Parkman Healthcare Partners LLC Purchases New Position in Arcus Biosciences, Inc. $RCUS

Parkman Healthcare Partners LLC acquired a new stake in Arcus Biosciences, Inc. (NYSE:RCUS) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 919,266 shares of the company’s stock, valued at approximately $28,341,000. Arcus Biosciences makes up about 2.9% of Parkman Healthcare Partners LLC’s portfolio, making the stock its 6th largest position. Parkman Healthcare Partners LLC owned 0.72% of Arcus Biosciences as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Legal & General Group Plc purchased a new stake in shares of Arcus Biosciences in the 2nd quarter valued at about $5,906,000. The Manufacturers Life Insurance Company purchased a new position in Arcus Biosciences during the 2nd quarter worth approximately $1,413,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Arcus Biosciences during the 2nd quarter worth approximately $6,937,000. E Fund Management Co. Ltd. acquired a new position in Arcus Biosciences during the second quarter worth approximately $312,000. Finally, BlackRock Inc. acquired a new position in Arcus Biosciences during the second quarter worth approximately $506,113,000. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Arcus Biosciences Stock Down 0.5%

RCUS opened at $30.20 on Tuesday. The business has a 50 day moving average price of $28.62 and a two-hundred day moving average price of $24.84. 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 company has a market cap of $3.85 billion, a PE ratio of -7.74 and a beta of 0.80. Arcus Biosciences, Inc. has a 52 week low of $10.07 and a 52 week high of $31.74.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RCUS. Wells Fargo & Company increased their price objective on Arcus Biosciences from $23.00 to $26.00 and gave the company an “equal weight” rating in a report on Thursday, August 6th. HC Wainwright lifted their target price on shares of Arcus Biosciences from $32.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 20th. Wall Street Zen downgraded shares of Arcus Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Morgan Stanley set a $23.00 price target on shares of Arcus Biosciences in a research note on Monday, August 10th. Finally, Wedbush increased their price target on shares of Arcus Biosciences from $41.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Arcus Biosciences presently has an average rating of “Moderate Buy” and a consensus target price of $37.80.

Insiders Place Their Bets

In other Arcus Biosciences news, President Juan C. Jaen sold 48,502 shares of the business’s stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $30.05, for a total value of $1,457,485.10. Following the transaction, the president directly owned 842,307 shares of the company’s stock, valued at approximately $25,311,325.35. The trade was a 5.44% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Alexander Azoy sold 2,827 shares of the company’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $30.00, for a total transaction of $84,810.00. Following the transaction, the chief accounting officer owned 39,581 shares of the company’s stock, valued at approximately $1,187,430. The trade was a 6.67% 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. Over the last quarter, insiders sold 105,389 shares of company stock worth $3,060,164. 7.60% of the stock is currently owned by insiders.

Arcus Biosciences Company Profile

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.