Arcus Biosciences (NYSE:RCUS) Given New $56.00 Price Target at Citigroup

Arcus Biosciences (NYSE:RCUS) had its target price lifted by Citigroup from $54.00 to $56.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcus Biosciences in a research report on Wednesday, October 8th. HC Wainwright upped their target price on Arcus Biosciences from $24.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday. Wall Street Zen upgraded Arcus Biosciences from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 9th. Wells Fargo & Company upped their price objective on Arcus Biosciences from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Finally, Truist Financial reaffirmed a “buy” rating and set a $39.00 price objective (up previously from $32.00) on shares of Arcus Biosciences in a research note on Tuesday, October 7th. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.11.

Arcus Biosciences Stock Performance

RCUS opened at $20.23 on Wednesday. The company has a current ratio of 4.50, a quick ratio of 4.50 and a debt-to-equity ratio of 0.18. Arcus Biosciences has a 12-month low of $6.50 and a 12-month high of $22.11. The firm has a 50 day moving average of $13.57 and a two-hundred day moving average of $10.58. The firm has a market capitalization of $2.15 billion, a PE ratio of -5.88 and a beta of 0.77.

Arcus Biosciences (NYSE:RCUS) last released its quarterly earnings data on Tuesday, October 28th. The company reported ($1.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.33) by $0.06. Arcus Biosciences had a negative net margin of 136.40% and a negative return on equity of 65.37%. The firm had revenue of $26.00 million for the quarter, compared to analyst estimates of $19.89 million. During the same quarter in the prior year, the business earned ($1.00) earnings per share. The business’s quarterly revenue was down 45.8% compared to the same quarter last year. On average, analysts anticipate that Arcus Biosciences will post -3.15 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Robert C. Goeltz II sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the completion of the transaction, the chief financial officer directly owned 92,138 shares of the company’s stock, valued at $1,842,760. This represents a 5.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Alexander Azoy sold 2,831 shares of Arcus Biosciences stock in a transaction on Monday, September 29th. The shares were sold at an average price of $13.00, for a total transaction of $36,803.00. Following the completion of the sale, the chief accounting officer directly owned 27,363 shares in the company, valued at $355,719. This represents a 9.38% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 59,702 shares of company stock worth $906,081. 9.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arcus Biosciences

A number of large investors have recently added to or reduced their stakes in RCUS. Allspring Global Investments Holdings LLC grew its position in shares of Arcus Biosciences by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 18,405 shares of the company’s stock valued at $144,000 after purchasing an additional 6,453 shares during the period. Amalgamated Bank lifted its stake in Arcus Biosciences by 18.4% in the 1st quarter. Amalgamated Bank now owns 18,797 shares of the company’s stock valued at $148,000 after buying an additional 2,922 shares in the last quarter. Teacher Retirement System of Texas lifted its stake in Arcus Biosciences by 21.9% in the 1st quarter. Teacher Retirement System of Texas now owns 18,227 shares of the company’s stock valued at $143,000 after buying an additional 3,275 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Arcus Biosciences by 21.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 15,381 shares of the company’s stock worth $121,000 after buying an additional 2,700 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in Arcus Biosciences by 27.1% during the 1st quarter. Principal Financial Group Inc. now owns 334,981 shares of the company’s stock worth $2,630,000 after buying an additional 71,464 shares in the last quarter. 92.89% of the stock is currently owned by institutional investors and hedge funds.

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.