Arcus Biosciences (NYSE:RCUS) Shares Down 6.1% – Here’s What Happened

Shares of Arcus Biosciences, Inc. (NYSE:RCUS) were down 6.1% during mid-day trading on Tuesday. The company traded as low as $22.83 and last traded at $22.8450. Approximately 450,804 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 1,287,246 shares. The stock had previously closed at $24.34.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on RCUS shares. The Goldman Sachs Group restated a “buy” rating and issued a $42.00 price objective on shares of Arcus Biosciences in a research report on Friday, August 7th. Morgan Stanley set a $23.00 price objective on Arcus Biosciences in a research note on Monday, August 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcus Biosciences in a research report on Friday, July 17th. JPMorgan Chase & Co. assumed coverage on Arcus Biosciences in a research report on Wednesday. They set an “overweight” rating and a $41.00 target price for the company. Finally, Truist Financial reissued a “buy” rating and set a $40.00 target price (up from $35.00) on shares of Arcus Biosciences in a research note on Tuesday, September 8th. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.55.

Arcus Biosciences Price Performance

The firm’s fifty day moving average price is $27.20 and its 200 day moving average price is $26.21. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.22. The stock has a market cap of $2.87 billion, a PE ratio of -5.78 and a beta of 0.94.

Arcus Biosciences (NYSE:RCUS) last issued its earnings results on Wednesday, August 5th. The company reported ($0.72) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.17. The firm had revenue of $41.00 million during the quarter, compared to analyst estimates of $21.98 million. Arcus Biosciences had a negative net margin of 393.16% and a negative return on equity of 89.54%. The company’s quarterly revenue was down 74.4% on a year-over-year basis. As a group, equities analysts expect that Arcus Biosciences, Inc. will post -3.53 EPS for the current fiscal year.

Insider Buying and Selling

In other Arcus Biosciences news, CAO Alexander Azoy sold 2,827 shares of the business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $30.00, for a total value of $84,810.00. Following the sale, the chief accounting officer owned 39,581 shares in the company, valued at $1,187,430. The trade was a 6.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 7.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RCUS. GAMMA Investing LLC lifted its position in shares of Arcus Biosciences by 22.4% in the third quarter. GAMMA Investing LLC now owns 4,855 shares of the company’s stock worth $125,000 after buying an additional 889 shares in the last quarter. WINTON GROUP Ltd boosted its stake in Arcus Biosciences by 59.7% during the second quarter. WINTON GROUP Ltd now owns 52,398 shares of the company’s stock valued at $1,615,000 after buying an additional 19,578 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in Arcus Biosciences during the 2nd quarter valued at approximately $30,000. Arizona State Retirement System grew its holdings in Arcus Biosciences by 1.7% during the 2nd quarter. Arizona State Retirement System now owns 24,211 shares of the company’s stock valued at $746,000 after buying an additional 409 shares in the last quarter. Finally, Nykredit A S purchased a new position in Arcus Biosciences during the 2nd quarter valued at approximately $134,000. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Arcus Biosciences Company Profile

Arcus Biosciences, Inc is a biopharmaceutical company focused on discovering and developing medicines for the treatment of cancer. The company uses a proprietary research platform to develop small-molecule and antibody-based therapies designed to target biological mechanisms involved in tumor growth and immune-system regulation.

Arcus’ oncology pipeline has included investigational therapies such as zimberelimab, an anti-PD-1 antibody; domvanalimab, an anti-TIGIT antibody; quemliclustat, a CD73 inhibitor; and etrumadenant, an adenosine receptor antagonist.