Arcus Biosciences Inc (RCUS) Sees Large Drop in Short Interest

Arcus Biosciences Inc (NYSE:RCUS) was the recipient of a significant decline in short interest during the month of October. As of October 15th, there was short interest totalling 1,639,826 shares, a decline of 33.2% from the September 28th total of 2,454,722 shares. Currently, 6.9% of the shares of the company are short sold. Based on an average daily volume of 70,695 shares, the short-interest ratio is currently 23.2 days.

Several equities analysts recently commented on RCUS shares. Wedbush started coverage on shares of Arcus Biosciences in a research note on Tuesday, October 9th. They issued an “outperform” rating and a $22.00 price target on the stock. Zacks Investment Research upgraded shares of Arcus Biosciences from a “sell” rating to a “hold” rating in a research note on Wednesday, July 11th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Arcus Biosciences has an average rating of “Buy” and an average target price of $18.60.

RCUS stock opened at $10.05 on Thursday. Arcus Biosciences has a 52 week low of $9.50 and a 52 week high of $22.10.

Arcus Biosciences (NYSE:RCUS) last released its quarterly earnings results on Monday, August 6th. The company reported ($0.32) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.40) by $0.08. The business had revenue of $1.25 million during the quarter, compared to analyst estimates of $1.30 million. As a group, equities research analysts expect that Arcus Biosciences will post -2.17 EPS for the current year.

In other Arcus Biosciences news, President Juan C. Jaen purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 13th. The shares were acquired at an average cost of $11.88 per share, for a total transaction of $118,800.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Terry J. Rosen purchased 9,929 shares of the firm’s stock in a transaction that occurred on Monday, August 13th. The stock was acquired at an average price of $11.87 per share, for a total transaction of $117,857.23. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 85,117 shares of company stock worth $1,118,707.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Northern Trust Corp bought a new stake in Arcus Biosciences during the second quarter worth about $774,000. Bank of New York Mellon Corp bought a new stake in Arcus Biosciences during the second quarter worth about $196,000. California Public Employees Retirement System bought a new stake in Arcus Biosciences during the second quarter worth about $135,000. Platinum Investment Management Ltd. lifted its position in Arcus Biosciences by 428.4% during the second quarter. Platinum Investment Management Ltd. now owns 52,841 shares of the company’s stock worth $647,000 after purchasing an additional 42,841 shares during the period. Finally, Hillhouse Capital Management Ltd. lifted its position in Arcus Biosciences by 80.5% during the second quarter. Hillhouse Capital Management Ltd. now owns 767,128 shares of the company’s stock worth $9,390,000 after purchasing an additional 342,128 shares during the period. 39.01% of the stock is owned by institutional investors and hedge funds.

About Arcus Biosciences

Arcus Biosciences, Inc, a clinical-stage biopharmaceutical company, engages in developing and commercializing cancer immunotherapies in the United States. It is developing various products for treating solid tumors, including AB928, an adenosine receptor antagonist that is in Phase I clinical trial; AB680, a CD73 inhibitor; AB122, an anti-PD-1 antibody that is Phase I clinical trial; and AB154, an anti-TIGIT antibody.

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