Arcus Biosciences, Inc. $RCUS Stock: Candriam S.C.A. Trims Position

Key Points

• Candriam S.C.A. cut its Arcus Biosciences stake by 18.9% in the third quarter, selling 125,158 shares; it retained 536,823 shares valued at about $13.9 million.
• Arcus reported a quarterly loss of $1.00 per share, wider than analysts’ expected $0.89 loss. Revenue of $9 million beat estimates but fell 65.4% year over year.
• Analysts’ average rating was Moderate Buy, with an average price target of $39.36; 12 analysts rated the stock Buy, three Hold, and one Sell.

Candriam S.C.A. lessened its position in Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) by 18.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 536,823 shares of the company's stock after selling 125,158 shares during the quarter. Candriam S.C.A. owned approximately 0.42% of Arcus Biosciences worth $13,917,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RCUS. BlackRock Inc. purchased a new position in Arcus Biosciences during the 2nd quarter worth approximately $506,113,000. Parkman Healthcare Partners LLC purchased a new stake in shares of Arcus Biosciences in the second quarter valued at $28,341,000. Bank of America Corp DE purchased a new stake in shares of Arcus Biosciences in the second quarter valued at $25,759,000. Bank of New York Mellon Corp purchased a new stake in shares of Arcus Biosciences in the second quarter valued at $16,741,000. Finally, Renaissance Technologies LLC boosted its position in shares of Arcus Biosciences by 1,198.8% in the first quarter. Renaissance Technologies LLC now owns 424,700 shares of the company's stock worth $9,174,000 after buying an additional 392,000 shares during the period. Institutional investors and hedge funds own 92.89% of the company's stock.

Arcus Biosciences Stock Up 3.4%

RCUS stock opened at $18.90 on Tuesday. Arcus Biosciences, Inc. has a 12-month low of $17.43 and a 12-month high of $31.74. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.22. The company has a market cap of $2.41 billion, a price-to-earnings ratio of -5.21 and a beta of 1.04. The company has a 50 day moving average of $23.54 and a two-hundred day moving average of $24.52.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last issued its earnings results on Wednesday, November 4th. The company reported ($1.00) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.11). Arcus Biosciences had a negative net margin of 453.00% and a negative return on equity of 83.94%. The company had revenue of $9.00 million for the quarter, compared to analyst estimates of $7.58 million. During the same period last year, the business earned ($1.27) EPS. The company's quarterly revenue was down 65.4% on a year-over-year basis. On average, equities analysts anticipate that Arcus Biosciences, Inc. will post -3.57 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Alexander Azoy sold 2,827 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $30.00, for a total transaction of $84,810.00. Following the completion of the sale, the chief accounting officer directly owned 39,581 shares in the company, valued at approximately $1,187,430. This trade represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 7.60% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RCUS. Morgan Stanley set a $23.00 price target on Arcus Biosciences in a report on Monday, August 10th. Citigroup upped their price target on Arcus Biosciences from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, October 21st. TD Cowen assumed coverage on Arcus Biosciences in a research note on Wednesday, September 16th. They issued a "buy" rating for the company. Wedbush decreased their price objective on Arcus Biosciences from $49.00 to $45.00 and set an "outperform" rating for the company in a research report on Thursday, November 5th. Finally, Leerink Partners raised their price objective on Arcus Biosciences from $46.00 to $49.00 and gave the stock an "outperform" rating in a research report on Thursday, November 5th. Twelve investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Arcus Biosciences has an average rating of "Moderate Buy" and an average price target of $39.36.

About Arcus Biosciences

Arcus Biosciences is a clinical-stage biopharmaceutical company focused on developing medicines for cancer. Founded in 2015 and headquartered in Hayward, California, the company researches therapies that target immune pathways and other processes involved in tumor growth.

Its pipeline consists of investigational medicines, including antibody and small-molecule candidates designed to be used alone or in combination. Arcus's research has focused on areas such as checkpoint inhibition and the adenosine pathway; its candidates are under clinical development and are not established treatments.

Arcus works with Gilead Sciences on the development of oncology medicines, extending its work through a major biopharmaceutical collaboration.

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