Principal Financial Group Inc. Raises Position in Arcus Biosciences, Inc. (NYSE:RCUS)

Principal Financial Group Inc. increased its holdings in Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) by 27.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 334,981 shares of the company's stock after buying an additional 71,464 shares during the period. Principal Financial Group Inc. owned 0.32% of Arcus Biosciences worth $2,630,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Gilead Sciences Inc. bought a new stake in shares of Arcus Biosciences in the fourth quarter worth $447,610,000. Boxer Capital Management LLC bought a new stake in shares of Arcus Biosciences in the fourth quarter worth $23,857,000. Braidwell LP bought a new stake in shares of Arcus Biosciences in the fourth quarter worth $11,943,000. Millennium Management LLC grew its stake in shares of Arcus Biosciences by 277.1% in the fourth quarter. Millennium Management LLC now owns 924,369 shares of the company's stock worth $13,764,000 after purchasing an additional 679,267 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Arcus Biosciences in the fourth quarter worth $6,928,000. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Arcus Biosciences Trading Down 0.8%

NYSE:RCUS traded down $0.08 during trading hours on Tuesday, reaching $9.19. The company's stock had a trading volume of 492,368 shares, compared to its average volume of 887,354. The firm has a market capitalization of $972.60 million, a price-to-earnings ratio of -2.19 and a beta of 0.80. The firm has a 50-day simple moving average of $8.97 and a 200-day simple moving average of $9.92. Arcus Biosciences, Inc. has a 1 year low of $6.50 and a 1 year high of $18.98. The company has a debt-to-equity ratio of 0.09, a quick ratio of 5.37 and a current ratio of 5.37.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.02) by ($0.12). The firm had revenue of $28.00 million during the quarter, compared to the consensus estimate of $38.61 million. Arcus Biosciences had a negative return on equity of 70.58% and a negative net margin of 258.94%. Arcus Biosciences's revenue was down 80.7% on a year-over-year basis. During the same period last year, the business earned ($0.05) EPS. Research analysts expect that Arcus Biosciences, Inc. will post -3.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on RCUS. Morgan Stanley cut their price target on shares of Arcus Biosciences from $24.00 to $22.00 and set an "overweight" rating on the stock in a research report on Friday, May 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 on the stock in a report on Thursday, May 8th. Wedbush reiterated an "outperform" rating and set a $33.00 price objective on shares of Arcus Biosciences in a report on Wednesday, May 7th. Wells Fargo & Company dropped their price objective on shares of Arcus Biosciences from $29.00 to $26.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Finally, Barclays dropped their price objective on shares of Arcus Biosciences from $29.00 to $14.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.29.

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.