Biosciences worth $6,196,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in RCUS. GAMMA Investing LLC raised its holdings in shares of Arcus Biosciences by 59.1% in the third quarter. GAMMA Investing LLC now owns 2,748 shares of the company’s stock valued at $37,000 after acquiring an additional 1,021 shares in the last quarter. SBI Securities Co. Ltd. grew its holdings in Arcus Biosciences by 13,547.6% during 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. Abich Financial Wealth Management LLC purchased a new position in Arcus Biosciences during the 3rd quarter valued at about $69,000. Ameritas Investment Partners Inc. increased its position in Arcus Biosciences by 34.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,038 shares of the company’s stock valued at $57,000 after purchasing an additional 1,796 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Arcus Biosciences by 440.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 7,597 shares of the company’s stock valued at $62,000 after purchasing an additional 6,191 shares in the last quarter. Institutional investors own 92.89% of the company’s stock.

Arcus Biosciences Stock Down 3.4%

Shares of Arcus Biosciences stock opened at $21.92 on Monday. The company has a quick ratio of 4.36, a current ratio of 4.36 and a debt-to-equity ratio of 0.16. The company has a market cap of $2.75 billion, a P/E ratio of -6.64 and a beta of 0.85. The firm’s 50 day moving average price is $21.51 and its 200-day moving average price is $19.46. Arcus Biosciences, Inc. has a 52-week low of $6.50 and a 52-week high of $26.40.

Arcus Biosciences (NYSE:RCUS) last posted its earnings results on Wednesday, February 25th. The company reported ($0.89) EPS for the quarter, beating analysts’ consensus estimates of ($1.11) by $0.22. The company had revenue of $33.00 million during 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%. Arcus Biosciences’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.03) earnings per share. On average, sell-side analysts predict that Arcus Biosciences, Inc. will post -3.15 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcus Biosciences in a report on Wednesday, January 21st. Truist Financial set a $30.00 price objective on shares of Arcus Biosciences in a research note on Friday, December 12th. Bank of America increased their target price on Arcus Biosciences from $17.00 to $26.00 and gave the company a “neutral” rating in a research report on Friday, November 28th. Finally, Wall Street Zen upgraded Arcus Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Eight research 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, Arcus Biosciences currently has a consensus rating of “Moderate Buy” and an average target price of $30.20.

Insider Buying and Selling at Arcus Biosciences

In related news, COO Jennifer Jarrett sold 11,225 shares of the business’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $21.88, for a total transaction of $245,603.00. Following the transaction, the chief operating officer directly owned 203,007 shares in the company, valued at $4,441,793.16. The trade was a 5.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Carolyn C. Tang sold 7,658 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $21.88, for a total value of $167,557.04. Following the transaction, the general counsel directly owned 131,544 shares in the company, valued at $2,878,182.72. This represents a 5.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 180,990 shares of company stock valued at $3,974,764. Corporate insiders own 9.60% of the company’s stock.

Arcus Biosciences Profile

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.