Arcus Biosciences (NYSE:RCUS) Trading Down 5.6% – Here’s What Happened

Shares of Arcus Biosciences, Inc. (NYSE:RCUS) traded down 5.6% during mid-day trading on Monday . The stock traded as low as $22.80 and last traded at $22.88. 390,643 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 1,173,883 shares. The stock had previously closed at $24.25.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Wall Street Zen upgraded Arcus Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcus Biosciences in a report on Wednesday, January 21st. Morgan Stanley reaffirmed an “equal weight” rating and set a $20.00 price objective (down from $23.00) on shares of Arcus Biosciences in a research report on Thursday, January 8th. Citigroup boosted their target price on Arcus Biosciences from $44.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Finally, Leerink Partners upped their target price on shares of Arcus Biosciences from $36.00 to $49.00 and gave the company an “outperform” rating in a research note on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Arcus Biosciences has a consensus rating of “Moderate Buy” and a consensus target price of $30.80.

Arcus Biosciences Price Performance

The firm has a fifty day moving average price of $21.65 and a two-hundred day moving average price of $21.26. The stock has a market capitalization of $2.92 billion, a P/E ratio of -7.05 and a beta of 0.86. The company has a debt-to-equity ratio of 0.16, a quick ratio of 4.36 and a current ratio of 4.36.

Arcus Biosciences (NYSE:RCUS) last issued its quarterly earnings data on Wednesday, February 25th. The company reported ($0.89) EPS for the quarter, topping the consensus estimate of ($1.11) by $0.22. The company had revenue of $33.00 million during the quarter, compared to analyst estimates of $24.94 million. Arcus Biosciences had a negative return on equity of 65.77% and a negative net margin of 142.91%.Arcus Biosciences’s revenue was down 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.03) earnings per share. As a group, analysts expect that Arcus Biosciences, Inc. will post -3.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Arcus Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. Decheng Capital LLC grew its position in Arcus Biosciences by 242.3% during the third quarter. Decheng Capital LLC now owns 547,609 shares of the company’s stock valued at $7,447,000 after buying an additional 387,609 shares during the period. Candriam S.C.A. bought a new position in Arcus Biosciences in the third quarter worth approximately $5,147,000. WINTON GROUP Ltd bought a new position in Arcus Biosciences in the third quarter worth approximately $1,254,000. Vanguard Group Inc. boosted its stake in shares of Arcus Biosciences by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 6,629,453 shares of the company’s stock worth $90,161,000 after acquiring an additional 73,210 shares during the last quarter. Finally, Aberdeen Group plc purchased a new position in shares of Arcus Biosciences during the 3rd quarter worth $4,418,000. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Arcus Biosciences Company Profile

Arcus Biosciences is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel cancer immunotherapies. The company’s research platform centers on modulating tumor microenvironments and immune checkpoints through both small-molecule and antibody-based candidates. Arcus aims to enhance antitumor immune responses by targeting pathways such as the adenosine axis and inhibitory receptors on immune cells.

The company’s lead clinical programs include etrumadenant, an orally administered A2A adenosine receptor antagonist being evaluated in combination with anti-PD-1 therapy, and domvanalimab, an anti-TIGIT monoclonal antibody.