Arcus Biosciences (NYSE:RCUS) Shares Gap Down – Here’s What Happened

Arcus Biosciences, Inc. (NYSE:RCUS) gapped down before the market opened on Monday . The stock had previously closed at $9.34, but opened at $9.14. Arcus Biosciences shares last traded at $9.11, with a volume of 32,631 shares.

Analyst Upgrades and Downgrades

Several research firms recently commented on RCUS. Morgan Stanley decreased their target price on Arcus Biosciences from $36.00 to $25.00 and set an “overweight” rating for the company in a research note on Tuesday, February 18th. HC Wainwright raised Arcus Biosciences from a “neutral” rating to a “buy” rating and raised their target price for the stock from $18.00 to $24.00 in a research note on Wednesday, February 26th. Finally, Bank of America decreased their target price on Arcus Biosciences from $22.00 to $17.00 and set a “neutral” rating for the company in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $30.25.

Arcus Biosciences Stock Down 1.5 %

The company has a quick ratio of 5.24, a current ratio of 5.24 and a debt-to-equity ratio of 0.08. The stock has a 50 day simple moving average of $12.01 and a 200 day simple moving average of $14.76. The stock has a market cap of $947.82 million, a price-to-earnings ratio of -2.86 and a beta of 1.36.

Arcus Biosciences (NYSE:RCUS) last announced its earnings results on Tuesday, February 25th. The company reported ($1.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.17) by $0.14. The company had revenue of $36.00 million for the quarter, compared to analysts’ expectations of $29.38 million. Arcus Biosciences had a negative return on equity of 45.59% and a negative net margin of 102.66%. As a group, analysts expect that Arcus Biosciences, Inc. will post -3.15 earnings per share for the current fiscal year.

Insider Activity at Arcus Biosciences

In related news, CFO Robert C. Goeltz II sold 3,594 shares of Arcus Biosciences stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $15.00, for a total transaction of $53,910.00. Following the sale, the chief financial officer now directly owns 60,138 shares in the company, valued at approximately $902,070. This trade represents a 5.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Yasunori Kaneko purchased 20,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The shares were acquired at an average price of $10.06 per share, for a total transaction of $201,200.00. Following the completion of the acquisition, the director now directly owns 28,400 shares of the company’s stock, valued at $285,704. This trade represents a 238.10 % increase in their position. The disclosure for this purchase can be found here. 12.30% of the stock is owned by insiders.

Institutional Trading of Arcus Biosciences

Hedge funds have recently bought and sold shares of the business. R Squared Ltd bought a new stake in Arcus Biosciences during the fourth quarter worth $26,000. Point72 Hong Kong Ltd bought a new stake in Arcus Biosciences during the third quarter worth $47,000. Lazard Asset Management LLC lifted its holdings in Arcus Biosciences by 3,321.3% during the fourth quarter. Lazard Asset Management LLC now owns 6,261 shares of the company’s stock worth $93,000 after acquiring an additional 6,078 shares during the period. US Bancorp DE lifted its holdings in Arcus Biosciences by 2,432.0% during the fourth quarter. US Bancorp DE now owns 6,887 shares of the company’s stock worth $103,000 after acquiring an additional 6,615 shares during the period. Finally, Quest Partners LLC lifted its holdings in Arcus Biosciences by 40,904.3% during the third quarter. Quest Partners LLC now owns 9,431 shares of the company’s stock worth $144,000 after acquiring an additional 9,408 shares during the period. 92.89% of the stock is currently owned by institutional investors.

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.