Arcus Biosciences (NYSE:RCUS) Trading 10.6% Higher – Here’s What Happened

Arcus Biosciences, Inc. (NYSE:RCUS) shot up 10.6% during mid-day trading on Tuesday . The company traded as high as $10.22 and last traded at $10.20. 635,508 shares traded hands during trading, a decline of 26% from the average session volume of 861,584 shares. The stock had previously closed at $9.22.

Wall Street Analysts Forecast Growth

RCUS has been the subject of a number of recent research reports. Bank of America reduced their target price on shares of Arcus Biosciences from $22.00 to $17.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. Wells Fargo & Company reduced their price target on Arcus Biosciences from $29.00 to $26.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 7th. Barclays lowered their price objective on Arcus Biosciences from $29.00 to $14.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Morgan Stanley reduced their target price on Arcus Biosciences from $24.00 to $22.00 and set an “overweight” rating on the stock in a research report on Friday, May 9th. Finally, HC Wainwright raised Arcus Biosciences from a “neutral” rating to a “buy” rating and raised their price target for the stock from $18.00 to $24.00 in a report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.67.

Arcus Biosciences Price Performance

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 company has a market capitalization of $1.06 billion, a price-to-earnings ratio of -3.18 and a beta of 0.88. The stock’s 50-day simple moving average is $8.27 and its two-hundred day simple moving average is $11.53.

Arcus Biosciences (NYSE:RCUS) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.02) by ($0.12). Arcus Biosciences had a negative return on equity of 45.59% and a negative net margin of 102.66%. The firm had revenue of $28.00 million during the quarter, compared to analyst estimates of $38.61 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. The company’s quarterly revenue was down 80.7% on a year-over-year basis. Equities research analysts predict that Arcus Biosciences, Inc. will post -3.15 earnings per share for the current year.

Institutional Investors Weigh In On Arcus Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Arcus Biosciences by 2.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,007 shares of the company’s stock valued at $506,000 after acquiring an additional 833 shares during the last quarter. R Squared Ltd purchased a new position in shares of Arcus Biosciences during the 4th quarter worth approximately $26,000. Maryland State Retirement & Pension System boosted its position in shares of Arcus Biosciences by 10.9% during the 1st quarter. Maryland State Retirement & Pension System now owns 20,202 shares of the company’s stock worth $159,000 after purchasing an additional 1,986 shares during the period. Teacher Retirement System of Texas raised its position in Arcus Biosciences by 19.2% in the fourth quarter. Teacher Retirement System of Texas now owns 14,952 shares of the company’s stock valued at $223,000 after purchasing an additional 2,410 shares during the period. Finally, Handelsbanken Fonder AB lifted its stake in Arcus Biosciences by 11.2% during the fourth quarter. Handelsbanken Fonder AB now owns 24,800 shares of the company’s stock worth $369,000 after purchasing an additional 2,500 shares in the last quarter. 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.