Man Group plc Acquires New Shares in Arcus Biosciences, Inc. $RCUS

Key Points

• Man Group plc acquired 137,763 shares of Arcus Biosciences in the second quarter, valued at approximately $4.25 million and representing about 0.11% of the company. Institutional investors and hedge funds collectively own 92.89% of Arcus.
• Analyst sentiment remains generally positive, with eight Buy ratings, three Holds and one Sell; the stock carries a “Moderate Buy” consensus and an average price target of $37.80, compared with its $29.27 opening price.
• Arcus exceeded quarterly expectations with a loss of $0.72 per share versus the $0.89 consensus estimate and revenue of $41 million, though revenue fell 74.4% year over year and the company remains deeply unprofitable.

Man Group plc acquired a new position in shares of Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 137,763 shares of the company's stock, valued at approximately $4,247,000. Man Group plc owned about 0.11% of Arcus Biosciences at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Nicholas Investment Partners LP acquired a new stake in shares of Arcus Biosciences in the 4th quarter worth about $4,869,000. First Turn Management LLC acquired a new position in Arcus Biosciences during the 4th quarter valued at about $13,467,000. Baker BROS. Advisors LP acquired a new position in Arcus Biosciences during the 4th quarter valued at about $6,434,000. Y Intercept Hong Kong Ltd bought a new position in Arcus Biosciences in the 1st quarter worth about $1,862,000. Finally, Handelsbanken Fonder AB bought a new position in Arcus Biosciences in the 2nd quarter worth about $1,202,000. 92.89% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Arcus Biosciences

In other Arcus Biosciences news, CAO Alexander Azoy sold 2,827 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $30.00, for a total value of $84,810.00. Following the completion of the sale, the chief accounting officer directly owned 39,581 shares in the company, valued at $1,187,430. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Juan C. Jaen sold 20,067 shares of the company's stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $28.62, for a total value of $574,317.54. Following the completion of the sale, the president owned 822,240 shares of the company's stock, valued at $23,532,508.80. This trade represents a 2.38% 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. In the last three months, insiders have sold 102,827 shares of company stock worth $2,994,141. 7.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Arcus Biosciences in a report on Friday, July 17th. Lifesci Capital began coverage on Arcus Biosciences in a report on Thursday, June 4th. They issued an "outperform" rating and a $46.00 price objective for the company. Morgan Stanley set a $23.00 target price on Arcus Biosciences in a research report on Monday, August 10th. HC Wainwright lifted their target price on Arcus Biosciences from $32.00 to $45.00 and gave the company a "buy" rating in a research note on Monday, July 20th. Finally, Wall Street Zen downgraded Arcus Biosciences from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Arcus Biosciences has an average rating of "Moderate Buy" and an average target price of $37.80.

Arcus Biosciences Stock Up 0.2%

Arcus Biosciences stock opened at $29.27 on Monday. Arcus Biosciences, Inc. has a 52 week low of $10.40 and a 52 week high of $31.74. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of -7.51 and a beta of 0.80. The company's 50-day moving average price is $29.14 and its two-hundred day moving average price is $25.11. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.22.

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

Arcus Biosciences 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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