Arcus Biosciences (NYSE:RCUS) Shares Gap Down – What’s Next?

Arcus Biosciences, Inc. (NYSE:RCUS)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $22.74, but opened at $21.64. Arcus Biosciences shares last traded at $23.1110, with a volume of 736,557 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RCUS. Morgan Stanley reaffirmed an “equal weight” rating and set a $20.00 target price (down from $23.00) on shares of Arcus Biosciences in a research report on Thursday, January 8th. Truist Financial raised Arcus Biosciences to a “strong-buy” rating in a research report on Wednesday, March 25th. HC Wainwright reissued a “buy” rating and set a $32.00 price target on shares of Arcus Biosciences in a research report on Monday, March 2nd. Wall Street Zen raised Arcus Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Wedbush upped their price target on Arcus Biosciences from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.60.

Arcus Biosciences Stock Up 1.9%

The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of -7.04 and a beta of 0.86. The company has a quick ratio of 4.36, a current ratio of 4.36 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average of $21.69 and a two-hundred day moving average of $21.33.

Arcus Biosciences (NYSE:RCUS) last posted its quarterly earnings results on Wednesday, February 25th. The company reported ($0.89) earnings per share for the quarter, beating the consensus estimate of ($1.11) by $0.22. Arcus Biosciences had a negative return on equity of 65.77% and a negative net margin of 142.91%.The firm had revenue of $33.00 million for the quarter, compared to analyst estimates of $24.94 million. During the same period in the previous year, the firm earned ($1.03) earnings per share. Arcus Biosciences’s quarterly revenue was down 8.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Arcus Biosciences, Inc. will post -3.72 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Arcus Biosciences by 20.1% in the fourth quarter. Vanguard Group Inc. now owns 7,962,874 shares of the company’s stock valued at $189,755,000 after purchasing an additional 1,333,421 shares in the last quarter. Suvretta Capital Management LLC grew its stake in Arcus Biosciences by 40.7% in the fourth quarter. Suvretta Capital Management LLC now owns 5,188,858 shares of the company’s stock valued at $123,650,000 after purchasing an additional 1,500,000 shares in the last quarter. Wellington Management Group LLP grew its stake in Arcus Biosciences by 309.4% in the fourth quarter. Wellington Management Group LLP now owns 5,184,509 shares of the company’s stock valued at $123,547,000 after purchasing an additional 3,918,220 shares in the last quarter. State Street Corp grew its stake in Arcus Biosciences by 34.8% in the fourth quarter. State Street Corp now owns 4,576,969 shares of the company’s stock valued at $109,069,000 after purchasing an additional 1,182,115 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Arcus Biosciences in the fourth quarter valued at about $80,731,000. Hedge funds and other institutional investors own 92.89% of the company’s stock.

About Arcus Biosciences

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.