Arcus Biosciences (NYSE:RCUS) Shares Down 2.8%

Arcus Biosciences, Inc. (NYSE:RCUS) shares dropped 2.8% during trading on Wednesday . The stock traded as low as $17.14 and last traded at $17.23. Approximately 14,247 shares traded hands during trading, a decline of 98% from the average daily volume of 864,610 shares. The stock had previously closed at $17.72.

Analysts Set New Price Targets

RCUS has been the subject of several research reports. Truist Financial reiterated a “buy” rating and set a $50.00 price target on shares of Arcus Biosciences in a research report on Monday, March 25th. Wedbush reiterated an “outperform” rating and set a $30.00 price target on shares of Arcus Biosciences in a research report on Thursday, February 22nd. Finally, Mizuho dropped their price target on Arcus Biosciences from $51.00 to $42.00 and set a “buy” rating for the company in a research report on Tuesday, January 30th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.25.

Arcus Biosciences Stock Down 2.4 %

The company has a fifty day simple moving average of $17.38 and a 200-day simple moving average of $16.88.

Arcus Biosciences (NYSE:RCUS) last issued its earnings results on Wednesday, February 21st. The company reported ($1.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.09) by $0.01. Arcus Biosciences had a negative return on equity of 57.17% and a negative net margin of 262.39%. The company had revenue of $31.00 million during the quarter, compared to analysts’ expectations of $28.30 million. During the same period in the prior year, the business earned ($0.93) EPS. The firm’s quarterly revenue was down 8.8% on a year-over-year basis. As a group, equities research analysts anticipate that Arcus Biosciences, Inc. will post -3.59 earnings per share for the current year.

Insider Activity

In other Arcus Biosciences news, major shareholder Gilead Sciences, Inc. purchased 15,238,095 shares of the firm’s stock in a transaction dated Monday, January 29th. The shares were acquired at an average price of $21.00 per share, with a total value of $319,999,995.00. Following the purchase, the insider now directly owns 30,061,124 shares in the company, valued at approximately $631,283,604. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, COO Jennifer Jarrett sold 24,555 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $20.07, for a total transaction of $492,818.85. Following the transaction, the chief operating officer now owns 274,323 shares of the company’s stock, valued at approximately $5,505,662.61. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Gilead Sciences, Inc. bought 15,238,095 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were purchased at an average cost of $21.00 per share, for a total transaction of $319,999,995.00. Following the purchase, the insider now owns 30,061,124 shares in the company, valued at approximately $631,283,604. The disclosure for this purchase can be found here. Insiders have sold a total of 53,455 shares of company stock valued at $1,014,779 in the last quarter. Insiders own 13.80% of the company’s stock.

Institutional Investors Weigh In On Arcus Biosciences

Large investors have recently bought and sold shares of the stock. Citigroup Inc. increased its holdings in Arcus Biosciences by 20.8% during the 3rd quarter. Citigroup Inc. now owns 145,729 shares of the company’s stock worth $2,616,000 after purchasing an additional 25,083 shares during the period. Trexquant Investment LP purchased a new stake in Arcus Biosciences during the 3rd quarter worth about $1,412,000. Seven Eight Capital LP purchased a new stake in Arcus Biosciences during the 3rd quarter worth about $292,000. Dark Forest Capital Management LP purchased a new stake in Arcus Biosciences during the 3rd quarter worth about $686,000. Finally, FMR LLC increased its holdings in Arcus Biosciences by 4.9% during the 3rd quarter. FMR LLC now owns 4,780,052 shares of the company’s stock worth $85,802,000 after purchasing an additional 222,280 shares during the period. 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.