835,504 Shares in Arcus Biosciences, Inc. $RCUS Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 835,504 Arcus Biosciences shares worth approximately $25.8 million, representing about 0.66% of the company. Institutional investors collectively own 92.89% of the stock.
• Arcus insiders sold 71,396 shares worth about $2.1 million over the past three months, including sales by the president and chief accounting officer under pre-arranged Rule 10b5-1 plans.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $38.30 versus a recent share price of $26.44. The company beat quarterly EPS expectations, although revenue fell 74.4% year over year and Arcus remains unprofitable.

Bank of America Corp DE purchased a new stake in shares of Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 835,504 shares of the company's stock, valued at approximately $25,759,000. Bank of America Corp DE owned approximately 0.66% of Arcus Biosciences as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in shares of Arcus Biosciences by 10.0% during the second quarter. GAMMA Investing LLC now owns 3,966 shares of the company's stock valued at $122,000 after buying an additional 359 shares during the period. Royal Bank of Canada raised its holdings in shares of Arcus Biosciences by 14.6% in the first quarter. Royal Bank of Canada now owns 4,758 shares of the company's stock worth $102,000 after buying an additional 607 shares during the period. Hantz Financial Services Inc. lifted its stake in shares of Arcus Biosciences by 121.9% during the 4th quarter. Hantz Financial Services Inc. now owns 1,604 shares of the company's stock worth $38,000 after acquiring an additional 881 shares during the last quarter. Quantinno Capital Management LP boosted its holdings in Arcus Biosciences by 8.5% during the 1st quarter. Quantinno Capital Management LP now owns 17,295 shares of the company's stock valued at $374,000 after acquiring an additional 1,349 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Arcus Biosciences by 11.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 21,041 shares of the company's stock valued at $460,000 after acquiring an additional 2,168 shares during the period. Institutional investors own 92.89% of the company's stock.

Insider Activity at Arcus Biosciences

In other Arcus Biosciences news, President Juan C. Jaen sold 48,502 shares of the stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $30.05, for a total transaction of $1,457,485.10. Following the sale, the president owned 842,307 shares of the company's stock, valued at approximately $25,311,325.35. This trade represents a 5.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Alexander Azoy sold 2,827 shares of Arcus Biosciences stock in a transaction on Friday, August 21st. The shares were sold at an average price of $30.00, for a total value of $84,810.00. Following the completion of the transaction, the chief accounting officer owned 39,581 shares in the company, valued at $1,187,430. This represents a 6.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 71,396 shares of company stock worth $2,116,613. 7.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. The Goldman Sachs Group reiterated a "buy" rating and issued a $42.00 target price on shares of Arcus Biosciences in a research note on Friday, August 7th. TD Cowen started coverage on shares of Arcus Biosciences in a research note on Wednesday, September 16th. They set a "buy" rating for the company. Cantor Fitzgerald restated an "overweight" rating on shares of Arcus Biosciences in a report on Friday, September 11th. Lifesci Capital initiated coverage on shares of Arcus Biosciences in a research note on Thursday, June 4th. They issued an "outperform" rating and a $46.00 price target on the stock. Finally, Morgan Stanley set a $23.00 price objective on shares of Arcus Biosciences in a research report on Monday, August 10th. Ten investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Arcus Biosciences presently has an average rating of "Moderate Buy" and an average price target of $38.30.

Arcus Biosciences Stock Performance

Shares of Arcus Biosciences stock opened at $26.44 on Thursday. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.22. The stock's fifty day moving average price is $28.30 and its 200-day moving average price is $25.98. The firm has a market cap of $3.37 billion, a P/E ratio of -6.78 and a beta of 0.81. Arcus Biosciences, Inc. has a 12 month low of $12.15 and a 12 month high of $31.74.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($0.72) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.89) by $0.17. Arcus Biosciences had a negative net margin of 393.16% and a negative return on equity of 89.54%. The company had revenue of $41.00 million for the quarter, compared to analysts' expectations of $21.98 million. Arcus Biosciences's revenue was down 74.4% on a year-over-year basis. On average, equities research analysts expect that Arcus Biosciences, Inc. will post -3.59 earnings per share for the current fiscal year.

Arcus Biosciences Profile

Arcus Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for cancer and other serious diseases. The company combines antibody-based therapies, small-molecule drugs and combination treatment strategies designed to influence the immune system and other biological pathways involved in tumor growth.

Its oncology pipeline includes investigational therapies targeting pathways such as TIGIT, PD-1, CD73, adenosine receptors and HIF-2α. Key programs have included domvanalimab, an anti-TIGIT antibody; zimberelimab, an anti-PD-1 antibody; quemliclustat, a CD73 inhibitor; etrumadenant, an adenosine receptor antagonist; and AB521, an HIF-2α inhibitor.

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