Illinois Municipal Retirement Fund Invests $783,000 in Arcus Biosciences, Inc. $RCUS

Key Points

• Illinois Municipal Retirement Fund bought a new stake in Arcus Biosciences in Q1, acquiring 36,233 shares valued at about $783,000.
• Institutional ownership in Arcus remains very high at 92.89%, and several other funds, including AQR Capital, Millennium Management, and Goldman Sachs, also increased their positions.
• Arcus Biosciences recently posted a weaker-than-expected quarter, with EPS of -$1.02 and revenue of $17 million, both below analyst estimates; meanwhile, insiders have sold shares over the past three months.

Illinois Municipal Retirement Fund purchased a new position in Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 36,233 shares of the company's stock, valued at approximately $783,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its position in shares of Arcus Biosciences by 253.9% during the 1st quarter. AQR Capital Management LLC now owns 90,954 shares of the company's stock worth $714,000 after buying an additional 65,254 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Arcus Biosciences by 10.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,572 shares of the company's stock worth $297,000 after acquiring an additional 3,565 shares in the last quarter. Millennium Management LLC lifted its position in Arcus Biosciences by 29.2% in the first quarter. Millennium Management LLC now owns 1,194,622 shares of the company's stock valued at $9,378,000 after acquiring an additional 270,253 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Arcus Biosciences by 106.2% in the first quarter. Goldman Sachs Group Inc. now owns 914,208 shares of the company's stock valued at $7,177,000 after acquiring an additional 470,755 shares during the last quarter. Finally, Strs Ohio acquired a new position in Arcus Biosciences in the first quarter valued at $67,000. Institutional investors and hedge funds own 92.89% of the company's stock.

Arcus Biosciences Price Performance

Shares of NYSE RCUS opened at $29.71 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 4.04 and a current ratio of 4.04. Arcus Biosciences, Inc. has a one year low of $8.84 and a one year high of $31.74. The firm has a market capitalization of $3.74 billion, a P/E ratio of -9.34 and a beta of 0.80. The company's fifty day moving average is $26.49 and its two-hundred day moving average is $23.82.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($1.02) earnings per share for the quarter, missing the consensus estimate of ($0.92) by ($0.10). Arcus Biosciences had a negative net margin of 156.36% and a negative return on equity of 68.97%. The firm had revenue of $17.00 million during the quarter, compared to analysts' expectations of $29.48 million. During the same period in the previous year, the business earned ($1.14) earnings per share. The business's revenue for the quarter was down 39.3% on a year-over-year basis. Analysts forecast that Arcus Biosciences, Inc. will post -3.66 EPS for the current fiscal year.

Insider Transactions at Arcus Biosciences

In related news, President Juan C. Jaen sold 48,502 shares of the business's stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $30.05, for a total value of $1,457,485.10. Following the completion of the transaction, the president owned 842,307 shares of the company's stock, valued at approximately $25,311,325.35. The trade was a 5.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Alexander Azoy sold 2,562 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $25.77, for a total value of $66,022.74. Following the completion of the transaction, the chief accounting officer owned 39,581 shares of the company's stock, valued at $1,020,002.37. This trade represents a 6.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 110,325 shares of company stock valued at $3,174,319 over the last three months. 7.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

RCUS has been the subject of several research analyst reports. The Goldman Sachs Group increased their price objective on Arcus Biosciences from $30.00 to $34.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Truist Financial initiated coverage on shares of Arcus Biosciences in a research report on Monday, May 18th. They issued a "buy" rating and a $35.00 price target for the company. Leerink Partners set a $47.00 price target on shares of Arcus Biosciences in a research note on Monday, April 20th. Wedbush increased their price target on shares of Arcus Biosciences from $37.00 to $41.00 and gave the stock an "outperform" rating in a research note on Thursday, April 2nd. Finally, Morgan Stanley raised their price objective on shares of Arcus Biosciences from $20.00 to $22.00 and gave the stock an "equal weight" rating in a research report on Monday, May 11th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $36.40.

Arcus Biosciences Company Profile

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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