Arcus Biosciences (NYSE:RCUS) Trading Down 5% – Here’s What Happened

Arcus Biosciences, Inc. (NYSE:RCUS)’s share price traded down 5% during mid-day trading on Monday . The company traded as low as $14.90 and last traded at $14.92. 247,348 shares traded 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.

Wall Street Analysts Forecast Growth

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

Arcus Biosciences Stock Performance

The company’s fifty day simple moving average is $16.62 and its 200 day simple moving average is $16.10. 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 market capitalization of $1.32 billion, a price-to-earnings ratio of -4.88 and a beta of 0.89.

Arcus Biosciences (NYSE:RCUS) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($1.00) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.06. Arcus Biosciences had a negative return on equity of 45.59% and a negative net margin of 102.66%. The company had revenue of $48.00 million during the quarter, compared to analysts’ expectations of $38.95 million. The business’s revenue was up 50.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.94) earnings per share. On average, equities research analysts expect that Arcus Biosciences, Inc. will post -3.2 earnings per share for the current year.

Institutional Investors Weigh In On Arcus Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Hong Kong Ltd bought a new stake in Arcus Biosciences in the 3rd quarter valued at about $47,000. Innealta Capital LLC bought a new position in Arcus Biosciences during the 2nd quarter worth approximately $66,000. Point72 DIFC Ltd acquired a new position in Arcus Biosciences in the second quarter valued at $83,000. Quest Partners LLC lifted its stake in shares of Arcus Biosciences by 40,904.3% in the 3rd quarter. Quest Partners LLC now owns 9,431 shares of the company’s stock valued at $144,000 after purchasing an additional 9,408 shares during the period. Finally, ProShare Advisors LLC lifted its position in shares of Arcus Biosciences by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 10,846 shares of the company’s stock valued at $205,000 after acquiring an additional 746 shares during the period. Institutional investors and hedge funds own 92.89% of the company’s stock.

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.