Allianz Asset Management GmbH Purchases New Stake in Arcus Biosciences, Inc. $RCUS

Key Points

• Allianz Asset Management acquired 82,458 shares of Arcus Biosciences, worth approximately $2.54 million, giving it a 0.06% stake. Institutional investors and hedge funds collectively own 92.89% of the company.
• Arcus reported a quarterly loss of $0.72 per share, better than analysts’ expected loss of $0.89, while revenue of $41 million exceeded estimates but fell 74.4% year over year. Analysts forecast a full-year loss of $3.60 per share.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $38.30 versus the stock’s reported price of $29.08; insiders, however, sold $2.99 million of shares during the quarter.

Allianz Asset Management GmbH bought a new stake in shares of Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 82,458 shares of the company's stock, valued at approximately $2,542,000. Allianz Asset Management GmbH owned about 0.06% of Arcus Biosciences at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Hantz Financial Services Inc. lifted its holdings in shares of Arcus Biosciences by 121.9% in the 4th quarter. Hantz Financial Services Inc. now owns 1,604 shares of the company's stock worth $38,000 after purchasing an additional 881 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new position in Arcus Biosciences during the 4th quarter worth $39,000. KBC Group NV acquired a new stake in Arcus Biosciences in the first quarter worth $50,000. Strs Ohio acquired a new stake in Arcus Biosciences in the first quarter worth $67,000. Finally, Tower Research Capital LLC TRC lifted its stake in Arcus Biosciences by 184.2% in the second quarter. Tower Research Capital LLC TRC now owns 8,449 shares of the company's stock valued at $69,000 after buying an additional 5,476 shares during the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

Arcus Biosciences Price Performance

Shares of NYSE:RCUS opened at $29.08 on Wednesday. The stock has a market cap of $3.70 billion, a price-to-earnings ratio of -7.46 and a beta of 0.81. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.82 and a quick ratio of 3.82. Arcus Biosciences, Inc. has a 12 month low of $11.10 and a 12 month high of $31.74. The stock's 50 day moving average price is $29.14 and its 200 day moving average price is $25.60.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.72) earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $21.98 million. Arcus Biosciences's revenue was down 74.4% compared to the same quarter last year. Equities research analysts anticipate that Arcus Biosciences, Inc. will post -3.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Juan Jaen sold 20,067 shares of the business's stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $28.62, for a total value of $574,317.54. Following the sale, the president directly owned 822,240 shares in the company, valued at $23,532,508.80. The trade was a 2.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 stock was 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. The trade was 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. Insiders sold a total of 102,827 shares of company stock worth $2,994,141 over the last quarter. Insiders own 7.60% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on RCUS. Truist Financial reiterated a "buy" rating and issued a $40.00 price objective (up from $35.00) on shares of Arcus Biosciences in a research report on Tuesday. The Goldman Sachs Group restated a "buy" rating and issued a $42.00 target price on shares of Arcus Biosciences in a research report on Friday, August 7th. Lifesci Capital assumed coverage on Arcus Biosciences in a research note on Thursday, June 4th. They set an "outperform" rating and a $46.00 target price on the stock. Wells Fargo & Company boosted their price target on Arcus Biosciences from $23.00 to $26.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 6th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Arcus Biosciences in a research note on Friday, July 17th. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $38.30.

Arcus Biosciences Company Profile

Arcus Biosciences is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel cancer immunotherapies. The company's research platform centers on modulating tumor microenvironments and immune checkpoints through both small-molecule and antibody-based candidates. Arcus aims to enhance antitumor immune responses by targeting pathways such as the adenosine axis and inhibitory receptors on immune cells.

The company's lead clinical programs include etrumadenant, an orally administered A2A adenosine receptor antagonist being evaluated in combination with anti-PD-1 therapy, and domvanalimab, an anti-TIGIT monoclonal antibody.

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