Sofinnova Investments Inc. Lowers Position in Arcus Biosciences, Inc. $RCUS

Sofinnova Investments Inc. trimmed its position in shares of Arcus Biosciences, Inc. (NYSE:RCUS) by 10.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,096,705 shares of the company’s stock after selling 125,558 shares during the period. Sofinnova Investments Inc.’s holdings in Arcus Biosciences were worth $26,134,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of RCUS. Marshall Wace LLP purchased a new position in shares of Arcus Biosciences during the 4th quarter valued at about $80,731,000. Vanguard Group Inc. raised its holdings in shares of Arcus Biosciences by 20.1% during the 4th quarter. Vanguard Group Inc. now owns 7,962,874 shares of the company’s stock valued at $189,755,000 after buying an additional 1,333,421 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of Arcus Biosciences by 167.4% during the 4th quarter. Fisher Asset Management LLC now owns 1,949,788 shares of the company’s stock valued at $46,463,000 after buying an additional 1,220,635 shares in the last quarter. State Street Corp raised its holdings in shares of Arcus Biosciences by 34.8% during the 4th quarter. State Street Corp now owns 4,576,969 shares of the company’s stock valued at $109,069,000 after buying an additional 1,182,115 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Arcus Biosciences by 173.5% during the 3rd quarter. Bank of America Corp DE now owns 1,360,781 shares of the company’s stock valued at $18,507,000 after buying an additional 863,162 shares in the last quarter. 92.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RCUS has been the topic of a number of research reports. HC Wainwright reissued a “buy” rating and set a $32.00 price objective on shares of Arcus Biosciences in a report on Monday, March 2nd. Morgan Stanley raised their price objective on Arcus Biosciences from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. Lifesci Capital initiated coverage on Arcus Biosciences in a report on Thursday, June 4th. They set an “outperform” rating and a $46.00 price objective on the stock. Wall Street Zen cut Arcus Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Arcus Biosciences in a report on Monday, April 20th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Arcus Biosciences has a consensus rating of “Moderate Buy” and an average price target of $35.10.

Insider Buying and Selling

In other Arcus Biosciences news, CAO Alexander Azoy sold 2,562 shares of Arcus Biosciences stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $25.77, for a total value of $66,022.74. Following the transaction, the chief accounting officer directly owned 39,581 shares of the company’s stock, valued at $1,020,002.37. The trade was a 6.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Robert C. Goeltz II sold 7,763 shares of Arcus Biosciences stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $25.63, for a total value of $198,965.69. Following the completion of the transaction, the chief financial officer directly owned 84,161 shares in the company, valued at $2,157,046.43. This trade represents a 8.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 9.60% of the stock is owned by insiders.

Arcus Biosciences Price Performance

Shares of Arcus Biosciences stock opened at $24.14 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.04 and a quick ratio of 4.04. The business’s 50 day simple moving average is $24.07 and its two-hundred day simple moving average is $22.91. The stock has a market capitalization of $3.04 billion, a P/E ratio of -7.59 and a beta of 0.85. Arcus Biosciences, Inc. has a one year low of $7.91 and a one year high of $28.72.

Arcus Biosciences (NYSE:RCUS) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($1.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.10). The company had revenue of $17.00 million during the quarter, compared to analysts’ expectations of $29.49 million. Arcus Biosciences had a negative return on equity of 68.97% and a negative net margin of 156.36%.Arcus Biosciences’s revenue for the quarter was down 39.3% on a year-over-year basis. During the same period last year, the firm earned ($1.14) earnings per share. Analysts forecast that Arcus Biosciences, Inc. will post -3.66 EPS for the current year.

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.