Citigroup Increases Arcus Biosciences (NYSE:RCUS) Price Target to $56.00

Arcus Biosciences (NYSE:RCUS) had its target price upped by equities research analysts at Citigroup from $54.00 to $56.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 177.92% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Truist Financial reissued a “buy” rating and set a $39.00 price target (up from $32.00) on shares of Arcus Biosciences in a research note on Tuesday, October 7th. Wells Fargo & Company boosted their price target on shares of Arcus Biosciences from $25.00 to $29.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Wall Street Zen raised shares of Arcus Biosciences from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcus Biosciences in a research note on Wednesday, October 8th. Finally, HC Wainwright boosted their price target on shares of Arcus Biosciences from $24.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.44.

Arcus Biosciences Trading Down 0.7%

Shares of NYSE RCUS opened at $20.15 on Wednesday. Arcus Biosciences has a 1-year low of $6.50 and a 1-year high of $22.11. The company has a market cap of $2.14 billion, a PE ratio of -5.86 and a beta of 0.77. The company has a current ratio of 3.65, a quick ratio of 4.50 and a debt-to-equity ratio of 0.22. The company has a 50-day moving average of $13.76 and a two-hundred day moving average of $10.65.

Arcus Biosciences (NYSE:RCUS) last announced its earnings results on Tuesday, October 28th. The company reported ($1.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.33) by $0.06. Arcus Biosciences had a negative net margin of 136.40% and a negative return on equity of 68.17%. The company had revenue of $26.00 million during the quarter, compared to the consensus estimate of $19.89 million. During the same period in the previous year, the firm posted ($1.00) earnings per share. The company’s revenue was down 45.8% on a year-over-year basis. As a group, equities analysts expect that Arcus Biosciences will post -3.15 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Jennifer Jarrett sold 37,792 shares of the company’s stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $15.05, for a total value of $568,769.60. Following the completion of the transaction, the chief operating officer owned 214,232 shares in the company, valued at $3,224,191.60. This represents a 15.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert C. Goeltz II sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $20.00, for a total transaction of $100,000.00. Following the completion of the transaction, the chief financial officer owned 92,138 shares of the company’s stock, valued at $1,842,760. This trade represents a 5.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 156,561 shares of company stock worth $2,916,931 in the last ninety days. Company insiders own 9.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Gilead Sciences Inc. boosted its holdings in Arcus Biosciences by 4.5% during the first quarter. Gilead Sciences Inc. now owns 31,424,760 shares of the company’s stock worth $246,684,000 after purchasing an additional 1,363,636 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Arcus Biosciences by 24.1% during the first quarter. Vanguard Group Inc. now owns 6,687,800 shares of the company’s stock worth $52,499,000 after purchasing an additional 1,298,584 shares during the last quarter. Woodline Partners LP boosted its holdings in Arcus Biosciences by 45.5% during the first quarter. Woodline Partners LP now owns 5,127,304 shares of the company’s stock worth $40,249,000 after purchasing an additional 1,603,367 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Arcus Biosciences by 14.9% during the second quarter. Geode Capital Management LLC now owns 1,596,329 shares of the company’s stock worth $12,995,000 after purchasing an additional 207,097 shares during the last quarter. Finally, Sofinnova Investments Inc. raised its position in Arcus Biosciences by 17.2% during the second quarter. Sofinnova Investments Inc. now owns 1,216,016 shares of the company’s stock worth $9,898,000 after acquiring an additional 178,240 shares in the last quarter. Institutional investors and hedge funds own 92.89% of the company’s stock.

About Arcus Biosciences

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.