Arcus Biosciences (NYSE:RCUS) Stock Rating Lowered by Wells Fargo & Company

Arcus Biosciences (NYSE:RCUS) was downgraded by Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Thursday, Marketbeat reports. They presently have a $23.00 price objective on the stock, down from their previous price objective of $30.00. Wells Fargo & Company‘s target price would indicate a potential upside of 21.90% from the company’s current price.

RCUS has been the subject of several other reports. 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 report on Friday, November 28th. UBS Group restated a “buy” rating on shares of Arcus Biosciences in a research note on Monday, December 15th. The Goldman Sachs Group upgraded shares of Arcus Biosciences from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $16.00 to $28.00 in a research note on Monday, January 12th. Truist Financial set a $30.00 price target on shares of Arcus Biosciences in a report on Friday, December 12th. Finally, HC Wainwright lifted their price objective on Arcus Biosciences from $28.00 to $32.00 and gave the company a “buy” rating in a report on Friday, December 12th. Seven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $29.33.

Arcus Biosciences Stock Performance

Shares of RCUS stock opened at $18.87 on Thursday. The stock’s 50-day moving average price is $22.34 and its 200 day moving average price is $17.73. The company has a quick ratio of 3.65, a current ratio of 3.65 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $2.04 billion, a PE ratio of -5.48 and a beta of 0.84. Arcus Biosciences has a 52-week low of $6.50 and a 52-week high of $26.40.

Insider Transactions at Arcus Biosciences

In other Arcus Biosciences news, General Counsel Carolyn C. Tang sold 7,658 shares of the company’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $21.88, for a total value of $167,557.04. Following the sale, the general counsel owned 131,544 shares of the company’s stock, valued at approximately $2,878,182.72. This represents a 5.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Juan C. Jaen sold 82,997 shares of Arcus Biosciences stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $24.71, for a total value of $2,050,855.87. Following the transaction, the president directly owned 954,063 shares of the company’s stock, valued at $23,574,896.73. This trade represents a 8.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 315,887 shares of company stock valued at $7,087,692. Company insiders own 9.60% of the company’s stock.

Hedge Funds Weigh In On Arcus Biosciences

A number of institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC increased its position in Arcus Biosciences by 253.9% during the 1st quarter. AQR Capital Management LLC now owns 90,954 shares of the company’s stock worth $714,000 after purchasing an additional 65,254 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Arcus Biosciences by 10.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,572 shares of the company’s stock worth $297,000 after purchasing an additional 3,565 shares during the last quarter. Millennium Management LLC raised its position in shares of Arcus Biosciences by 29.2% in the first quarter. Millennium Management LLC now owns 1,194,622 shares of the company’s stock valued at $9,378,000 after buying an additional 270,253 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Arcus Biosciences by 106.2% in the first quarter. Goldman Sachs Group Inc. now owns 914,208 shares of the company’s stock valued at $7,177,000 after buying an additional 470,755 shares during the last quarter. Finally, Strs Ohio purchased a new position in shares of Arcus Biosciences during the first quarter valued at approximately $67,000. 92.89% of the stock is owned by institutional investors and hedge funds.

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.