Arcus Biosciences (NYSE:RCUS) Shares Up 9.5% – Here’s What Happened

Shares of Arcus Biosciences, Inc. (NYSE:RCUS) shot up 9.5% during mid-day trading on Monday . The stock traded as high as $22.99 and last traded at $22.31. 399,555 shares changed hands during trading, a decline of 67% from the average session volume of 1,194,246 shares. The stock had previously closed at $20.37.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RCUS. Citigroup reissued a “buy” rating on shares of Arcus Biosciences in a report on Friday, December 12th. Bank of America increased their price target on Arcus Biosciences from $17.00 to $26.00 and gave the stock a “neutral” rating in a research note on Friday, November 28th. The Goldman Sachs Group raised Arcus Biosciences from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $16.00 to $28.00 in a report on Monday, January 12th. Truist Financial set a $30.00 price objective on shares of Arcus Biosciences in a report on Friday, December 12th. Finally, HC Wainwright reiterated a “buy” rating and set a $32.00 target price on shares of Arcus Biosciences in a research report on Monday. Seven 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 company’s stock. According to MarketBeat, Arcus Biosciences currently has an average rating of “Moderate Buy” and an average target price of $29.33.

Arcus Biosciences Stock Performance

The business’s fifty day moving average price is $21.57 and its 200-day moving average price is $18.56. The stock has a market capitalization of $3.07 billion, a PE ratio of -7.41 and a beta of 0.85. The company has a debt-to-equity ratio of 0.16, a current ratio of 4.36 and a quick ratio of 4.36.

Arcus Biosciences (NYSE:RCUS) last announced its quarterly 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 firm had revenue of $33.00 million during the quarter, compared to the consensus estimate of $24.94 million. During the same period last year, the firm earned ($1.03) EPS. The business’s quarterly revenue was down 8.3% compared to the same quarter last year. As a group, equities research analysts expect that Arcus Biosciences, Inc. will post -3.15 EPS for the current year.

Insider Activity at Arcus Biosciences

In other news, COO Jennifer Jarrett sold 11,225 shares of the stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $21.88, for a total value of $245,603.00. Following the transaction, the chief operating officer owned 203,007 shares of the company’s stock, valued at $4,441,793.16. This represents a 5.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Terry J. Rosen sold 28,947 shares of Arcus Biosciences stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $21.88, for a total transaction of $633,360.36. Following the sale, the chief executive officer directly owned 2,220,553 shares of the company’s stock, valued at $48,585,699.64. This represents a 1.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 263,987 shares of company stock valued at $6,025,620 in the last ninety days. 9.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arcus Biosciences

Large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in shares of Arcus Biosciences by 17.5% in the 4th quarter. GAMMA Investing LLC now owns 3,230 shares of the company’s stock worth $77,000 after purchasing an additional 482 shares in the last quarter. Amalgamated Bank lifted its position in Arcus Biosciences by 3.9% in the 3rd quarter. Amalgamated Bank now owns 19,533 shares of the company’s stock worth $266,000 after buying an additional 736 shares during the last quarter. Creative Planning boosted its stake in Arcus Biosciences by 2.7% in the third quarter. Creative Planning now owns 29,629 shares of the company’s stock worth $403,000 after buying an additional 771 shares in the last quarter. Hantz Financial Services Inc. boosted its stake in Arcus Biosciences by 121.9% in the fourth quarter. Hantz Financial Services Inc. now owns 1,604 shares of the company’s stock worth $38,000 after buying an additional 881 shares in the last quarter. Finally, New York State Teachers Retirement System grew its position in Arcus Biosciences by 1.1% during the fourth quarter. New York State Teachers Retirement System now owns 92,431 shares of the company’s stock valued at $2,203,000 after acquiring an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors 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.