Gilead Sciences Inc. Raises Stock Position in Arcus Biosciences, Inc. $RCUS

Key Points

• Gilead Sciences Inc. increased its stake in Arcus Biosciences by 4.5% during the first quarter, making the stock its 3rd biggest position at approximately $246.7 million.
• Several institutional investors, including Vanguard Group and Ameriprise Financial, have also increased their holdings in Arcus Biosciences, leading to 92.89% of the stock being owned by institutional investors.
• Analysts have mixed outlooks for Arcus, with price targets ranging widely, and the stock currently holds an average rating of "Moderate Buy" with a consensus price target of $21.14.

Gilead Sciences Inc. increased its position in shares of Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) by 4.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 31,424,760 shares of the company's stock after buying an additional 1,363,636 shares during the period. Arcus Biosciences accounts for approximately 20.9% of Gilead Sciences Inc.'s holdings, making the stock its 3rd biggest position. Gilead Sciences Inc. owned about 29.68% of Arcus Biosciences worth $246,684,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Lazard Asset Management LLC boosted its holdings in shares of Arcus Biosciences by 3,321.3% during the 4th quarter. Lazard Asset Management LLC now owns 6,261 shares of the company's stock worth $93,000 after buying an additional 6,078 shares during the period. PEAK6 LLC bought a new stake in shares of Arcus Biosciences during the 4th quarter worth $149,000. E Fund Management Co. Ltd. bought a new stake in shares of Arcus Biosciences during the 1st quarter worth $82,000. Knott David M Jr bought a new stake in shares of Arcus Biosciences during the 1st quarter worth $94,000. Finally, Exchange Traded Concepts LLC boosted its holdings in Arcus Biosciences by 40.5% in the 1st quarter. Exchange Traded Concepts LLC now owns 13,922 shares of the company's stock valued at $109,000 after purchasing an additional 4,013 shares during the period. 92.89% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RCUS has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Arcus Biosciences from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 9th. The Goldman Sachs Group dropped their price objective on shares of Arcus Biosciences from $15.00 to $13.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Wells Fargo & Company dropped their price objective on shares of Arcus Biosciences from $26.00 to $25.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Wedbush restated an "outperform" rating and issued a $33.00 price objective on shares of Arcus Biosciences in a research note on Wednesday, May 7th. Finally, Morgan Stanley dropped their price objective on shares of Arcus Biosciences from $24.00 to $22.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Arcus Biosciences has an average rating of "Moderate Buy" and an average target price of $21.14.

Arcus Biosciences Price Performance

NYSE:RCUS traded up $0.07 during mid-day trading on Friday, reaching $10.55. 277,425 shares of the company were exchanged, compared to its average volume of 1,019,353. Arcus Biosciences, Inc. has a 12 month low of $6.50 and a 12 month high of $18.98. The company has a fifty day moving average of $9.22 and a 200 day moving average of $9.27. The company has a quick ratio of 4.50, a current ratio of 4.50 and a debt-to-equity ratio of 0.18. The stock has a market cap of $1.12 billion, a PE ratio of -3.32 and a beta of 0.89.

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