Granahan Investment Management LLC Purchases 133,497 Shares of Arcus Biosciences, Inc. $RCUS

Key Points

• Granahan Investment Management LLC increased its stake in Arcus Biosciences by 38.6%, acquiring an additional 133,497 shares during the first quarter, now holding 479,590 shares valued at approximately $3.77 million.
• Arcus Biosciences reported a 310.3% year-over-year increase in quarterly revenue, totaling $160 million, despite a negative earnings per share of ($1.11).
• Brokerages have varied outlooks on Arcus Biosciences, with Morgan Stanley and Wells Fargo adjusting price targets and ratings, resulting in a consensus rating of "Moderate Buy" and an average target price of $21.14.

Granahan Investment Management LLC lifted its stake in shares of Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) by 38.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 479,590 shares of the company's stock after buying an additional 133,497 shares during the period. Granahan Investment Management LLC owned about 0.45% of Arcus Biosciences worth $3,765,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Lazard Asset Management LLC boosted its position in shares of Arcus Biosciences by 3,321.3% during the fourth quarter. Lazard Asset Management LLC now owns 6,261 shares of the company's stock valued at $93,000 after buying an additional 6,078 shares during the last quarter. E Fund Management Co. Ltd. purchased a new stake in shares of Arcus Biosciences during the first quarter valued at approximately $82,000. Knott David M Jr purchased a new stake in shares of Arcus Biosciences during the first quarter valued at approximately $94,000. Exchange Traded Concepts LLC increased its position in shares of Arcus Biosciences by 40.5% during the first quarter. Exchange Traded Concepts LLC now owns 13,922 shares of the company's stock valued at $109,000 after acquiring an additional 4,013 shares during the last quarter. Finally, Brevan Howard Capital Management LP increased its position in shares of Arcus Biosciences by 38.3% during the fourth quarter. Brevan Howard Capital Management LP now owns 14,279 shares of the company's stock valued at $213,000 after acquiring an additional 3,957 shares during the last quarter. Hedge funds and other institutional investors own 92.89% of the company's stock.

Wall Street Analysts Forecast Growth

RCUS has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their price target on Arcus Biosciences from $26.00 to $25.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Wall Street Zen raised Arcus Biosciences from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 9th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $21.14.

Arcus Biosciences Stock Performance

RCUS traded up $0.43 on Wednesday, hitting $11.75. The company's stock had a trading volume of 757,094 shares, compared to its average volume of 1,004,583. The company's 50 day simple moving average is $9.84 and its 200-day simple moving average is $9.13. The firm has a market cap of $1.25 billion, a P/E ratio of -3.71 and a beta of 0.82. Arcus Biosciences, Inc. has a 12 month low of $6.50 and a 12 month high of $18.98. The company has a quick ratio of 4.50, a current ratio of 4.50 and a debt-to-equity ratio of 0.18.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($1.11) EPS for the quarter, topping the consensus estimate of ($1.14) by $0.03. The company had revenue of $160.00 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the firm earned ($1.02) EPS. Analysts forecast that Arcus Biosciences, Inc. will post -3.15 EPS for the current year.

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.