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

Arcus Biosciences, Inc. (NYSE:RCUS) shares gapped down before the market opened on Monday . The stock had previously closed at $9.34, but opened at $9.14. Arcus Biosciences shares last traded at $9.11, with a volume of 32,631 shares traded.

Analysts Set New Price Targets

RCUS has been the topic of several analyst reports. Morgan Stanley reduced their target price on Arcus Biosciences from $36.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, February 18th. HC Wainwright raised Arcus Biosciences from a “neutral” rating to a “buy” rating and increased their target price for the stock from $18.00 to $24.00 in a report on Wednesday, February 26th. Finally, Bank of America reduced their target price on Arcus Biosciences from $22.00 to $17.00 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $30.25.

Arcus Biosciences Stock Down 1.5 %

The firm has a 50 day moving average of $12.01 and a two-hundred day moving average of $14.76. The firm has a market capitalization of $947.82 million, a price-to-earnings ratio of -2.86 and a beta of 1.36. The company has a quick ratio of 5.24, a current ratio of 5.24 and a debt-to-equity ratio of 0.08.

Arcus Biosciences (NYSE:RCUS) last posted its earnings results on Tuesday, February 25th. The company reported ($1.03) EPS for the quarter, beating the consensus estimate of ($1.17) by $0.14. The firm had revenue of $36.00 million during the quarter, compared to the consensus estimate of $29.38 million. Arcus Biosciences had a negative return on equity of 45.59% and a negative net margin of 102.66%. As a group, sell-side analysts anticipate that Arcus Biosciences, Inc. will post -3.15 EPS for the current fiscal year.

Insider Buying and Selling at Arcus Biosciences

In related news, Director Yasunori Kaneko acquired 20,000 shares of the stock in a transaction dated Thursday, February 27th. The stock was bought at an average cost of $10.06 per share, for a total transaction of $201,200.00. Following the completion of the transaction, the director now directly owns 28,400 shares of the company’s stock, valued at $285,704. The trade was a 238.10 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert C. Goeltz II sold 3,594 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $15.00, for a total value of $53,910.00. Following the transaction, the chief financial officer now owns 60,138 shares of the company’s stock, valued at $902,070. This trade represents a 5.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 12.30% of the company’s stock.

Hedge Funds Weigh In On Arcus Biosciences

A number of hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Arcus Biosciences by 2.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,007 shares of the company’s stock worth $506,000 after acquiring an additional 833 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Arcus Biosciences by 2.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,781 shares of the company’s stock worth $471,000 after acquiring an additional 843 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Arcus Biosciences by 2.6% during the third quarter. JPMorgan Chase & Co. now owns 43,685 shares of the company’s stock worth $668,000 after acquiring an additional 1,117 shares during the last quarter. R Squared Ltd bought a new position in shares of Arcus Biosciences during the fourth quarter worth about $26,000. Finally, Teacher Retirement System of Texas grew its stake in Arcus Biosciences by 19.2% during the fourth quarter. Teacher Retirement System of Texas now owns 14,952 shares of the company’s stock worth $223,000 after purchasing an additional 2,410 shares during the period. 92.89% of the stock is currently owned by institutional investors.

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.