Arcus Biosciences (NYSE:RCUS) Trading 5.4% Higher Following Analyst Upgrade

Arcus Biosciences, Inc. (NYSE:RCUS) shares rose 5.4% during trading on Thursday after Wedbush raised their price target on the stock from $37.00 to $41.00. Wedbush currently has an outperform rating on the stock. Arcus Biosciences traded as high as $22.59 and last traded at $23.0270. Approximately 293,340 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 1,231,696 shares. The stock had previously closed at $21.84.

A number of other equities analysts have also issued reports on RCUS. The Goldman Sachs Group raised Arcus Biosciences from a “neutral” rating to a “buy” rating and upped their target price for the company from $16.00 to $28.00 in a research report on Monday, January 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcus Biosciences in a research note on Wednesday, January 21st. Wall Street Zen raised shares of Arcus Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Citigroup increased their price objective on shares of Arcus Biosciences from $44.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Finally, HC Wainwright reissued a “buy” rating and set a $32.00 price objective on shares of Arcus Biosciences in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.80.

Insider Buying and Selling

In other news, President Juan C. Jaen sold 31,823 shares of Arcus Biosciences stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $21.41, for a total value of $681,330.43. Following the completion of the transaction, the president owned 922,240 shares in the company, valued at approximately $19,745,158.40. This trade represents a 3.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arcus Biosciences

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

Arcus Biosciences Trading Up 5.4%

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 $21.36 and its two-hundred day moving average is $20.33. The firm has a market cap of $2.89 billion, a P/E ratio of -6.97 and a beta of 0.85.

Arcus Biosciences (NYSE:RCUS) last issued its 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. Arcus Biosciences had a negative net margin of 142.91% and a negative return on equity of 65.77%. The firm had revenue of $33.00 million for the quarter, compared to analysts’ expectations of $24.94 million. During the same quarter last year, the company posted ($1.03) earnings per share. Arcus Biosciences’s revenue was down 8.3% on a year-over-year basis. As a group, analysts expect that Arcus Biosciences, Inc. will post -3.15 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.