Arcus Biosciences (NYSE:RCUS) Shares Down 6.9% – Here’s Why

Arcus Biosciences, Inc. (NYSE:RCUS) fell 6.9% during mid-day trading on Wednesday . The company traded as low as $22.12 and last traded at $22.0080. 290,485 shares traded hands during trading, a decline of 75% from the average session volume of 1,182,166 shares. The stock had previously closed at $23.64.

Analyst Ratings Changes

A number of research firms recently issued reports on RCUS. Wedbush raised their price objective on shares of Arcus Biosciences from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Arcus Biosciences in a report on Monday, April 20th. Leerink Partners set a $47.00 price objective on shares of Arcus Biosciences in a report on Monday, April 20th. The Goldman Sachs Group raised their price objective on shares of Arcus Biosciences from $30.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, Wall Street Zen downgraded shares of Arcus Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Arcus Biosciences has an average rating of “Moderate Buy” and a consensus target price of $35.10.

Arcus Biosciences Price Performance

The stock has a market cap of $2.94 billion, a PE ratio of -7.35 and a beta of 0.85. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.04 and a quick ratio of 4.04. The firm’s 50 day moving average price is $24.01 and its two-hundred day moving average price is $22.91.

Arcus Biosciences (NYSE:RCUS) last posted its earnings results on Tuesday, May 5th. The company reported ($1.02) earnings per share for the quarter, missing the consensus estimate of ($0.92) by ($0.10). The business had revenue of $17.00 million during the quarter, compared to analysts’ expectations of $29.49 million. Arcus Biosciences had a negative return on equity of 68.97% and a negative net margin of 156.36%.Arcus Biosciences’s revenue for the quarter was down 39.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.14) EPS. On average, research analysts expect that Arcus Biosciences, Inc. will post -3.61 earnings per share for the current year.

Insider Activity

In other news, CFO Robert C. Goeltz II sold 7,763 shares of Arcus Biosciences stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $25.63, for a total value of $198,965.69. Following the completion of the transaction, the chief financial officer owned 84,161 shares in the company, valued at $2,157,046.43. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Alexander Azoy sold 2,562 shares of Arcus Biosciences stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $25.77, for a total transaction of $66,022.74. Following the completion of the transaction, the chief accounting officer owned 39,581 shares of the company’s stock, valued at $1,020,002.37. The trade was a 6.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 9.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arcus Biosciences

Several large investors have recently modified their holdings of RCUS. AQR Capital Management LLC boosted its position in shares of Arcus Biosciences by 253.9% in the first quarter. AQR Capital Management LLC now owns 90,954 shares of the company’s stock valued at $714,000 after acquiring an additional 65,254 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Arcus Biosciences by 10.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,572 shares of the company’s stock valued at $297,000 after acquiring an additional 3,565 shares during the period. Millennium Management LLC lifted its holdings in shares of Arcus Biosciences by 29.2% in the 1st quarter. Millennium Management LLC now owns 1,194,622 shares of the company’s stock worth $9,378,000 after acquiring an additional 270,253 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Arcus Biosciences by 106.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 914,208 shares of the company’s stock worth $7,177,000 after acquiring an additional 470,755 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of Arcus Biosciences in the 1st quarter worth approximately $67,000. Hedge funds and other institutional investors own 92.89% of the company’s stock.

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.