Arcus Biosciences (NYSE:RCUS) Trading Up 5.4% Following Analyst Upgrade

Arcus Biosciences, Inc. (NYSE:RCUS) shares were up 5.4% on Thursday after Wedbush raised their price target on the stock from $37.00 to $41.00. Wedbush currently has an outperform rating on the stock. Arcus Biosciences traded as high as $22.59 and last traded at $23.0270. Approximately 293,340 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 1,231,696 shares. The stock had previously closed at $21.84.

RCUS has been the topic of a number of other research reports. Wall Street Zen upgraded shares of Arcus Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Leerink Partners upped their price target on shares of Arcus Biosciences from $36.00 to $49.00 and gave the company an “outperform” rating in a research report on Monday, March 2nd. Morgan Stanley reaffirmed an “equal weight” rating and set a $20.00 price objective (down from $23.00) on shares of Arcus Biosciences in a research note on Thursday, January 8th. Citigroup lifted their price objective on Arcus Biosciences from $44.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Finally, The Goldman Sachs Group raised Arcus Biosciences from a “neutral” rating to a “buy” rating and boosted their target price for the company from $16.00 to $28.00 in a research note on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.80.

Insider Buying and Selling

In other news, President Juan C. Jaen sold 31,823 shares of the firm’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $21.41, for a total value of $681,330.43. Following the completion of the sale, the president directly owned 922,240 shares of the company’s stock, valued at approximately $19,745,158.40. This trade represents a 3.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 9.60% of the company’s stock.

Hedge Funds Weigh In On Arcus Biosciences

A number of institutional investors have recently bought and sold shares of RCUS. Hantz Financial Services Inc. lifted its holdings 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 during the period. T. Rowe Price Investment Management Inc. bought a new position in shares of Arcus Biosciences in the 4th quarter worth approximately $39,000. GAMMA Investing LLC raised its position in shares of Arcus Biosciences by 59.1% in the 3rd quarter. GAMMA Investing LLC now owns 2,748 shares of the company’s stock worth $37,000 after acquiring an additional 1,021 shares in the last quarter. SBI Securities Co. Ltd. lifted its stake in shares of Arcus Biosciences by 13,547.6% in the 3rd quarter. SBI Securities Co. Ltd. now owns 2,866 shares of the company’s stock valued at $39,000 after purchasing an additional 2,845 shares during the period. Finally, Abich Financial Wealth Management LLC purchased a new position in shares of Arcus Biosciences in the 3rd quarter valued at approximately $69,000. 92.89% of the stock is owned by institutional investors.

Arcus Biosciences Stock Up 5.3%

The company has a market capitalization of $2.88 billion, a P/E ratio of -6.97 and a beta of 0.86. The company has a 50-day moving average of $21.36 and a two-hundred day moving average of $20.35. The company has a quick ratio of 4.36, a current ratio of 4.36 and a debt-to-equity ratio of 0.16.

Arcus Biosciences (NYSE:RCUS) last posted its quarterly earnings data on Wednesday, February 25th. The company reported ($0.89) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.11) by $0.22. Arcus Biosciences had a negative return on equity of 65.77% and a negative net margin of 142.91%.The business had revenue of $33.00 million during the quarter, compared to the consensus estimate of $24.94 million. During the same quarter in the prior year, the company earned ($1.03) earnings per share. The firm’s quarterly revenue was down 8.3% compared to the same quarter last year. On average, research analysts predict that Arcus Biosciences, Inc. will post -3.15 EPS for the current 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.