Arcus Biosciences, Inc. $RCUS Shares Acquired by Renaissance Technologies LLC

Key Points

• Renaissance Technologies increased its Arcus Biosciences stake by 1,198.8% in the first quarter, purchasing 392,000 additional shares and bringing its ownership to 424,700 shares, or 0.34% of the company.
• Institutional investors collectively own 92.89% of Arcus, while company insiders have sold 110,325 shares worth approximately $3.17 million over the past 90 days under pre-arranged trading plans.
• Arcus reported weaker-than-expected quarterly results, including a loss of $1.02 per share versus a $0.92 consensus estimate and revenue of $17 million, down 39.3% year over year. Analysts nonetheless maintain a “Moderate Buy” consensus with an average price target of $36.40.

Renaissance Technologies LLC grew its stake in shares of Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) by 1,198.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 424,700 shares of the company's stock after buying an additional 392,000 shares during the period. Renaissance Technologies LLC owned 0.34% of Arcus Biosciences worth $9,174,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Creative Planning boosted its position in Arcus Biosciences by 2.7% during the 3rd quarter. Creative Planning now owns 29,629 shares of the company's stock worth $403,000 after purchasing an additional 771 shares during the period. Hantz Financial Services Inc. raised its position 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 valued at $38,000 after purchasing an additional 881 shares in the last quarter. New York State Teachers Retirement System boosted its stake in Arcus Biosciences by 1.1% during the 4th quarter. New York State Teachers Retirement System now owns 92,431 shares of the company's stock valued at $2,203,000 after acquiring an additional 1,000 shares during the last quarter. LPL Financial LLC grew its stake in Arcus Biosciences by 5.7% in the fourth quarter. LPL Financial LLC now owns 24,211 shares of the company's stock worth $577,000 after purchasing an additional 1,302 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. bought a new stake in shares of Arcus Biosciences in the 4th quarter valued at approximately $39,000. Hedge funds and other institutional investors own 92.89% of the company's stock.

Insider Buying and Selling at Arcus Biosciences

In other news, CFO Robert C. Goeltz II sold 7,763 shares of Arcus Biosciences stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $25.63, for a total value of $198,965.69. Following the transaction, the chief financial officer directly owned 84,161 shares in the company, valued at approximately $2,157,046.43. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Juan C. Jaen sold 48,502 shares of Arcus Biosciences stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $30.05, for a total value of $1,457,485.10. Following the completion of the transaction, the president directly owned 842,307 shares in the company, valued at approximately $25,311,325.35. This represents a 5.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 110,325 shares of company stock worth $3,174,319 over the last 90 days. Insiders own 7.60% of the company's stock.

Arcus Biosciences Stock Down 0.0%

Shares of Arcus Biosciences stock opened at $28.18 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.04 and a quick ratio of 4.04. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of -8.86 and a beta of 0.80. Arcus Biosciences, Inc. has a 52-week low of $8.84 and a 52-week high of $31.74. The stock has a 50-day simple moving average of $27.00 and a 200-day simple moving average of $24.07.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($1.02) EPS for the quarter, missing the consensus estimate of ($0.92) by ($0.10). The business had revenue of $17.00 million for the quarter, compared to analyst estimates of $29.48 million. Arcus Biosciences had a negative return on equity of 68.97% and a negative net margin of 156.36%.The business's revenue for the quarter was down 39.3% compared to the same quarter last year. During the same quarter last year, the company earned ($1.14) EPS. On average, equities research analysts expect that Arcus Biosciences, Inc. will post -3.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RCUS shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Arcus Biosciences in a report on Friday, July 17th. HC Wainwright increased their price objective on shares of Arcus Biosciences from $32.00 to $45.00 and gave the company a "buy" rating in a report on Monday, July 20th. Morgan Stanley raised their target price on Arcus Biosciences from $20.00 to $22.00 and gave the company an "equal weight" rating in a research note on Monday, May 11th. Truist Financial assumed coverage on shares of Arcus Biosciences in a research report on Monday, May 18th. They issued a "buy" rating and a $35.00 price target on the stock. Finally, Wall Street Zen downgraded Arcus Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $36.40.

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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