Legal & General Group Plc Invests $5.91 Million in Arcus Biosciences, Inc. $RCUS

Key Points

• Legal & General Group Plc acquired 191,560 Arcus Biosciences shares worth approximately $5.91 million, giving it a 0.15% stake. Institutional investors collectively own 92.89% of the company.
• Arcus insiders sold 102,827 shares worth about $2.99 million during the past quarter, including sales by President Juan Jaen and Chief Accounting Officer Alexander Azoy under pre-arranged Rule 10b5-1 plans.
• Analysts maintain a generally positive outlook, with eight Buy ratings and a consensus “Moderate Buy” rating alongside a $37.80 average price target. Arcus recently beat quarterly earnings estimates, reporting a loss of $0.72 per share versus the expected $0.89 loss.

Legal & General Group Plc purchased a new stake in shares of Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 191,560 shares of the company's stock, valued at approximately $5,906,000. Legal & General Group Plc owned 0.15% of Arcus Biosciences at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Nicholas Investment Partners LP purchased a new stake in shares of Arcus Biosciences in the fourth quarter valued at $4,869,000. Bank of New York Mellon Corp acquired a new position in Arcus Biosciences during the second quarter valued at $16,741,000. First Turn Management LLC acquired a new position in Arcus Biosciences during the fourth quarter valued at $13,467,000. Baker BROS. Advisors LP purchased a new stake in Arcus Biosciences in the 4th quarter worth about $6,434,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Arcus Biosciences during the 1st quarter worth about $1,862,000. Hedge funds and other institutional investors own 92.89% of the company's stock.

Insider Activity at Arcus Biosciences

In other news, President Juan Jaen sold 48,502 shares of Arcus Biosciences stock in a transaction that occurred on 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 transaction, the president owned 842,307 shares of the company's stock, valued at $25,311,325.35. This trade represents a 5.44% decrease in their ownership of the stock. The transaction 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 2,827 shares of the company's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $30.00, for a total transaction of $84,810.00. Following the sale, the chief accounting officer directly owned 39,581 shares of the company's stock, valued at approximately $1,187,430. This represents a 6.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 102,827 shares of company stock worth $2,994,141. Corporate insiders own 7.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on RCUS shares. Lifesci Capital began coverage on Arcus Biosciences in a research note on Thursday, June 4th. They set an "outperform" rating and a $46.00 target price on the stock. Truist Financial started coverage on shares of Arcus Biosciences in a research report on Monday, May 18th. They set a "buy" rating and a $35.00 price objective on the stock. The Goldman Sachs Group reiterated a "buy" rating and issued a $42.00 price objective on shares of Arcus Biosciences in a research note on Friday, August 7th. Wells Fargo & Company increased their target price on shares of Arcus Biosciences from $23.00 to $26.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 6th. Finally, Morgan Stanley set a $23.00 target price on shares of Arcus Biosciences in a research note on Monday, August 10th. Eight investment 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. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $37.80.

Arcus Biosciences Price Performance

Shares of NYSE:RCUS opened at $30.03 on Friday. The stock has a market capitalization of $3.82 billion, a P/E ratio of -7.70 and a beta of 0.81. The business has a 50-day moving average of $29.23 and a two-hundred day moving average of $25.38. Arcus Biosciences, Inc. has a fifty-two week low of $11.04 and a fifty-two week high of $31.74. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.82 and a quick ratio of 3.82.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.72) earnings per share for the quarter, beating analysts' consensus estimates of ($0.89) by $0.17. Arcus Biosciences had a negative return on equity of 89.54% and a negative net margin of 393.16%.The business had revenue of $41.00 million for the quarter, compared to the consensus estimate of $21.98 million. The firm's revenue was down 74.4% compared to the same quarter last year. On average, equities research analysts predict that Arcus Biosciences, Inc. will post -3.6 EPS for the current fiscal 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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