Wedbush Reaffirms “Outperform” Rating for Arcus Biosciences (NYSE:RCUS)

Arcus Biosciences (NYSE:RCUS)‘s stock had its “outperform” rating reissued by analysts at Wedbush in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $43.00 price objective on the stock. Wedbush’s price target indicates a potential upside of 63.22% from the company’s previous close.

Several other equities research analysts also recently commented on RCUS. Lifesci Capital assumed coverage on shares of Arcus Biosciences in a research report on Thursday, June 4th. They set an “outperform” rating and a $46.00 target price for the company. The Goldman Sachs Group restated a “buy” rating and set a $42.00 price target on shares of Arcus Biosciences in a report on Friday, August 7th. TD Cowen assumed coverage on shares of Arcus Biosciences in a report on Wednesday, September 16th. They set a “buy” rating on the stock. Truist Financial restated a “buy” rating and set a $40.00 price target (up from $35.00) on shares of Arcus Biosciences in a report on Tuesday, September 8th. Finally, Morgan Stanley set a $23.00 price target on shares of Arcus Biosciences in a report on Monday, August 10th. Ten investment 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $38.30.

Arcus Biosciences Stock Up 2.7%

RCUS traded up $0.70 during midday trading on Wednesday, hitting $26.35. The company had a trading volume of 456,720 shares, compared to its average volume of 1,287,160. Arcus Biosciences has a 52 week low of $12.89 and a 52 week high of $31.74. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of -6.75 and a beta of 0.81. The stock’s 50 day moving average price is $28.08 and its 200 day moving average price is $26.02.

Arcus Biosciences (NYSE:RCUS) last posted its earnings results on Wednesday, August 5th. The company reported ($0.72) EPS for the quarter, topping the consensus estimate of ($0.89) by $0.17. The company had revenue of $41.00 million during the quarter, compared to the consensus estimate of $21.98 million. Arcus Biosciences had a negative net margin of 393.16% and a negative return on equity of 89.54%. Arcus Biosciences’s revenue was down 74.4% on a year-over-year basis. On average, research analysts anticipate that Arcus Biosciences will post -3.53 earnings per share for the current fiscal year.

Insider Activity at Arcus Biosciences

In other news, President Juan C. Jaen sold 20,067 shares of the business’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $28.62, for a total value of $574,317.54. Following the sale, the president owned 822,240 shares of the company’s stock, valued at $23,532,508.80. The trade was a 2.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 that occurred on Friday, August 21st. The stock was sold at an average price of $30.00, for a total transaction of $84,810.00. Following the sale, the chief accounting officer directly owned 39,581 shares in the company, valued at $1,187,430. This trade 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. In the last three months, insiders sold 71,396 shares of company stock worth $2,116,613. Insiders own 7.60% of the company’s stock.

Institutional Trading of Arcus Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of RCUS. Nicholas Investment Partners LP bought a new position in shares of Arcus Biosciences in the 4th quarter worth $4,869,000. Bank of New York Mellon Corp purchased a new stake in Arcus Biosciences during the 2nd quarter valued at $16,741,000. Legal & General Group Plc purchased a new stake in Arcus Biosciences during the 2nd quarter valued at $5,906,000. First Turn Management LLC purchased a new stake in shares of Arcus Biosciences in the 4th quarter worth about $13,467,000. Finally, Baker BROS. Advisors LP purchased a new stake in shares of Arcus Biosciences in the 4th quarter worth about $6,434,000. Institutional investors own 92.89% of the company’s stock.

About Arcus Biosciences

Arcus Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for cancer and other serious diseases. The company combines antibody-based therapies, small-molecule drugs and combination treatment strategies designed to influence the immune system and other biological pathways involved in tumor growth.

Its oncology pipeline includes investigational therapies targeting pathways such as TIGIT, PD-1, CD73, adenosine receptors and HIF-2α. Key programs have included domvanalimab, an anti-TIGIT antibody; zimberelimab, an anti-PD-1 antibody; quemliclustat, a CD73 inhibitor; etrumadenant, an adenosine receptor antagonist; and AB521, an HIF-2α inhibitor.