Arcus Biosciences (NYSE:RCUS) Shares Down 3.8% - Here's Why

Arcus Biosciences, Inc. (NYSE:RCUS - Get Free Report)'s share price dropped 3.8% during mid-day trading on Wednesday . The company traded as low as $9.59 and last traded at $9.64. Approximately 250,920 shares were traded during trading, a decline of 77% from the average daily volume of 1,068,792 shares. The stock had previously closed at $10.02.

Wall Street Analysts Forecast Growth

RCUS has been the topic of a number of research analyst reports. Wells Fargo & Company cut their price target on Arcus Biosciences from $29.00 to $26.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Morgan Stanley lowered their target price on Arcus Biosciences from $24.00 to $22.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Bank of America cut their target price on Arcus Biosciences from $22.00 to $17.00 and set a "neutral" rating on the stock in a report on Wednesday, February 19th. Wedbush reiterated an "outperform" rating and issued a $33.00 target price on shares of Arcus Biosciences in a report on Wednesday, May 7th. Finally, HC Wainwright upgraded Arcus Biosciences from a "neutral" rating to a "buy" rating and increased their target price for the stock from $18.00 to $24.00 in a report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $24.13.

Arcus Biosciences Price Performance

The firm has a market capitalization of $979.44 million, a PE ratio of -2.94 and a beta of 0.83. The business has a 50-day moving average of $8.64 and a 200 day moving average of $11.26. The company has a current ratio of 5.24, a quick ratio of 5.24 and a debt-to-equity ratio of 0.08.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.02) by ($0.12). Arcus Biosciences had a negative net margin of 102.66% and a negative return on equity of 45.59%. The business had revenue of $28.00 million for the quarter, compared to analysts' expectations of $38.61 million. During the same period in the prior year, the business earned ($0.05) earnings per share. The company's revenue for the quarter was down 80.7% compared to the same quarter last year. As a group, research analysts anticipate that Arcus Biosciences, Inc. will post -3.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Arcus Biosciences

Several large investors have recently made changes to their positions in the business. Lazard Asset Management LLC grew its stake in shares of Arcus Biosciences by 3,321.3% during the 4th quarter. Lazard Asset Management LLC now owns 6,261 shares of the company's stock worth $93,000 after acquiring an additional 6,078 shares during the period. US Bancorp DE grew its stake in shares of Arcus Biosciences by 2,432.0% during the 4th quarter. US Bancorp DE now owns 6,887 shares of the company's stock worth $103,000 after acquiring an additional 6,615 shares during the period. Strs Ohio bought a new position in shares of Arcus Biosciences during the 1st quarter worth $67,000. PEAK6 LLC bought a new position in shares of Arcus Biosciences during the 4th quarter worth $149,000. Finally, E Fund Management Co. Ltd. bought a new position in shares of Arcus Biosciences during the 1st quarter worth $82,000. 92.89% of the stock is owned by hedge funds and other institutional investors.

Arcus Biosciences Company Profile

Arcus Biosciences, Inc, a clinical-stage biopharmaceutical company, develops and commercializes cancer therapies in the United States. The company's pipeline products include Domvanalimab, an anti-TIGIT antibody, which is in Phase 2 and Phase 3 clinical trial; and AB308, an investigational anti-TIGIT monoclonal antibody, which is in Phase 1b clinical trial to study people with advanced solid and hematologic malignancies.