Arcus Biosciences (NYSE:RCUS) Stock Price Up 5.1% – Here’s What Happened

Arcus Biosciences, Inc. (NYSE:RCUS) shares rose 5.1% on Thursday . The stock traded as high as $21.55 and last traded at $21.2460. Approximately 1,582,009 shares were traded during trading, an increase of 44% from the average daily volume of 1,099,105 shares. The stock had previously closed at $20.22.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RCUS. Weiss Ratings restated a “sell (d-)” rating on shares of Arcus Biosciences in a research note on Wednesday, October 8th. The Goldman Sachs Group boosted their price target on Arcus Biosciences from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Wall Street Zen raised Arcus Biosciences from a “sell” rating to a “hold” rating in a report on Saturday. HC Wainwright raised their target price on shares of Arcus Biosciences from $24.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Finally, Wells Fargo & Company boosted their target price on shares of Arcus Biosciences from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Arcus Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.44.

Arcus Biosciences Stock Up 3.9%

The company has a current ratio of 3.65, a quick ratio of 3.65 and a debt-to-equity ratio of 0.22. The firm has a market cap of $2.38 billion, a price-to-earnings ratio of -6.41 and a beta of 0.90. The firm’s 50 day simple moving average is $16.65 and its two-hundred day simple moving average is $11.97.

Arcus Biosciences (NYSE:RCUS) last announced its quarterly earnings data on Tuesday, October 28th. The company reported ($1.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.33) by $0.06. The firm had revenue of $26.00 million for the quarter, compared to the consensus estimate of $19.89 million. Arcus Biosciences had a negative net margin of 136.40% and a negative return on equity of 68.17%. The business’s revenue for the quarter was down 45.8% on a year-over-year basis. During the same period in the prior year, the company posted ($1.00) earnings per share. On average, equities analysts forecast that Arcus Biosciences, Inc. will post -3.15 EPS for the current year.

Insider Activity at Arcus Biosciences

In other news, CAO Alexander Azoy sold 2,831 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $13.00, for a total value of $36,803.00. Following the completion of the transaction, the chief accounting officer directly owned 27,363 shares in the company, valued at approximately $355,719. This represents a 9.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Robert C. Goeltz II sold 5,000 shares of the company’s stock in a transaction dated Tuesday, October 28th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the transaction, the chief financial officer directly owned 92,138 shares of the company’s stock, valued at approximately $1,842,760. The trade was a 5.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 210,875 shares of company stock valued at $4,017,263 over the last three months. 9.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arcus Biosciences

A number of hedge funds have recently modified their holdings of RCUS. Gilead Sciences Inc. grew its stake in shares of Arcus Biosciences by 4.5% in the first quarter. Gilead Sciences Inc. now owns 31,424,760 shares of the company’s stock worth $246,684,000 after purchasing an additional 1,363,636 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Arcus Biosciences by 24.1% during the 1st quarter. Vanguard Group Inc. now owns 6,687,800 shares of the company’s stock worth $52,499,000 after buying an additional 1,298,584 shares during the period. Woodline Partners LP lifted its holdings in Arcus Biosciences by 45.5% during the 1st quarter. Woodline Partners LP now owns 5,127,304 shares of the company’s stock worth $40,249,000 after buying an additional 1,603,367 shares during the period. Geode Capital Management LLC grew its position in shares of Arcus Biosciences by 14.9% in the 2nd quarter. Geode Capital Management LLC now owns 1,596,329 shares of the company’s stock valued at $12,995,000 after buying an additional 207,097 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Arcus Biosciences by 173.5% in the third quarter. Bank of America Corp DE now owns 1,360,781 shares of the company’s stock valued at $18,507,000 after buying an additional 863,162 shares during the period. Institutional investors and hedge funds own 92.89% of the company’s stock.

Arcus Biosciences Company Profile

Arcus Biosciences, Inc, a clinical-stage biopharmaceutical company, develops and commercializes cancer therapies in the United States. The company's pipeline products include Domvanalimab, an anti-TIGIT antibody, which is in Phase 2 and Phase 3 clinical trial; and AB308, an investigational anti-TIGIT monoclonal antibody, which is in Phase 1b clinical trial to study people with advanced solid and hematologic malignancies.