Arcus Biosciences (NYSE:RCUS) Stock Price Up 10.6% – Here’s Why

Arcus Biosciences, Inc. (NYSE:RCUS)’s stock price shot up 10.6% during mid-day trading on Monday . The company traded as high as $26.58 and last traded at $26.8990. 1,063,315 shares changed hands during trading, a decline of 12% from the average daily volume of 1,204,275 shares. The stock had previously closed at $24.31.

Analyst Ratings Changes

Several equities research analysts have weighed in on RCUS shares. Lifesci Capital assumed coverage on Arcus Biosciences in a report on Thursday, June 4th. They issued an “outperform” rating and a $46.00 price objective for the company. Leerink Partners set a $47.00 target price on Arcus Biosciences in a research note on Monday, April 20th. The Goldman Sachs Group upped their target price on Arcus Biosciences from $30.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Citigroup raised their price target on Arcus Biosciences from $44.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. Finally, HC Wainwright reissued a “buy” rating and set a $32.00 price objective on shares of Arcus Biosciences in a research report on Monday, March 2nd. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $35.10.

Arcus Biosciences Stock Performance

The company has a 50-day simple moving average of $24.40 and a two-hundred day simple moving average of $22.90. The company has a debt-to-equity ratio of 0.19, a quick ratio of 4.04 and a current ratio of 4.04. The firm has a market capitalization of $3.61 billion, a P/E ratio of -9.04 and a beta of 0.85.

Arcus Biosciences (NYSE:RCUS) last posted its earnings results on Tuesday, May 5th. The company reported ($1.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.10). The firm had revenue of $17.00 million for the quarter, compared to analysts’ expectations of $29.48 million. Arcus Biosciences had a negative return on equity of 68.97% and a negative net margin of 156.36%.The firm’s revenue was down 39.3% on a year-over-year basis. During the same quarter last year, the company posted ($1.14) EPS. As a group, equities analysts forecast that Arcus Biosciences, Inc. will post -3.66 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Robert C. Goeltz II sold 7,763 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $25.63, for a total value of $198,965.69. Following the completion of the transaction, the chief financial officer directly owned 84,161 shares in the company, valued at $2,157,046.43. This trade represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Alexander Azoy sold 2,562 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $25.77, for a total transaction of $66,022.74. Following the sale, the chief accounting officer directly owned 39,581 shares in the company, valued at $1,020,002.37. The trade was a 6.08% 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. Insiders own 9.60% of the company’s stock.

Institutional Trading of Arcus Biosciences

A number of hedge funds have recently made changes to their positions in RCUS. Hantz Financial Services Inc. raised its stake in Arcus Biosciences by 121.9% during the fourth quarter. Hantz Financial Services Inc. now owns 1,604 shares of the company’s stock valued at $38,000 after buying an additional 881 shares during the last quarter. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Arcus Biosciences in the fourth quarter worth $39,000. KBC Group NV bought a new position in shares of Arcus Biosciences during the first quarter valued at $50,000. GAMMA Investing LLC raised its position in shares of Arcus Biosciences by 17.5% in the 4th quarter. GAMMA Investing LLC now owns 3,230 shares of the company’s stock worth $77,000 after purchasing an additional 482 shares during the last quarter. Finally, Royal Bank of Canada raised its position in shares of Arcus Biosciences by 14.6% in the 1st quarter. Royal Bank of Canada now owns 4,758 shares of the company’s stock worth $102,000 after purchasing an additional 607 shares during the last quarter. 92.89% of the stock is owned by institutional investors.

About Arcus Biosciences

Arcus Biosciences is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel cancer immunotherapies. The company’s research platform centers on modulating tumor microenvironments and immune checkpoints through both small-molecule and antibody-based candidates. Arcus aims to enhance antitumor immune responses by targeting pathways such as the adenosine axis and inhibitory receptors on immune cells.

The company’s lead clinical programs include etrumadenant, an orally administered A2A adenosine receptor antagonist being evaluated in combination with anti-PD-1 therapy, and domvanalimab, an anti-TIGIT monoclonal antibody.