Millennium Management LLC Increases Position in Arcus Biosciences, Inc. (NYSE:RCUS)

Millennium Management LLC boosted its position in shares of Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) by 277.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 924,369 shares of the company's stock after purchasing an additional 679,267 shares during the quarter. Millennium Management LLC owned about 1.01% of Arcus Biosciences worth $13,764,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of RCUS. Gilead Sciences Inc. purchased a new position in Arcus Biosciences during the 4th quarter worth $447,610,000. Boxer Capital Management LLC purchased a new position in shares of Arcus Biosciences in the 4th quarter valued at $23,857,000. Braidwell LP purchased a new position in shares of Arcus Biosciences in the 4th quarter valued at $11,943,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Arcus Biosciences in the 4th quarter valued at $6,928,000. Finally, Adage Capital Partners GP L.L.C. purchased a new position in shares of Arcus Biosciences in the 4th quarter valued at $6,596,000. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

Arcus Biosciences Stock Performance

Shares of NYSE RCUS traded up $0.12 during trading on Wednesday, reaching $9.15. 165,243 shares of the company traded hands, compared to its average volume of 849,615. The firm's fifty day simple moving average is $8.23 and its 200 day simple moving average is $11.77. The stock has a market cap of $968.53 million, a P/E ratio of -2.91 and a beta of 0.88. Arcus Biosciences, Inc. has a 12-month low of $6.50 and a 12-month high of $18.98. The company has a current ratio of 5.24, a quick ratio of 5.24 and a debt-to-equity ratio of 0.08.

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 for the quarter, missing analysts' consensus estimates 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 102.66% and a negative return on equity of 45.59%. The business's quarterly revenue was down 80.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.05) EPS. As a group, research analysts anticipate that Arcus Biosciences, Inc. will post -3.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Arcus Biosciences

In other Arcus Biosciences news, CEO Terry J. Rosen purchased 19,800 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average price of $10.18 per share, for a total transaction of $201,564.00. Following the purchase, the chief executive officer now directly owns 2,554,160 shares in the company, valued at approximately $26,001,348.80. This trade represents a 0.78% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Yasunori Kaneko purchased 20,000 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The stock was acquired at an average price of $10.06 per share, with a total value of $201,200.00. Following the purchase, the director now owns 28,400 shares in the company, valued at $285,704. This represents a 238.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 12.30% of the company's stock.

Wall Street Analysts Forecast Growth

RCUS has been the subject of a number of recent analyst reports. Wells Fargo & Company lowered their price objective on Arcus Biosciences from $29.00 to $26.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Bank of America lowered their price objective on Arcus Biosciences from $22.00 to $17.00 and set a "neutral" rating for the company in a research report on Wednesday, February 19th. Barclays lowered their price objective on Arcus Biosciences from $29.00 to $14.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Morgan Stanley lowered their price objective on Arcus Biosciences from $24.00 to $22.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Finally, Wedbush reaffirmed an "outperform" rating and set a $33.00 price target on shares of Arcus Biosciences in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $25.67.

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.