Arcus Biosciences (NYSE:RCUS) Shares Down 4.6% - Here's What Happened

Arcus Biosciences, Inc. (NYSE:RCUS - Get Free Report)'s stock price fell 4.6% during mid-day trading on Tuesday . The stock traded as low as $9.36 and last traded at $9.21. 70,741 shares changed hands during trading, a decline of 92% from the average session volume of 881,764 shares. The stock had previously closed at $9.65.

Wall Street Analysts Forecast Growth

Several research firms have commented on RCUS. Wedbush reaffirmed an "outperform" rating and set a $33.00 price objective on shares of Arcus Biosciences in a research note on Wednesday, May 7th. The Goldman Sachs Group decreased their target price on Arcus Biosciences from $15.00 to $13.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Morgan Stanley reduced their price target on Arcus Biosciences from $24.00 to $22.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Barclays reduced their price objective on Arcus Biosciences from $29.00 to $14.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Finally, Wells Fargo & Company dropped their target price on Arcus Biosciences from $29.00 to $26.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $21.29.

Arcus Biosciences Stock Performance

The company has a market capitalization of $960.21 million, a P/E ratio of -2.16 and a beta of 0.80. The company has a debt-to-equity ratio of 0.09, a quick ratio of 5.37 and a current ratio of 5.37. The business has a 50 day moving average of $8.87 and a 200-day moving average of $10.12.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($1.14) earnings per share for the quarter, missing the consensus estimate of ($1.02) by ($0.12). Arcus Biosciences had a negative net margin of 258.94% and a negative return on equity of 70.58%. The firm had revenue of $28.00 million for the quarter, compared to the consensus estimate of $38.61 million. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. The company's revenue for the quarter was down 80.7% compared to the same quarter last year. On average, sell-side analysts predict that Arcus Biosciences, Inc. will post -3.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Arcus Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gilead Sciences Inc. boosted its position in Arcus Biosciences by 4.5% during the 1st quarter. Gilead Sciences Inc. now owns 31,424,760 shares of the company's stock valued at $246,684,000 after acquiring an additional 1,363,636 shares in the last quarter. Vanguard Group Inc. boosted its position in Arcus Biosciences by 24.1% during the 1st quarter. Vanguard Group Inc. now owns 6,687,800 shares of the company's stock valued at $52,499,000 after acquiring an additional 1,298,584 shares in the last quarter. Woodline Partners LP boosted its position in Arcus Biosciences by 45.5% during the 1st quarter. Woodline Partners LP now owns 5,127,304 shares of the company's stock valued at $40,249,000 after acquiring an additional 1,603,367 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Arcus Biosciences by 11.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,702,302 shares of the company's stock valued at $25,348,000 after acquiring an additional 178,351 shares in the last quarter. Finally, Boxer Capital Management LLC bought a new stake in Arcus Biosciences during the 4th quarter valued at $23,857,000. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

About Arcus Biosciences

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.

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