Arcus Biosciences (NYSE:RCUS) Stock Jumps 3.2% – Time to Buy?

Arcus Biosciences, Inc. (NYSE:RCUS)’s stock price shot up 3.2% during mid-day trading on Wednesday. The company traded as high as $27.00 and last traded at $27.7420. Approximately 50,210 shares traded hands during trading, a decline of 96% from the average daily volume of 1,277,369 shares. The stock had previously closed at $26.87.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group restated a “buy” rating and set a $42.00 target price on shares of Arcus Biosciences in a report on Friday, August 7th. HC Wainwright boosted their price objective on Arcus Biosciences from $32.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Morgan Stanley set a $23.00 target price on shares of Arcus Biosciences in a report on Monday, August 10th. Wedbush lifted their target price on shares of Arcus Biosciences from $41.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Finally, Lifesci Capital assumed coverage on shares of Arcus Biosciences in a report on Thursday, June 4th. They set an “outperform” rating and a $46.00 price target for the company. Ten analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Arcus Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.30.

Arcus Biosciences Stock Performance

The company has a market cap of $3.19 billion, a PE ratio of -6.43 and a beta of 0.81. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.22. The business has a fifty day moving average of $28.27 and a 200-day moving average of $26.00.

Arcus Biosciences (NYSE:RCUS) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.72) earnings per share for the quarter, topping the consensus estimate of ($0.89) by $0.17. Arcus Biosciences had a negative return on equity of 89.54% and a negative net margin of 393.16%.The business had revenue of $41.00 million during the quarter, compared to analysts’ expectations of $21.98 million. The business’s revenue for the quarter was down 74.4% on a year-over-year basis. Equities research analysts anticipate that Arcus Biosciences, Inc. will post -3.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arcus Biosciences news, President Juan C. Jaen sold 20,067 shares of the company’s stock in a transaction on Friday, July 10th. The shares were sold at an average price of $28.62, for a total value of $574,317.54. Following the completion of the transaction, the president directly owned 822,240 shares in the company, valued at approximately $23,532,508.80. This represents a 2.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Alexander Azoy sold 2,827 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $30.00, for a total transaction of $84,810.00. Following the completion of the sale, the chief accounting officer directly owned 39,581 shares of the company’s stock, valued at approximately $1,187,430. This represents a 6.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 71,396 shares of company stock valued at $2,116,613 in the last ninety days. 7.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arcus Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in Arcus Biosciences by 10.0% during the second quarter. GAMMA Investing LLC now owns 3,966 shares of the company’s stock valued at $122,000 after purchasing an additional 359 shares during the period. Arizona State Retirement System grew its position in Arcus Biosciences by 1.7% in the 2nd quarter. Arizona State Retirement System now owns 24,211 shares of the company’s stock worth $746,000 after purchasing an additional 409 shares during the period. Royal Bank of Canada grew its holdings in shares of Arcus Biosciences by 14.6% in the first quarter. Royal Bank of Canada now owns 4,758 shares of the company’s stock worth $102,000 after acquiring an additional 607 shares during the period. Hantz Financial Services Inc. grew its holdings in shares of Arcus Biosciences by 121.9% in the fourth quarter. Hantz Financial Services Inc. now owns 1,604 shares of the company’s stock worth $38,000 after acquiring an additional 881 shares during the period. Finally, Integrated Wealth Concepts LLC purchased a new stake in Arcus Biosciences during the second quarter valued at $30,000. Hedge funds and other institutional investors own 92.89% of the company’s stock.

About Arcus Biosciences

Arcus Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for cancer and other serious diseases. The company combines antibody-based therapies, small-molecule drugs and combination treatment strategies designed to influence the immune system and other biological pathways involved in tumor growth.

Its oncology pipeline includes investigational therapies targeting pathways such as TIGIT, PD-1, CD73, adenosine receptors and HIF-2α. Key programs have included domvanalimab, an anti-TIGIT antibody; zimberelimab, an anti-PD-1 antibody; quemliclustat, a CD73 inhibitor; etrumadenant, an adenosine receptor antagonist; and AB521, an HIF-2α inhibitor.