Arcus Biosciences (NYSE:RCUS) Given “Outperform” Rating at Wedbush

Arcus Biosciences (NYSE:RCUS)‘s stock had its “outperform” rating reissued by research analysts at Wedbush in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $30.00 target price on the stock. Wedbush’s target price would indicate a potential upside of 96.34% from the company’s previous close.

A number of other analysts have also issued reports on the company. Citigroup raised their target price on Arcus Biosciences from $36.00 to $38.00 and gave the company a “buy” rating in a report on Monday, June 3rd. Barclays cut their target price on shares of Arcus Biosciences from $35.00 to $25.00 and set an “overweight” rating for the company in a research note on Monday, July 8th. Truist Financial decreased their price target on shares of Arcus Biosciences from $50.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday, June 24th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcus Biosciences in a research report on Friday, July 5th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $38.11.

Arcus Biosciences Stock Performance

RCUS traded up $1.59 during trading on Friday, reaching $15.28. The company had a trading volume of 131,052 shares, compared to its average volume of 742,892. Arcus Biosciences has a 12-month low of $12.95 and a 12-month high of $25.47. The firm’s 50-day simple moving average is $15.29 and its 200 day simple moving average is $16.23. The company has a market cap of $1.39 billion, a price-to-earnings ratio of -4.86 and a beta of 0.90.

Arcus Biosciences (NYSE:RCUS) last released its earnings results on Thursday, August 8th. The company reported ($1.02) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.02). Arcus Biosciences had a negative net margin of 97.47% and a negative return on equity of 40.98%. The company had revenue of $39.00 million during the quarter, compared to the consensus estimate of $26.24 million. During the same quarter in the prior year, the firm earned ($1.04) EPS. The company’s revenue was up 34.5% compared to the same quarter last year. On average, sell-side analysts expect that Arcus Biosciences will post -3.07 EPS for the current year.

Hedge Funds Weigh In On Arcus Biosciences

A number of institutional investors have recently modified their holdings of the stock. Louisiana State Employees Retirement System grew its stake in shares of Arcus Biosciences by 2.6% during the second quarter. Louisiana State Employees Retirement System now owns 27,500 shares of the company’s stock valued at $419,000 after purchasing an additional 700 shares during the last quarter. ProShare Advisors LLC boosted its stake in shares of Arcus Biosciences by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 10,846 shares of the company’s stock valued at $205,000 after purchasing an additional 746 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Arcus Biosciences by 51.6% during the 1st quarter. GAMMA Investing LLC now owns 2,427 shares of the company’s stock valued at $46,000 after acquiring an additional 826 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Arcus Biosciences by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 12,940 shares of the company’s stock worth $244,000 after purchasing an additional 1,090 shares in the last quarter. Finally, Diversified Trust Co increased its stake in Arcus Biosciences by 12.1% during the 2nd quarter. Diversified Trust Co now owns 13,545 shares of the company’s stock worth $206,000 after purchasing an additional 1,467 shares in the last quarter. 92.89% of the stock is 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.