Arcus Biosciences (NYSE:RCUS) Trading Down 5.6% – Here’s What Happened

Arcus Biosciences, Inc. (NYSE:RCUS)’s stock price dropped 5.6% during trading on Monday . The stock traded as low as $22.80 and last traded at $22.88. Approximately 390,643 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 1,173,883 shares. The stock had previously closed at $24.25.

Analysts Set New Price Targets

RCUS has been the topic of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcus Biosciences in a research report on Wednesday, January 21st. The Goldman Sachs Group upgraded Arcus Biosciences from a “neutral” rating to a “buy” rating and upped their price target for the stock from $16.00 to $28.00 in a research report on Monday, January 12th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 price objective (down from $23.00) on shares of Arcus Biosciences in a research note on Thursday, January 8th. Leerink Partners boosted their price objective on Arcus Biosciences from $36.00 to $49.00 and gave the company an “outperform” rating in a research note on Monday, March 2nd. Finally, HC Wainwright reissued a “buy” rating and issued a $32.00 target price on shares of Arcus Biosciences in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Arcus Biosciences presently has an average rating of “Moderate Buy” and an average price target of $30.80.

Arcus Biosciences Stock Performance

The company has a market cap of $2.92 billion, a PE ratio of -7.05 and a beta of 0.86. The company has a current ratio of 4.36, a quick ratio of 4.36 and a debt-to-equity ratio of 0.16. The business’s 50 day moving average is $21.65 and its two-hundred day moving average is $21.26.

Arcus Biosciences (NYSE:RCUS) last issued its quarterly earnings results on Wednesday, February 25th. The company reported ($0.89) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.11) by $0.22. The business had revenue of $33.00 million during the quarter, compared to analyst estimates of $24.94 million. Arcus Biosciences had a negative return on equity of 65.77% and a negative net margin of 142.91%.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 business posted ($1.03) EPS. On average, equities research analysts anticipate that Arcus Biosciences, Inc. will post -3.15 EPS for the current year.

Institutional Trading of Arcus Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in RCUS. Rockefeller Capital Management L.P. boosted its stake in Arcus Biosciences by 217.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 12,224 shares of the company’s stock worth $291,000 after purchasing an additional 8,368 shares during the period. T. Rowe Price Investment Management Inc. purchased a new stake in Arcus Biosciences during the 4th quarter valued at approximately $39,000. Invesco Ltd. raised its position in shares of Arcus Biosciences by 41.7% during the fourth quarter. Invesco Ltd. now owns 414,365 shares of the company’s stock valued at $9,874,000 after buying an additional 121,961 shares during the last quarter. State of Tennessee Department of Treasury lifted its holdings in shares of Arcus Biosciences by 34.2% in the fourth quarter. State of Tennessee Department of Treasury now owns 34,855 shares of the company’s stock worth $831,000 after buying an additional 8,886 shares in the last quarter. Finally, VestGen Advisors LLC purchased a new position in shares of Arcus Biosciences in the fourth quarter worth $647,000. Institutional investors own 92.89% of the company’s stock.

Arcus Biosciences Company 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.