Arcus Biosciences (NYSE:RCUS) Price Target Raised to $49.00

Arcus Biosciences (NYSE:RCUS) had its price target raised by Leerink Partners from $36.00 to $49.00 in a report published on Monday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research firms have also recently issued reports on RCUS. Morgan Stanley reaffirmed an “equal weight” rating and issued a $20.00 price target (down from $23.00) on shares of Arcus Biosciences in a report on Thursday, January 8th. UBS Group restated a “buy” rating on shares of Arcus Biosciences in a report on Monday, December 15th. Citigroup reaffirmed a “buy” rating on shares of Arcus Biosciences in a research report on Friday, December 12th. Bank of America upped their target price on Arcus Biosciences from $17.00 to $26.00 and gave the company a “neutral” rating in a report on Friday, November 28th. Finally, HC Wainwright reissued a “buy” rating and issued a $32.00 price target on shares of Arcus Biosciences in a research note on Monday. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.30.

Arcus Biosciences Stock Performance

NYSE:RCUS opened at $22.65 on Monday. 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 company has a 50-day moving average of $21.56 and a 200-day moving average of $18.77. Arcus Biosciences has a twelve month low of $6.50 and a twelve month high of $26.40. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of -6.86 and a beta of 0.85.

Arcus Biosciences (NYSE:RCUS) last released its earnings results on Wednesday, February 25th. The company reported ($0.89) EPS for the quarter, beating the consensus estimate of ($1.11) by $0.22. Arcus Biosciences had a negative net margin of 142.91% and a negative return on equity of 65.77%. The business had revenue of $33.00 million during the quarter, compared to analyst estimates of $24.94 million. During the same period in the prior year, the business earned ($1.03) earnings per share. The business’s quarterly revenue was down 8.3% on a year-over-year basis. Analysts forecast that Arcus Biosciences will post -3.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Alexander Azoy sold 4,343 shares of the company’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $22.25, for a total transaction of $96,631.75. Following the transaction, the chief accounting officer directly owned 18,531 shares of the company’s stock, valued at approximately $412,314.75. The trade was a 18.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Carolyn C. Tang sold 6,810 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $22.16, for a total value of $150,909.60. Following the sale, the general counsel owned 124,734 shares of the company’s stock, valued at $2,764,105.44. The trade was a 5.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 180,990 shares of company stock valued at $3,974,764. 9.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arcus Biosciences

A number of large investors have recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Arcus Biosciences in the fourth quarter worth approximately $39,000. Invesco Ltd. increased its stake in Arcus Biosciences by 41.7% in the 4th 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 period. State of Tennessee Department of Treasury increased its stake in Arcus Biosciences by 34.2% in the 4th quarter. State of Tennessee Department of Treasury now owns 34,855 shares of the company’s stock valued at $831,000 after buying an additional 8,886 shares during the period. VestGen Advisors LLC purchased a new stake in Arcus Biosciences in the 4th quarter worth approximately $647,000. Finally, Wellington Management Group LLP boosted its stake in shares of Arcus Biosciences by 309.4% during the 4th quarter. Wellington Management Group LLP now owns 5,184,509 shares of the company’s stock valued at $123,547,000 after buying an additional 3,918,220 shares during the period. Institutional investors and hedge funds own 92.89% of the company’s stock.

About Arcus Biosciences

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.