Arcus Biosciences (NYSE:RCUS) Trading Down 6.3% - Here's What Happened

Shares of Arcus Biosciences, Inc. (NYSE:RCUS - Get Free Report) dropped 6.3% during mid-day trading on Friday . The company traded as low as $8.06 and last traded at $7.97. Approximately 572,180 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 868,298 shares. The stock had previously closed at $8.50.

Wall Street Analysts Forecast Growth

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

Arcus Biosciences Trading Down 6.5%

The business's 50 day simple moving average is $8.80 and its 200 day simple moving average is $10.78. 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 company has a market capitalization of $841.19 million, a price-to-earnings ratio of -1.90 and a beta of 0.83.

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 (EPS) for the quarter, missing the consensus estimate of ($1.02) by ($0.12). The business had revenue of $28.00 million during the quarter, compared to analysts' expectations of $38.61 million. Arcus Biosciences had a negative return on equity of 70.58% and a negative net margin of 258.94%. The company's revenue was down 80.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.05) EPS. Research analysts anticipate that Arcus Biosciences, Inc. will post -3.15 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its holdings in shares of Arcus Biosciences by 3.1% in the 4th quarter. Principal Financial Group Inc. now owns 263,517 shares of the company's stock worth $3,924,000 after acquiring an additional 7,906 shares during the period. Handelsbanken Fonder AB boosted its position in Arcus Biosciences by 11.2% during the fourth quarter. Handelsbanken Fonder AB now owns 24,800 shares of the company's stock worth $369,000 after purchasing an additional 2,500 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Arcus Biosciences by 8.6% during the 4th 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 during the period. US Bancorp DE boosted its holdings in shares of 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 purchasing an additional 6,615 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Arcus Biosciences by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 579,623 shares of the company's stock valued at $8,631,000 after purchasing an additional 12,644 shares during the period. 92.89% of the stock is 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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