Arcus Biosciences (NYSE:RCUS) Stock Price Down 5% – Here’s Why

Arcus Biosciences, Inc. (NYSE:RCUS)’s stock price traded down 5% on Monday . The company traded as low as $14.90 and last traded at $14.92. 247,348 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 733,496 shares. The stock had previously closed at $15.70.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Arcus Biosciences in a research report on Tuesday, October 8th. They set an “overweight” rating and a $29.00 target price for the company. Evercore ISI raised shares of Arcus Biosciences to a “strong-buy” rating in a report on Friday, August 9th. Wedbush reiterated an “outperform” rating and issued a $36.00 target price on shares of Arcus Biosciences in a research note on Thursday, November 7th. HC Wainwright restated a “neutral” rating and set a $20.00 price target on shares of Arcus Biosciences in a research note on Wednesday, November 6th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcus Biosciences in a research note on Thursday, October 3rd. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Arcus Biosciences has a consensus rating of “Buy” and an average target price of $34.00.

Arcus Biosciences Price Performance

The firm has a market capitalization of $1.34 billion, a P/E ratio of -4.61 and a beta of 0.89. The business’s 50-day simple moving average is $16.54 and its 200 day simple moving average is $16.09. The company has a quick ratio of 5.24, a current ratio of 5.24 and a debt-to-equity ratio of 0.08.

Arcus Biosciences (NYSE:RCUS) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($1.00) earnings per share for the quarter, beating the consensus estimate of ($1.06) by $0.06. The business had revenue of $48.00 million during the quarter, compared to analysts’ expectations of $38.95 million. Arcus Biosciences had a negative net margin of 102.66% and a negative return on equity of 45.59%. The firm’s revenue for the quarter was up 50.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.94) EPS. Sell-side analysts forecast that Arcus Biosciences, Inc. will post -3.2 earnings per share for the current year.

Institutional Investors Weigh In On Arcus Biosciences

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Arcus Biosciences by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 4,791,244 shares of the company’s stock valued at $90,459,000 after buying an additional 110,528 shares in the last quarter. FMR LLC increased its stake in shares of Arcus Biosciences by 6.9% in the 3rd quarter. FMR LLC now owns 4,467,557 shares of the company’s stock worth $68,309,000 after acquiring an additional 286,766 shares in the last quarter. Point72 Asset Management L.P. lifted its position in Arcus Biosciences by 32.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,437,073 shares of the company’s stock valued at $37,263,000 after acquiring an additional 603,222 shares during the period. Parkman Healthcare Partners LLC boosted its stake in Arcus Biosciences by 146.9% during the third quarter. Parkman Healthcare Partners LLC now owns 1,025,754 shares of the company’s stock worth $15,684,000 after acquiring an additional 610,219 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Arcus Biosciences by 25.1% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 931,048 shares of the company’s stock worth $14,236,000 after purchasing an additional 186,750 shares during the period. 92.89% of the stock is currently owned by institutional investors.

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.