Arcus Biosciences (NYSE:RCUS) Shares Down 6.3% – Time to Sell?

Shares of Arcus Biosciences, Inc. (NYSE:RCUS) dropped 6.3% during trading on Friday . The company traded as low as $8.06 and last traded at $7.97. Approximately 572,180 shares traded hands during mid-day trading, a decline of 34% from the average daily volume of 868,298 shares. The stock had previously closed at $8.50.

Analysts Set New Price Targets

RCUS has been the subject of a number of research analyst reports. Wedbush reiterated an “outperform” rating and issued a $33.00 price target on shares of Arcus Biosciences in a research note on Wednesday, May 7th. The Goldman Sachs Group reduced their price target on shares of Arcus Biosciences from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Thursday, May 8th. Wells Fargo & Company cut their target price on shares of Arcus Biosciences from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Wednesday, May 7th. Morgan Stanley cut their target price on shares of Arcus Biosciences from $24.00 to $22.00 and set an “overweight” rating for the company in a research report on Friday, May 9th. Finally, Barclays cut their target price on shares of Arcus Biosciences from $29.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Arcus Biosciences has a consensus rating of “Moderate Buy” and a consensus target price of $21.29.

Arcus Biosciences Price Performance

The firm’s 50-day moving average is $8.80 and its 200-day moving average is $10.66. The company has a debt-to-equity ratio of 0.09, a current ratio of 5.37 and a quick ratio of 5.37. The company has a market capitalization of $841.19 million, a P/E ratio of -1.90 and a beta of 0.83.

Arcus Biosciences (NYSE:RCUS) last announced its earnings results on Tuesday, May 6th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.02) by ($0.12). Arcus Biosciences had a negative net margin of 258.94% and a negative return on equity of 70.58%. The business had revenue of $28.00 million for the quarter, compared to the consensus estimate of $38.61 million. During the same quarter last year, the firm posted ($0.05) earnings per share. The business’s quarterly revenue was down 80.7% compared to the same quarter last year. Analysts predict that Arcus Biosciences, Inc. will post -3.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Arcus Biosciences

Several large investors have recently added to or reduced their stakes in the company. Gilead Sciences Inc. lifted its holdings in Arcus Biosciences by 4.5% during the first quarter. Gilead Sciences Inc. now owns 31,424,760 shares of the company’s stock valued at $246,684,000 after purchasing an additional 1,363,636 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Arcus Biosciences by 24.1% during the first quarter. Vanguard Group Inc. now owns 6,687,800 shares of the company’s stock valued at $52,499,000 after purchasing an additional 1,298,584 shares in the last quarter. Woodline Partners LP lifted its holdings in Arcus Biosciences by 45.5% during the first quarter. Woodline Partners LP now owns 5,127,304 shares of the company’s stock valued at $40,249,000 after purchasing an additional 1,603,367 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Arcus Biosciences by 11.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,702,302 shares of the company’s stock valued at $25,348,000 after purchasing an additional 178,351 shares in the last quarter. Finally, Boxer Capital Management LLC purchased a new position in Arcus Biosciences during the fourth quarter valued at approximately $23,857,000. Hedge funds and other institutional investors own 92.89% of the company’s stock.

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.