Cutter Capital Management LP Purchases Shares of 731,818 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 purchased a new stake in Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 731,818 shares of the company's stock, valued at approximately $5,745,000. Arcus Biosciences makes up approximately 2.5% of Cutter Capital Management LP's investment portfolio, making the stock its 20th largest holding. Cutter Capital Management LP owned about 0.69% of Arcus Biosciences as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Arcus Biosciences by 2.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,007 shares of the company's stock worth $506,000 after buying an additional 833 shares during the period. Maryland State Retirement & Pension System boosted its position in Arcus Biosciences by 10.9% during the 1st quarter. Maryland State Retirement & Pension System now owns 20,202 shares of the company's stock worth $159,000 after buying an additional 1,986 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Arcus Biosciences by 7.6% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,748 shares of the company's stock worth $281,000 after buying an additional 2,524 shares during the period. Oregon Public Employees Retirement Fund boosted its position in Arcus Biosciences by 21.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 15,381 shares of the company's stock worth $121,000 after buying an additional 2,700 shares during the period. Finally, Amalgamated Bank boosted its position in Arcus Biosciences by 18.4% during the 1st quarter. Amalgamated Bank now owns 18,797 shares of the company's stock worth $148,000 after buying an additional 2,922 shares during the period. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on RCUS. Morgan Stanley cut their target price on shares of Arcus Biosciences from $24.00 to $22.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. Wall Street Zen upgraded shares of Arcus Biosciences from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Wells Fargo & Company cut their target price on shares of 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 equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $21.14.

Arcus Biosciences Trading Up 5.7%

Shares of NYSE RCUS traded up $0.66 during midday trading on Friday, reaching $12.22. The stock had a trading volume of 1,103,116 shares, compared to its average volume of 717,262. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of -3.85 and a beta of 0.83. Arcus Biosciences, Inc. has a twelve month low of $6.50 and a twelve month high of $18.98. The company has a debt-to-equity ratio of 0.18, a quick ratio of 4.50 and a current ratio of 4.50. The company's 50 day moving average price is $9.71 and its 200 day moving average price is $9.12.

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

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.