Arcus Biosciences (NYSE:RCUS) Trading Down 2.9% - Here's What Happened

Arcus Biosciences, Inc. (NYSE:RCUS - Get Free Report)'s share price traded down 2.9% during mid-day trading on Thursday . The stock traded as low as $8.40 and last traded at $8.35. 36,525 shares were traded during mid-day trading, a decline of 97% from the average session volume of 1,091,283 shares. The stock had previously closed at $8.59.

Wall Street Analyst Weigh In

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

Arcus Biosciences Stock Down 1.5%

The firm has a market capitalization of $896.36 million, a PE ratio of -2.02 and a beta of 0.80. The company has a fifty day moving average price of $8.83 and a 200-day moving average price of $10.48. The company has a debt-to-equity ratio of 0.09, a quick ratio of 5.37 and a current ratio of 5.37.

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). The company had revenue of $28.00 million for 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 business's quarterly revenue was down 80.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.05) EPS. As a group, analysts expect that Arcus Biosciences, Inc. will post -3.15 earnings per share for the current year.

Institutional Investors Weigh In On Arcus Biosciences

A number of hedge funds have recently made changes to their positions in the stock. Gilead Sciences Inc. raised its stake in shares of Arcus Biosciences by 4.5% in the first quarter. Gilead Sciences Inc. now owns 31,424,760 shares of the company's stock worth $246,684,000 after purchasing an additional 1,363,636 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Arcus Biosciences by 24.1% in the first quarter. Vanguard Group Inc. now owns 6,687,800 shares of the company's stock worth $52,499,000 after purchasing an additional 1,298,584 shares during the last quarter. Woodline Partners LP raised its stake in shares of Arcus Biosciences by 45.5% in the first quarter. Woodline Partners LP now owns 5,127,304 shares of the company's stock worth $40,249,000 after purchasing an additional 1,603,367 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Arcus Biosciences by 11.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,702,302 shares of the company's stock worth $25,348,000 after purchasing an additional 178,351 shares during the last quarter. Finally, Boxer Capital Management LLC purchased a new position in shares of Arcus Biosciences in the fourth quarter worth about $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.