The Manufacturers Life Insurance Company Takes $1.41 Million Position in Arcus Biosciences, Inc. $RCUS

The Manufacturers Life Insurance Company bought a new position in shares of Arcus Biosciences, Inc. (NYSE:RCUS) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 45,826 shares of the company’s stock, valued at approximately $1,413,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Arcus Biosciences during the second quarter valued at $506,113,000. Wellington Management Group LLP grew its stake 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 worth $123,547,000 after purchasing an additional 3,918,220 shares during the last quarter. Marshall Wace LLP acquired a new stake in Arcus Biosciences in the fourth quarter valued at $80,731,000. Suvretta Capital Management LLC increased its holdings in Arcus Biosciences by 40.7% in the fourth quarter. Suvretta Capital Management LLC now owns 5,188,858 shares of the company’s stock valued at $123,650,000 after purchasing an additional 1,500,000 shares during the period. Finally, Toronto Dominion Bank bought a new position in Arcus Biosciences during the 4th quarter worth $35,380,000. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Arcus Biosciences

In related news, CAO Alexander Azoy sold 2,827 shares of Arcus Biosciences stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Juan Jaen sold 48,502 shares of the business’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $30.05, for a total transaction of $1,457,485.10. Following the completion of the transaction, the president directly owned 842,307 shares of the company’s stock, valued at $25,311,325.35. This trade represents a 5.44% 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. Over the last three months, insiders have sold 102,827 shares of company stock worth $2,994,141. 7.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

RCUS has been the topic of a number of recent analyst reports. Truist Financial began coverage on Arcus Biosciences in a research note on Monday, May 18th. They issued a “buy” rating and a $35.00 price objective on the stock. The Goldman Sachs Group reaffirmed a “buy” rating and set a $42.00 target price on shares of Arcus Biosciences in a research note on Friday, August 7th. Wall Street Zen downgraded Arcus Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Wells Fargo & Company increased their price target on Arcus Biosciences from $23.00 to $26.00 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. Finally, Wedbush raised their price objective on shares of Arcus Biosciences from $41.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Arcus Biosciences has an average rating of “Moderate Buy” and a consensus price target of $37.80.

Arcus Biosciences Stock Up 0.6%

NYSE:RCUS opened at $30.03 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.82 and a quick ratio of 3.82. Arcus Biosciences, Inc. has a 1-year low of $11.04 and a 1-year high of $31.74. The company has a 50-day moving average of $29.23 and a 200 day moving average of $25.38. The firm has a market cap of $3.82 billion, a PE ratio of -7.70 and a beta of 0.81.

Arcus Biosciences (NYSE:RCUS) last posted its earnings results on Wednesday, August 5th. The company reported ($0.72) EPS 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 company’s revenue for the quarter was down 74.4% compared to the same quarter last year. As a group, research analysts anticipate that Arcus Biosciences, Inc. will post -3.6 EPS for the current fiscal year.

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.