VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Arcus Biosciences, Inc. (NYSE:RCUS – Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 37,350 shares of the company’s stock, valued at approximately $1,152,000.
Other hedge funds have also added to or reduced their stakes in the company. Nicholas Investment Partners LP acquired a new stake in Arcus Biosciences in the fourth quarter valued at $4,869,000. First Turn Management LLC acquired a new position in Arcus Biosciences during the 4th quarter worth about $13,467,000. Bank of New York Mellon Corp acquired a new position in Arcus Biosciences during the 2nd quarter worth about $16,741,000. Baker BROS. Advisors LP bought a new stake in shares of Arcus Biosciences in the 4th quarter valued at about $6,434,000. Finally, Handelsbanken Fonder AB bought a new stake in shares of Arcus Biosciences in the 2nd quarter valued at about $1,202,000. 92.89% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Arcus Biosciences
In other Arcus Biosciences news, President Juan Jaen sold 48,502 shares of the firm’s stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $30.05, for a total value of $1,457,485.10. Following the completion of the sale, the president directly owned 842,307 shares in the company, valued at approximately $25,311,325.35. This trade represents a 5.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Alexander Azoy sold 2,827 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $30.00, for a total transaction of $84,810.00. Following the completion of the sale, the chief accounting officer owned 39,581 shares of the company’s stock, valued at $1,187,430. The trade was a 6.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 102,827 shares of company stock worth $2,994,141. 7.60% of the stock is owned by insiders.
Arcus Biosciences Trading Down 5.8%
Arcus Biosciences (NYSE:RCUS – Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.17. The firm had revenue of $41.00 million for the quarter, compared to analysts’ expectations of $21.98 million. Arcus Biosciences had a negative return on equity of 89.54% and a negative net margin of 393.16%.Arcus Biosciences’s revenue was down 74.4% compared to the same quarter last year. Research analysts forecast that Arcus Biosciences, Inc. will post -3.6 earnings per share for the current year.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on the company. Morgan Stanley set a $23.00 price target on Arcus Biosciences in a research note on Monday, August 10th. Wells Fargo & Company upped their target price on Arcus Biosciences from $23.00 to $26.00 and gave the company an “equal weight” rating in a report on Thursday, August 6th. Truist Financial reissued a “buy” rating and set a $40.00 target price (up from $35.00) on shares of Arcus Biosciences in a research report on Tuesday. Cantor Fitzgerald restated an “overweight” rating on shares of Arcus Biosciences in a report on Friday. Finally, HC Wainwright boosted their price target on shares of Arcus Biosciences from $32.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Nine research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.30.
View Our Latest Stock Analysis on Arcus Biosciences
Arcus Biosciences Company Profile
Arcus Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for cancer and other serious diseases. The company combines antibody-based therapies, small-molecule drugs and combination treatment strategies designed to influence the immune system and other biological pathways involved in tumor growth.
Its oncology pipeline includes investigational therapies targeting pathways such as TIGIT, PD-1, CD73, adenosine receptors and HIF-2α. Key programs have included domvanalimab, an anti-TIGIT antibody; zimberelimab, an anti-PD-1 antibody; quemliclustat, a CD73 inhibitor; etrumadenant, an adenosine receptor antagonist; and AB521, an HIF-2α inhibitor.
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