Bank of America Corp DE Decreases Position in Arcus Biosciences, Inc. $RCUS

Key Points

• Bank of America reduced its Arcus Biosciences position by 35.4% in the first quarter, selling 354,750 shares and retaining 646,068 shares valued at approximately $14.0 million. Institutional investors collectively own 92.89% of the company.
• Arcus shares recently traded at $30.14, near their 12-month high, after the company reported a quarterly loss of $0.72 per share that beat estimates and revenue of $41 million, although revenue declined 74.4% year over year.
• Analyst sentiment remains mixed but leans positive: eight analysts rate the stock a Buy, three rate it Hold, and one rates it Sell, resulting in a consensus “Moderate Buy” rating and an average price target of $37.80.

Bank of America Corp DE decreased its holdings in Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) by 35.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 646,068 shares of the company's stock after selling 354,750 shares during the quarter. Bank of America Corp DE owned about 0.51% of Arcus Biosciences worth $13,955,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in RCUS. Hantz Financial Services Inc. raised its stake in 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 acquiring an additional 881 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Arcus Biosciences during the fourth quarter worth about $39,000. KBC Group NV acquired a new stake in shares of Arcus Biosciences during the first quarter worth about $50,000. Strs Ohio purchased a new stake in Arcus Biosciences in the first quarter valued at approximately $67,000. Finally, Tower Research Capital LLC TRC boosted its position 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. Hedge funds and other institutional investors own 92.89% of the company's stock.

Arcus Biosciences Trading Up 2.1%

Shares of Arcus Biosciences stock opened at $30.14 on Friday. The firm has a market capitalization of $3.84 billion, a PE ratio of -7.73 and a beta of 0.80. Arcus Biosciences, Inc. has a twelve month low of $10.07 and a twelve month high of $31.74. The firm's 50-day moving average price is $28.50 and its 200 day moving average price is $24.76. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.22.

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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.89) by $0.17. Arcus Biosciences had a negative return on equity of 89.54% and a negative net margin of 393.16%.The firm had revenue of $41.00 million for the quarter, compared to analyst estimates of $21.98 million. The firm's quarterly revenue was down 74.4% compared to the same quarter last year. On average, sell-side analysts predict that Arcus Biosciences, Inc. will post -3.53 EPS for the current fiscal year.

Insider Activity

In related news, CAO Alexander Azoy sold 2,562 shares of Arcus Biosciences stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $25.77, for a total transaction of $66,022.74. Following the transaction, the chief accounting officer owned 39,581 shares in the company, valued at approximately $1,020,002.37. This trade represents a 6.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Juan C. Jaen sold 20,067 shares of the business's stock in a transaction on Friday, July 10th. The stock was sold at an average price of $28.62, for a total value of $574,317.54. Following the transaction, the president directly owned 822,240 shares in the company, valued at $23,532,508.80. This trade represents a 2.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 102,562 shares of company stock valued at $2,975,354. 7.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RCUS. Lifesci Capital started coverage on shares of Arcus Biosciences in a research report on Thursday, June 4th. They set an "outperform" rating and a $46.00 price target for the company. The Goldman Sachs Group reissued a "buy" rating and set a $42.00 target price on shares of Arcus Biosciences in a report on Friday, August 7th. Morgan Stanley set a $23.00 target price on shares of Arcus Biosciences in a research report on Monday, August 10th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Arcus Biosciences in a report on Friday, July 17th. Finally, Wall Street Zen downgraded Arcus Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $37.80.

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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