Sofinnova Investments Inc. Sells 125,558 Shares of Arcus Biosciences, Inc. $RCUS

Key Points

• Sofinnova Investments cut its Arcus Biosciences stake by 10.3% in the fourth quarter, selling 125,558 shares and ending with 1.10 million shares valued at about $26.1 million.
• Other large institutions were active in RCUS, with firms like Vanguard and State Street increasing holdings; overall, institutional investors now own 92.89% of the stock.
• Arcus Biosciences has mixed recent fundamentals and sentiment: it missed Q1 EPS and revenue estimates, while analysts still rate the stock Moderate Buy with a consensus target price of $35.10.

Sofinnova Investments Inc. decreased its position in shares of Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) by 10.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,096,705 shares of the company's stock after selling 125,558 shares during the quarter. Sofinnova Investments Inc. owned approximately 1.02% of Arcus Biosciences worth $26,134,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Arcus Biosciences by 20.1% during the 4th quarter. Vanguard Group Inc. now owns 7,962,874 shares of the company's stock worth $189,755,000 after acquiring an additional 1,333,421 shares during the period. State Street Corp grew its stake in shares of Arcus Biosciences by 34.8% during the 4th quarter. State Street Corp now owns 4,576,969 shares of the company's stock worth $109,069,000 after acquiring an additional 1,182,115 shares during the period. Marshall Wace LLP purchased a new stake in Arcus Biosciences during the 4th quarter worth about $80,731,000. Siren L.L.C. lifted its holdings in Arcus Biosciences by 3.3% during the 4th quarter. Siren L.L.C. now owns 3,007,077 shares of the company's stock worth $71,659,000 after purchasing an additional 95,000 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in Arcus Biosciences by 167.4% during the 4th quarter. Fisher Asset Management LLC now owns 1,949,788 shares of the company's stock worth $46,463,000 after purchasing an additional 1,220,635 shares in the last quarter. Institutional investors own 92.89% of the company's stock.

Insider Activity

In other Arcus Biosciences news, CFO Robert C. Goeltz II sold 7,763 shares of the firm's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $25.63, for a total value of $198,965.69. Following the sale, the chief financial officer owned 84,161 shares of the company's stock, valued at $2,157,046.43. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Alexander Azoy sold 2,562 shares of the firm's stock in a transaction dated 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 sale, the chief accounting officer directly owned 39,581 shares in the company, valued at approximately $1,020,002.37. The trade was a 6.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 9.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RCUS shares. Truist Financial started coverage on Arcus Biosciences in a report on Monday, May 18th. They set a "buy" rating and a $35.00 price objective on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Arcus Biosciences in a report on Monday, April 20th. HC Wainwright reissued a "buy" rating and set a $32.00 price objective on shares of Arcus Biosciences in a report on Monday, March 2nd. Lifesci Capital started coverage on Arcus Biosciences in a report on Thursday, June 4th. They set an "outperform" rating and a $46.00 price objective on the stock. Finally, Citigroup increased their price objective on Arcus Biosciences from $44.00 to $45.00 and gave the stock a "buy" rating in a report on Thursday, March 5th. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $35.10.

Arcus Biosciences Stock Performance

NYSE:RCUS opened at $24.14 on Tuesday. The business's 50-day moving average price is $24.07 and its two-hundred day moving average price is $22.91. Arcus Biosciences, Inc. has a twelve month low of $7.91 and a twelve month high of $28.72. The stock has a market cap of $3.04 billion, a P/E ratio of -7.59 and a beta of 0.85. The company has a quick ratio of 4.04, a current ratio of 4.04 and a debt-to-equity ratio of 0.19.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last released its quarterly earnings results 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 business had revenue of $17.00 million during the quarter, compared to analysts' expectations of $29.49 million. During the same period in the previous year, the business earned ($1.14) EPS. The business's revenue was down 39.3% on a year-over-year basis. As a group, equities analysts predict that Arcus Biosciences, Inc. will post -3.66 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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