Arcus Biosciences (NYSE:RCUS) Shares Gap Up – Here’s What Happened

Arcus Biosciences, Inc. (NYSE:RCUS) shares gapped up before the market opened on Tuesday . The stock had previously closed at $21.30, but opened at $22.19. Arcus Biosciences shares last traded at $22.4330, with a volume of 1,292,918 shares.

Wall Street Analysts Forecast Growth

RCUS has been the topic of a number of research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Arcus Biosciences in a research note on Wednesday, October 8th. UBS Group restated a “buy” rating on shares of Arcus Biosciences in a research report on Monday, December 15th. Citigroup reaffirmed a “buy” rating on shares of Arcus Biosciences in a report on Friday, December 12th. Wedbush set a $35.00 price target on shares of Arcus Biosciences and gave the stock an “outperform” rating in a research note on Wednesday, October 29th. Finally, Wells Fargo & Company raised their price objective on shares of Arcus Biosciences from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Arcus Biosciences presently has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Arcus Biosciences Price Performance

The company has a market cap of $2.41 billion, a price-to-earnings ratio of -6.49 and a beta of 0.77. The company’s 50 day moving average price is $22.62 and its 200 day moving average price is $15.72. The company has a current ratio of 3.65, a quick ratio of 3.65 and a debt-to-equity ratio of 0.22.

Arcus Biosciences (NYSE:RCUS) last posted its quarterly earnings results on Tuesday, October 28th. The company reported ($1.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.33) by $0.06. The firm had revenue of $26.00 million during the quarter, compared to analysts’ expectations of $19.89 million. Arcus Biosciences had a negative net margin of 136.40% and a negative return on equity of 68.17%. The firm’s revenue for the quarter was down 45.8% on a year-over-year basis. During the same period in the prior year, the company posted ($1.00) earnings per share. Equities research analysts forecast that Arcus Biosciences, Inc. will post -3.15 earnings per share for the current year.

Insider Transactions at Arcus Biosciences

In other Arcus Biosciences news, President Juan C. Jaen sold 82,997 shares of the stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $24.71, for a total value of $2,050,855.87. Following the completion of the transaction, the president owned 954,063 shares in the company, valued at approximately $23,574,896.73. This represents a 8.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jennifer Jarrett sold 11,225 shares of the firm’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $21.88, for a total value of $245,603.00. Following the completion of the sale, the chief operating officer directly owned 203,007 shares of the company’s stock, valued at approximately $4,441,793.16. This trade represents a 5.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 422,060 shares of company stock valued at $9,286,202. Corporate insiders own 9.60% of the company’s stock.

Hedge Funds Weigh In On Arcus Biosciences

Large investors have recently made changes to their positions in the stock. SG Americas Securities LLC boosted its holdings in Arcus Biosciences by 38.8% during the fourth quarter. SG Americas Securities LLC now owns 45,488 shares of the company’s stock worth $1,084,000 after buying an additional 12,714 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Arcus Biosciences by 17.5% during the 4th quarter. GAMMA Investing LLC now owns 3,230 shares of the company’s stock valued at $77,000 after acquiring an additional 482 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Arcus Biosciences by 5.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 63,942 shares of the company’s stock worth $870,000 after acquiring an additional 3,280 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in shares of Arcus Biosciences by 39.1% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,120,062 shares of the company’s stock worth $15,233,000 after acquiring an additional 314,757 shares in the last quarter. Finally, Vestal Point Capital LP acquired a new stake in shares of Arcus Biosciences in the 3rd quarter worth approximately $3,400,000. 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.