Cutter Capital Management LP Invests $5.75 Million in Arcus Biosciences, Inc. $RCUS

Key Points

• Cutter Capital Management LP acquired 731,818 shares of Arcus Biosciences, valued at approximately $5.7 million, making it the 20th largest position in their portfolio.
• Arcus Biosciences reported a significant revenue increase of 310.3% year-over-year, achieving $160 million in quarterly revenue, despite a negative EPS of ($1.11).
• Research analysts have mixed views on Arcus Biosciences, with an average rating of "Moderate Buy" and a price target of $21.14, highlighting varying outlooks in recent ratings changes.

Cutter Capital Management LP bought a new stake in Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 731,818 shares of the company's stock, valued at approximately $5,745,000. Arcus Biosciences comprises about 2.5% of Cutter Capital Management LP's portfolio, making the stock its 20th biggest holding. Cutter Capital Management LP owned 0.69% of Arcus Biosciences as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Gilead Sciences Inc. lifted its stake in shares of Arcus Biosciences by 4.5% in the 1st quarter. Gilead Sciences Inc. now owns 31,424,760 shares of the company's stock valued at $246,684,000 after purchasing an additional 1,363,636 shares in the last quarter. Vanguard Group Inc. raised its holdings in Arcus Biosciences by 24.1% in the first quarter. Vanguard Group Inc. now owns 6,687,800 shares of the company's stock valued at $52,499,000 after buying an additional 1,298,584 shares during the period. RA Capital Management L.P. purchased a new position in Arcus Biosciences in the first quarter valued at approximately $8,920,000. Wellington Management Group LLP acquired a new position in Arcus Biosciences during the first quarter valued at approximately $8,500,000. Finally, Millennium Management LLC grew its stake in Arcus Biosciences by 277.1% during the fourth quarter. Millennium Management LLC now owns 924,369 shares of the company's stock worth $13,764,000 after buying an additional 679,267 shares during the period. Hedge funds and other institutional investors own 92.89% of the company's stock.

Arcus Biosciences Stock Down 1.4%

RCUS traded down $0.16 during trading hours on Tuesday, reaching $11.28. 197,188 shares of the stock traded hands, compared to its average volume of 1,004,786. Arcus Biosciences, Inc. has a fifty-two week low of $6.50 and a fifty-two week high of $18.98. The company has a market cap of $1.20 billion, a price-to-earnings ratio of -3.56 and a beta of 0.82. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.50 and a quick ratio of 4.50. The firm's fifty day simple moving average is $9.78 and its two-hundred day simple moving average is $9.11.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($1.11) earnings per share for the quarter, beating analysts' consensus estimates of ($1.14) by $0.03. The company had revenue of $160.00 million during the quarter, compared to analysts' expectations of $32.86 million. Arcus Biosciences had a negative net margin of 109.56% and a negative return on equity of 55.96%. The firm's revenue for the quarter was up 310.3% on a year-over-year basis. During the same period in the prior year, the company posted ($1.02) EPS. As a group, analysts forecast that Arcus Biosciences, Inc. will post -3.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RCUS. Wall Street Zen raised shares of Arcus Biosciences from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 9th. Wells Fargo & Company cut their price objective on Arcus Biosciences from $26.00 to $25.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Arcus Biosciences currently has an average rating of "Moderate Buy" and an average price target of $21.14.

Arcus Biosciences Company Profile

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.