Arcus Biosciences (NYSE:RCUS) Shares Down 8.6% – Here’s What Happened

Shares of Arcus Biosciences, Inc. (NYSE:RCUS) dropped 8.6% during mid-day trading on Friday . The stock traded as low as $8.62 and last traded at $8.69. Approximately 113,117 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 853,847 shares. The stock had previously closed at $9.51.

Wall Street Analysts Forecast Growth

RCUS has been the subject of several research analyst reports. Morgan Stanley decreased their price target on shares of Arcus Biosciences from $24.00 to $22.00 and set an “overweight” rating for the company in a report on Friday, May 9th. Bank of America decreased their price target on shares of Arcus Biosciences from $22.00 to $17.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. HC Wainwright raised shares of Arcus Biosciences from a “neutral” rating to a “buy” rating and boosted their price target for the company from $18.00 to $24.00 in a report on Wednesday, February 26th. Wedbush reissued an “outperform” rating and issued a $33.00 price target on shares of Arcus Biosciences in a report on Wednesday, May 7th. Finally, The Goldman Sachs Group decreased their price target on shares of Arcus Biosciences from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $25.67.

Arcus Biosciences Stock Performance

The stock has a market capitalization of $950.85 million, a price-to-earnings ratio of -2.85 and a beta of 0.88. The company has a current ratio of 5.24, a quick ratio of 5.24 and a debt-to-equity ratio of 0.08. The stock’s 50 day moving average is $8.25 and its two-hundred day moving average is $11.61.

Arcus Biosciences (NYSE:RCUS) last announced its earnings results on Tuesday, May 6th. The company reported ($1.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.02) by ($0.12). Arcus Biosciences had a negative return on equity of 45.59% and a negative net margin of 102.66%. The company had revenue of $28.00 million during the quarter, compared to analyst estimates of $38.61 million. During the same period in the previous year, the company posted ($0.05) earnings per share. Arcus Biosciences’s revenue for the quarter was down 80.7% on a year-over-year basis. Analysts expect that Arcus Biosciences, Inc. will post -3.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arcus Biosciences

Large investors have recently modified their holdings of the business. R Squared Ltd acquired a new position in shares of Arcus Biosciences during the 4th quarter worth about $26,000. Lazard Asset Management LLC boosted its stake in shares of Arcus Biosciences by 3,321.3% during the 4th quarter. Lazard Asset Management LLC now owns 6,261 shares of the company’s stock worth $93,000 after buying an additional 6,078 shares during the last quarter. US Bancorp DE raised its holdings in shares of Arcus Biosciences by 2,432.0% in the 4th quarter. US Bancorp DE now owns 6,887 shares of the company’s stock valued at $103,000 after purchasing an additional 6,615 shares during the period. Strs Ohio bought a new stake in shares of Arcus Biosciences in the 1st quarter valued at about $67,000. Finally, PEAK6 LLC bought a new stake in shares of Arcus Biosciences in the 4th quarter valued at about $149,000. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Arcus Biosciences Company Profile

Arcus Biosciences, Inc, a clinical-stage biopharmaceutical company, develops and commercializes cancer therapies in the United States. The company's pipeline products include Domvanalimab, an anti-TIGIT antibody, which is in Phase 2 and Phase 3 clinical trial; and AB308, an investigational anti-TIGIT monoclonal antibody, which is in Phase 1b clinical trial to study people with advanced solid and hematologic malignancies.