Truist Financial restated their buy rating on shares of Arcus Biosciences (NYSE:RCUS – Free Report) in a research note issued to investors on Monday morning, Benzinga reports. Truist Financial currently has a $50.00 price objective on the stock.
Other equities research analysts also recently issued research reports about the stock. Mizuho reduced their price objective on shares of Arcus Biosciences from $51.00 to $42.00 and set a buy rating for the company in a report on Tuesday, January 30th. Wedbush reaffirmed an outperform rating and issued a $30.00 price objective on shares of Arcus Biosciences in a report on Thursday, February 22nd. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Arcus Biosciences presently has a consensus rating of Moderate Buy and an average target price of $41.25.
Check Out Our Latest Analysis on RCUS
Arcus Biosciences Price Performance
RCUS stock traded up $0.06 during midday trading on Monday, reaching $16.49. 578,438 shares of the company’s stock traded hands, compared to its average volume of 883,606. The company has a market capitalization of $1.50 billion, a P/E ratio of -3.90 and a beta of 0.82. Arcus Biosciences has a fifty-two week low of $12.95 and a fifty-two week high of $25.47. The business has a 50-day moving average price of $17.05 and a two-hundred day moving average price of $17.01.
Arcus Biosciences (NYSE:RCUS – Get Free Report) last posted its quarterly earnings data on Wednesday, February 21st. The company reported ($1.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.09) by $0.01. The company had revenue of $31.00 million for the quarter, compared to analyst estimates of $28.30 million. Arcus Biosciences had a negative net margin of 262.39% and a negative return on equity of 57.17%. The business’s quarterly revenue was down 8.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.93) earnings per share. As a group, research analysts forecast that Arcus Biosciences will post -3.16 earnings per share for the current fiscal year.
Insider Activity
In other news, COO Jennifer Jarrett sold 13,449 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $17.92, for a total value of $241,006.08. Following the transaction, the chief operating officer now owns 226,804 shares in the company, valued at approximately $4,064,327.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Arcus Biosciences news, COO Jennifer Jarrett sold 13,449 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $17.92, for a total transaction of $241,006.08. Following the completion of the sale, the chief operating officer now owns 226,804 shares of the company’s stock, valued at $4,064,327.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Gilead Sciences, Inc. acquired 15,238,095 shares of Arcus Biosciences stock in a transaction dated Monday, January 29th. The stock was acquired at an average cost of $21.00 per share, with a total value of $319,999,995.00. Following the completion of the transaction, the insider now directly owns 30,061,124 shares of the company’s stock, valued at approximately $631,283,604. The disclosure for this purchase can be found here. Insiders have sold 50,883 shares of company stock worth $992,267 in the last 90 days. Company insiders own 13.80% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the stock. Citigroup Inc. boosted its holdings in Arcus Biosciences by 20.8% in the third quarter. Citigroup Inc. now owns 145,729 shares of the company’s stock valued at $2,616,000 after acquiring an additional 25,083 shares during the last quarter. Trexquant Investment LP bought a new stake in Arcus Biosciences in the 3rd quarter valued at approximately $1,412,000. Seven Eight Capital LP bought a new stake in shares of Arcus Biosciences during the 3rd quarter worth approximately $292,000. Dark Forest Capital Management LP bought a new stake in shares of Arcus Biosciences during the 3rd quarter worth approximately $686,000. Finally, FMR LLC raised its stake in shares of 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 in the last quarter. 92.89% of the stock is currently owned by institutional investors and hedge funds.
About Arcus Biosciences
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.
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