Arcus Biosciences (NYSE:RCUS) Price Target Cut to $40.00 by Analysts at Citigroup

Arcus Biosciences (NYSE:RCUS – Get Rating) had its price target decreased by analysts at Citigroup from $42.00 to $40.00 in a research note issued to investors on Thursday, The Fly reports. Citigroup’s price objective points to a potential upside of 141.69% from the stock’s previous close.

Several other brokerages have also issued reports on RCUS. Bank of America initiated coverage on Arcus Biosciences in a research report on Friday, November 18th. They issued a “neutral” rating and a $33.00 target price for the company. Barclays reduced their price objective on Arcus Biosciences from $60.00 to $36.00 and set an “overweight” rating for the company in a research report on Wednesday, December 21st. Finally, TheStreet downgraded Arcus Biosciences from a “c-” rating to a “d” rating in a research note on Tuesday, February 28th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Arcus Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $40.13.

Arcus Biosciences Stock Performance

Shares of NYSE:RCUS opened at $16.55 on Thursday. Arcus Biosciences has a 52-week low of $15.70 and a 52-week high of $39.75. The firm has a market capitalization of $1.21 billion, a P/E ratio of -4.45 and a beta of 0.89. The stock has a 50 day moving average price of $19.79 and a 200-day moving average price of $24.35.

Insider Activity at Arcus Biosciences

In other news, General Counsel Carolyn C. Tang sold 2,523 shares of the stock in a transaction dated Friday, December 16th. The shares were sold at an average price of $30.75, for a total transaction of $77,582.25. Following the sale, the general counsel now directly owns 28,584 shares of the company’s stock, valued at approximately $878,958. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Arcus Biosciences news, General Counsel Carolyn C. Tang sold 2,523 shares of the stock in a transaction dated Friday, December 16th. The shares were sold at an average price of $30.75, for a total value of $77,582.25. Following the completion of the sale, the general counsel now owns 28,584 shares in the company, valued at approximately $878,958. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Jennifer Jarrett sold 16,482 shares of the stock in a transaction dated Friday, December 16th. The shares were sold at an average price of $30.75, for a total transaction of $506,821.50. Following the completion of the sale, the chief operating officer now owns 147,609 shares of the company’s stock, valued at approximately $4,538,976.75. The disclosure for this sale can be found here. Insiders have sold a total of 39,237 shares of company stock valued at $1,204,381 in the last ninety days. Company insiders own 12.70% of the company’s stock.

Hedge Funds Weigh In On Arcus Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in shares of Arcus Biosciences by 61.3% in the second quarter. State Street Corp now owns 4,435,849 shares of the company’s stock valued at $112,404,000 after purchasing an additional 1,685,930 shares in the last quarter. BlackRock Inc. increased its position in shares of Arcus Biosciences by 9.9% in the third quarter. BlackRock Inc. now owns 8,928,228 shares of the company’s stock worth $233,559,000 after acquiring an additional 805,534 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Arcus Biosciences by 295.3% in the second quarter. Goldman Sachs Group Inc. now owns 974,132 shares of the company’s stock valued at $24,685,000 after purchasing an additional 727,692 shares during the period. Perceptive Advisors LLC purchased a new position in shares of Arcus Biosciences in the third quarter valued at $17,435,000. Finally, Fred Alger Management LLC bought a new position in Arcus Biosciences during the 4th quarter valued at $13,473,000. Hedge funds and other institutional investors own 72.97% of the company’s stock.

About Arcus Biosciences

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Arcus Biosciences, Inc engages in the development and commercialization of immunotherapies. It competes in the segments of the pharmaceutical, biotechnology and other related markets that develop immunotherapies for the treatment of cancer. The company was founded by Terry J. Rosen and Juan Carlos Jaen in 2015 and is headquartered in Hayward, CA.