Arcus Biosciences (NYSE:RCUS) Trading Up 6.6% on Analyst Upgrade

Shares of Arcus Biosciences, Inc. (NYSE:RCUS) were up 6.6% during mid-day trading on Monday after HC Wainwright raised their price target on the stock from $32.00 to $45.00. HC Wainwright currently has a buy rating on the stock. Arcus Biosciences traded as high as $29.54 and last traded at $29.1640. 120,406 shares were traded during trading, a decline of 90% from the average daily volume of 1,244,699 shares. The stock had previously closed at $27.37.

RCUS has been the subject of several other reports. Leerink Partners set a $47.00 price objective on Arcus Biosciences in a report on Monday, April 20th. Morgan Stanley boosted their target price on Arcus Biosciences from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. Wall Street Zen cut Arcus Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Truist Financial started coverage on Arcus Biosciences in a research note on Monday, May 18th. They set a “buy” rating and a $35.00 price target for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Arcus Biosciences in a research note on Friday. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $36.40.

Insider Buying and Selling at Arcus Biosciences

In other Arcus Biosciences news, CFO Robert C. Goeltz II sold 7,763 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $25.63, for a total transaction of $198,965.69. Following the sale, the chief financial officer owned 84,161 shares in the company, valued at $2,157,046.43. This represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Alexander Azoy sold 2,562 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $25.77, for a total value of $66,022.74. Following the completion of the transaction, the chief accounting officer directly owned 39,581 shares of the company’s stock, valued at $1,020,002.37. The trade was a 6.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 110,325 shares of company stock valued at $3,174,319 in the last 90 days. 7.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Nicholas Investment Partners LP bought a new position in shares of Arcus Biosciences in the fourth quarter valued at approximately $4,869,000. Aberdeen Group plc increased its holdings in Arcus Biosciences by 16.0% during the 4th quarter. Aberdeen Group plc now owns 384,601 shares of the company’s stock worth $9,165,000 after acquiring an additional 52,930 shares during the period. First Turn Management LLC purchased a new stake in Arcus Biosciences in the 4th quarter worth approximately $13,467,000. Baker BROS. Advisors LP purchased a new stake in Arcus Biosciences in the 4th quarter worth approximately $6,434,000. Finally, Y Intercept Hong Kong Ltd bought a new position in Arcus Biosciences in the 1st quarter valued at $1,862,000. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Arcus Biosciences Stock Performance

The company’s fifty day simple moving average is $26.30 and its 200 day simple moving average is $23.73. The stock has a market capitalization of $3.71 billion, a P/E ratio of -9.26 and a beta of 0.80. The company has a current ratio of 4.04, a quick ratio of 4.04 and a debt-to-equity ratio of 0.19.

Arcus Biosciences (NYSE:RCUS) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($1.02) earnings per share for the quarter, missing the consensus estimate of ($0.92) by ($0.10). Arcus Biosciences had a negative return on equity of 68.97% and a negative net margin of 156.36%.The firm had revenue of $17.00 million during the quarter, compared to the consensus estimate of $29.48 million. During the same period in the previous year, the company posted ($1.14) EPS. The company’s revenue for the quarter was down 39.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Arcus Biosciences, Inc. will post -3.66 earnings per share for the current fiscal year.

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.