Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Arcus Biosciences, Inc. $RCUS

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Arcus Biosciences, Inc. (NYSE:RCUS) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 225,008 shares of the company’s stock, valued at approximately $6,937,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.18% of Arcus Biosciences at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of RCUS. BlackRock Inc. acquired a new position in shares of Arcus Biosciences during the second quarter worth approximately $506,113,000. Wellington Management Group LLP increased its holdings in shares of Arcus Biosciences by 309.4% in the fourth quarter. Wellington Management Group LLP now owns 5,184,509 shares of the company’s stock valued at $123,547,000 after purchasing an additional 3,918,220 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Arcus Biosciences in the fourth quarter valued at approximately $80,731,000. Suvretta Capital Management LLC raised its position in Arcus Biosciences by 40.7% in the 4th quarter. Suvretta Capital Management LLC now owns 5,188,858 shares of the company’s stock worth $123,650,000 after purchasing an additional 1,500,000 shares during the last quarter. Finally, Toronto Dominion Bank bought a new position in Arcus Biosciences in the 4th quarter worth approximately $35,380,000. 92.89% of the stock is owned by institutional investors.

Insider Activity at Arcus Biosciences

In other news, President Juan C. Jaen sold 20,067 shares of the business’s stock in a transaction on Friday, July 10th. The shares were sold at an average price of $28.62, for a total value of $574,317.54. Following the completion of the transaction, the president owned 822,240 shares of the company’s stock, valued at $23,532,508.80. The trade was a 2.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $30.00, for a total transaction of $84,810.00. Following the completion of the transaction, the chief accounting officer directly owned 39,581 shares of the company’s stock, valued at $1,187,430. This trade represents a 6.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 105,389 shares of company stock valued at $3,060,164 in the last ninety days. Insiders own 7.60% of the company’s stock.

Arcus Biosciences Price Performance

Arcus Biosciences stock opened at $30.91 on Thursday. The firm has a market capitalization of $3.94 billion, a P/E ratio of -7.93 and a beta of 0.80. Arcus Biosciences, Inc. has a 1 year low of $10.25 and a 1 year high of $31.74. The business has a 50-day moving average of $28.91 and a 200-day moving average of $24.99. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.22.

Arcus Biosciences (NYSE:RCUS) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.72) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.17. Arcus Biosciences had a negative net margin of 393.16% and a negative return on equity of 89.54%. The business had revenue of $41.00 million for the quarter, compared to the consensus estimate of $21.98 million. The firm’s quarterly revenue was down 74.4% compared to the same quarter last year. On average, equities analysts anticipate that Arcus Biosciences, Inc. will post -3.6 EPS for the current year.

Analyst Upgrades and Downgrades

RCUS has been the topic of several research reports. Wells Fargo & Company upped their price objective on Arcus Biosciences from $23.00 to $26.00 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. The Goldman Sachs Group reissued a “buy” rating and issued a $42.00 target price on shares of Arcus Biosciences in a research note on Friday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcus Biosciences in a research report on Friday, July 17th. Wall Street Zen lowered Arcus Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, Morgan Stanley set a $23.00 price target on Arcus Biosciences in a report on Monday, August 10th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.80.

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.