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Arcus Biosciences (NYSE:RCUS) Shares Gap Up - Here's Why

Arcus Biosciences logo with Medical background

Shares of Arcus Biosciences, Inc. (NYSE:RCUS - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $9.33, but opened at $9.91. Arcus Biosciences shares last traded at $9.31, with a volume of 99,569 shares trading hands.

Analyst Upgrades and Downgrades

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

Get Our Latest Report on Arcus Biosciences

Arcus Biosciences Stock Down 2.0%

The company has a debt-to-equity ratio of 0.09, a current ratio of 5.37 and a quick ratio of 5.37. The business's fifty day simple moving average is $8.87 and its two-hundred day simple moving average is $10.12. The company has a market cap of $990.07 million, a PE ratio of -2.23 and a beta of 0.80.

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

Institutional Trading of Arcus Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of RCUS. Bank of New York Mellon Corp increased its stake in shares of Arcus Biosciences by 8.6% during the fourth quarter. Bank of New York Mellon Corp now owns 381,615 shares of the company's stock worth $5,682,000 after purchasing an additional 30,290 shares in the last quarter. US Bancorp DE boosted its position in Arcus Biosciences by 2,432.0% during the fourth 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 last quarter. Charles Schwab Investment Management Inc. boosted its position in Arcus Biosciences by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 579,623 shares of the company's stock worth $8,631,000 after acquiring an additional 12,644 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Arcus Biosciences during the fourth quarter worth about $531,000. Finally, Amundi boosted its position in Arcus Biosciences by 137.0% during the fourth quarter. Amundi now owns 27,030 shares of the company's stock worth $403,000 after acquiring an additional 15,624 shares during the last quarter. Hedge funds and other institutional investors own 92.89% of the company's stock.

Arcus Biosciences Company Profile

(Get Free Report)

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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