Arcus Biosciences (NYSE:RCUS) Shares Up 10.6% - Here's Why

Arcus Biosciences, Inc. (NYSE:RCUS - Get Free Report) rose 10.6% on Tuesday . The stock traded as high as $10.22 and last traded at $10.20. Approximately 635,508 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 861,584 shares. The stock had previously closed at $9.22.

Wall Street Analysts Forecast Growth

RCUS has been the topic of a number of recent research reports. Barclays reduced their price objective on shares of Arcus Biosciences from $29.00 to $14.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Wells Fargo & Company reduced their price target 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. Morgan Stanley dropped their price objective on Arcus Biosciences from $24.00 to $22.00 and set an "overweight" rating for the company in a 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 research note on Wednesday, February 19th. Finally, Wedbush restated an "outperform" rating and set a $33.00 target price on shares of Arcus Biosciences in a report on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.13.

Arcus Biosciences Price Performance

The company's 50-day moving average price is $8.41 and its 200-day moving average price is $11.45. The company has a debt-to-equity ratio of 0.08, a current ratio of 5.24 and a quick ratio of 5.24. The company has a market cap of $1.06 billion, a P/E ratio of -3.17 and a beta of 0.88.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last announced its earnings results 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). Arcus Biosciences had a negative return on equity of 45.59% and a negative net margin of 102.66%. The company had revenue of $28.00 million during the quarter, compared to analyst estimates of $38.61 million. During the same period in the previous year, the company posted ($0.05) earnings per share. Arcus Biosciences's revenue for the quarter was down 80.7% on a year-over-year basis. As a group, sell-side analysts predict that Arcus Biosciences, Inc. will post -3.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Gilead Sciences Inc. bought a new stake in Arcus Biosciences in the 4th quarter valued at approximately $447,610,000. Barclays PLC raised its position in shares of Arcus Biosciences by 49.0% in the third quarter. Barclays PLC now owns 118,693 shares of the company's stock valued at $1,816,000 after purchasing an additional 39,015 shares during the period. Norges Bank bought a new stake in Arcus Biosciences in the 4th quarter valued at $507,000. Raymond James Financial Inc. bought a new stake in Arcus Biosciences in the 4th quarter valued at $531,000. Finally, US Bancorp DE grew its holdings in Arcus Biosciences by 2,432.0% in the 4th quarter. US Bancorp DE now owns 6,887 shares of the company's stock valued at $103,000 after buying an additional 6,615 shares in the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

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.