Arcus Biosciences (NYSE:RCUS) Trading Down 5.6% – Here’s What Happened

Arcus Biosciences, Inc. (NYSE:RCUS) shares traded down 5.6% during trading on Friday . The stock traded as low as $25.08 and last traded at $24.6730. 595,166 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 1,237,036 shares. The stock had previously closed at $26.15.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Wells Fargo & Company upped their price target on Arcus Biosciences from $23.00 to $26.00 and gave the company an “equal weight” rating in a research report on Thursday, August 6th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcus Biosciences in a report on Friday. HC Wainwright boosted their target price on shares of Arcus Biosciences from $32.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Morgan Stanley set a $23.00 target price on shares of Arcus Biosciences in a research note on Monday, August 10th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $42.00 target price on shares of Arcus Biosciences in a report on Friday, August 7th. Nine equities 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.30.

Arcus Biosciences Price Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 3.82 and a quick ratio of 3.82. The company has a fifty day moving average price of $29.04 and a 200 day moving average price of $25.71. The company has a market capitalization of $3.13 billion, a P/E ratio of -6.32 and a beta of 0.81.

Arcus Biosciences (NYSE:RCUS) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping 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 business had revenue of $41.00 million for the quarter, compared to the consensus estimate of $21.98 million. The business’s revenue for the quarter was down 74.4% on a year-over-year basis. On average, sell-side analysts forecast that Arcus Biosciences, Inc. will post -3.6 EPS for the current fiscal year.

Insider Buying and Selling at Arcus Biosciences

In other news, President Juan C. Jaen sold 20,067 shares of the business’s stock in a transaction on Friday, July 10th. The shares were sold at an average price of $28.62, for a total transaction of $574,317.54. Following the completion of the transaction, the president owned 822,240 shares of the company’s stock, valued at approximately $23,532,508.80. The trade was a 2.38% decrease in their ownership of the stock. The sale was disclosed in a legal 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 dated 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 $1,187,430. This represents a 6.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 102,827 shares of company stock worth $2,994,141 over the last ninety days. 7.60% of the stock is owned by corporate insiders.

Institutional Trading of Arcus Biosciences

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Arcus Biosciences during the second quarter worth approximately $506,113,000. Wellington Management Group LLP grew its holdings in Arcus Biosciences by 309.4% in the 4th quarter. Wellington Management Group LLP now owns 5,184,509 shares of the company’s stock worth $123,547,000 after buying an additional 3,918,220 shares in the last quarter. Marshall Wace LLP acquired a new stake in Arcus Biosciences in the 4th quarter valued at approximately $80,731,000. California State Teachers Retirement System increased its position in Arcus Biosciences by 2,739.2% in the 2nd quarter. California State Teachers Retirement System now owns 3,003,150 shares of the company’s stock valued at $97,410,000 after acquiring an additional 2,897,374 shares during the period. Finally, Suvretta Capital Management LLC raised its stake in Arcus Biosciences by 40.7% during the 4th quarter. Suvretta Capital Management LLC now owns 5,188,858 shares of the company’s stock valued at $123,650,000 after acquiring an additional 1,500,000 shares in the last quarter. 92.89% of the stock is currently owned by institutional investors.

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.