Fisher Asset Management LLC Increases Position in Arcus Biosciences, Inc. $RCUS

Key Points

• Fisher Asset Management boosted its Arcus Biosciences stake by 167.4% in Q4, buying 1.22 million additional shares and ending with 1.95 million shares worth about $46.5 million.
• Other major institutions also increased exposure, including Vanguard, Bank of America, and Wellington Management, with hedge funds and institutions now owning 92.89% of the company.
• Analyst views are mixed but lean positive overall: Arcus has a Moderate Buy consensus, even as the company reported a wider-than-expected quarterly loss and lower-than-expected revenue in its latest earnings release.

Fisher Asset Management LLC increased its stake in Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) by 167.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,949,788 shares of the company's stock after purchasing an additional 1,220,635 shares during the quarter. Fisher Asset Management LLC owned 1.81% of Arcus Biosciences worth $46,463,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Arcus Biosciences by 20.1% in the 4th quarter. Vanguard Group Inc. now owns 7,962,874 shares of the company's stock valued at $189,755,000 after purchasing an additional 1,333,421 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Arcus Biosciences by 173.5% in the 3rd quarter. Bank of America Corp DE now owns 1,360,781 shares of the company's stock valued at $18,507,000 after purchasing an additional 863,162 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Arcus Biosciences by 35.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,266,289 shares of the company's stock valued at $17,222,000 after purchasing an additional 330,268 shares in the last quarter. Sofinnova Investments Inc. increased its holdings in shares of Arcus Biosciences by 17.2% in the 2nd quarter. Sofinnova Investments Inc. now owns 1,216,016 shares of the company's stock valued at $9,898,000 after purchasing an additional 178,240 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Arcus Biosciences by 29.2% in the 1st quarter. Millennium Management LLC now owns 1,194,622 shares of the company's stock valued at $9,378,000 after purchasing an additional 270,253 shares in the last quarter. Hedge funds and other institutional investors own 92.89% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on RCUS shares. Wall Street Zen downgraded shares of Arcus Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Morgan Stanley raised their target price on shares of Arcus Biosciences from $20.00 to $22.00 and gave the company an "equal weight" rating in a report on Monday, May 11th. Truist Financial started coverage on shares of Arcus Biosciences in a report on Monday, May 18th. They set a "buy" rating and a $35.00 target price for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Arcus Biosciences in a report on Monday, April 20th. Finally, Leerink Partners set a $47.00 target price on shares of Arcus Biosciences in a report on Monday, April 20th. Seven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Arcus Biosciences presently has a consensus rating of "Moderate Buy" and an average price target of $33.89.

Insider Activity 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 shares were sold at an average price of $25.63, for a total transaction of $198,965.69. Following the completion of the sale, the chief financial officer directly owned 84,161 shares in the company, valued at $2,157,046.43. The trade was a 8.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 9.60% of the stock is currently owned by company insiders.

Arcus Biosciences Stock Performance

Shares of NYSE RCUS opened at $24.17 on Wednesday. The company has a market cap of $3.04 billion, a PE ratio of -7.60 and a beta of 0.87. Arcus Biosciences, Inc. has a 12 month low of $7.91 and a 12 month high of $28.72. 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 company has a 50-day simple moving average of $23.41 and a 200-day simple moving average of $22.58.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($1.02) EPS for the quarter, missing analysts' consensus estimates of ($0.92) by ($0.10). The firm had revenue of $17.00 million for the quarter, compared to analysts' expectations of $29.49 million. Arcus Biosciences had a negative return on equity of 68.97% and a negative net margin of 156.36%.The business's quarterly revenue was down 39.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.14) earnings per share. On average, equities analysts anticipate that Arcus Biosciences, Inc. will post -3.54 earnings per share for the current year.

About Arcus Biosciences

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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