Rafferty Asset Management LLC Increases Stock Position in Arcus Biosciences, Inc. $RCUS

Key Points

• Rafferty Asset Management LLC increased its stake in Arcus Biosciences by 44.6% in the first quarter, now owning 112,326 shares valued at approximately $882,000.
• Several hedge funds, including Wellington Management Group LLP, have made significant investments in Arcus Biosciences, with institutional investors owning about 92.89% of the stock.
• Despite a revenue increase of 310.3% year-over-year, Arcus Biosciences reported a loss of ($1.11) EPS for the quarter, beating analyst expectations by $0.03.

Rafferty Asset Management LLC lifted its stake in shares of Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) by 44.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 112,326 shares of the company's stock after buying an additional 34,644 shares during the period. Rafferty Asset Management LLC owned about 0.11% of Arcus Biosciences worth $882,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its position in shares of Arcus Biosciences by 54.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 18,405 shares of the company's stock worth $144,000 after purchasing an additional 6,453 shares in the last quarter. Yousif Capital Management LLC increased its stake in shares of Arcus Biosciences by 18.6% during the 1st quarter. Yousif Capital Management LLC now owns 24,829 shares of the company's stock worth $195,000 after purchasing an additional 3,893 shares during the last quarter. Amalgamated Bank increased its stake in shares of Arcus Biosciences by 18.4% during the 1st quarter. Amalgamated Bank now owns 18,797 shares of the company's stock worth $148,000 after purchasing an additional 2,922 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Arcus Biosciences in the 4th quarter valued at approximately $531,000. Finally, Rhumbline Advisers grew its stake in Arcus Biosciences by 14.8% in the 1st quarter. Rhumbline Advisers now owns 182,909 shares of the company's stock valued at $1,436,000 after buying an additional 23,645 shares in the last quarter. Institutional investors own 92.89% of the company's stock.

Arcus Biosciences Price Performance

Shares of Arcus Biosciences stock traded up $0.83 during trading hours on Wednesday, reaching $11.64. 1,116,017 shares of the company's stock were exchanged, compared to its average volume of 725,482. Arcus Biosciences, Inc. has a 1 year low of $6.50 and a 1 year high of $18.98. The company has a market capitalization of $1.24 billion, a P/E ratio of -3.67 and a beta of 0.83. The business has a fifty day moving average of $9.56 and a two-hundred day moving average of $9.14. 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 earnings results on Wednesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.14) by $0.03. Arcus Biosciences had a negative net margin of 109.56% and a negative return on equity of 55.96%. The business had revenue of $160.00 million during the quarter, compared to analyst estimates of $32.86 million. During the same quarter in the prior year, the firm earned ($1.02) earnings per share. The company's revenue for the quarter was up 310.3% compared to the same quarter last year. As a group, research analysts predict that Arcus Biosciences, Inc. will post -3.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on RCUS. Wall Street Zen raised shares of Arcus Biosciences from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 9th. Wedbush reissued an "outperform" rating and set a $33.00 price objective on shares of Arcus Biosciences in a research note on Wednesday, May 7th. The Goldman Sachs Group dropped their target price on shares of Arcus Biosciences from $15.00 to $13.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Wells Fargo & Company lowered their price objective on shares of Arcus Biosciences from $26.00 to $25.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Finally, Morgan Stanley reduced their target price on shares of Arcus Biosciences from $24.00 to $22.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Arcus Biosciences currently has a consensus rating of "Moderate Buy" and a consensus price target of $21.14.

About Arcus Biosciences

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.