Squarepoint Ops LLC Decreases Stake in Arcus Biosciences, Inc. $RCUS

Key Points

• Squarepoint Ops LLC cut its Arcus Biosciences stake by 77.3% in the second quarter, selling 51,523 shares and retaining 15,151 shares valued at approximately $467,000. Institutional investors collectively own 92.89% of the company.
• Analysts remain generally positive on RCUS, with 10 Buy, three Hold and one Sell rating. The stock has a “Moderate Buy” consensus and an average price target of $38.30, above its reported price of $25.30.
• Arcus reported a quarterly loss of $0.72 per share, beating estimates, while revenue of $41 million exceeded expectations but fell 74.4% year over year. Insiders sold 93,591 shares worth about $2.74 million during the quarter.

Squarepoint Ops LLC trimmed its holdings in shares of Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) by 77.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 15,151 shares of the company's stock after selling 51,523 shares during the quarter. Squarepoint Ops LLC's holdings in Arcus Biosciences were worth $467,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the business. Arizona State Retirement System boosted its stake in shares of Arcus Biosciences by 1.7% during the 2nd quarter. Arizona State Retirement System now owns 24,211 shares of the company's stock valued at $746,000 after buying an additional 409 shares during the last quarter. Nykredit A S bought a new stake in shares of Arcus Biosciences in the second quarter worth $134,000. Allianz Asset Management GmbH bought a new stake in shares of Arcus Biosciences in the second quarter worth $2,542,000. Corient Private Wealth LP raised its holdings in Arcus Biosciences by 144.9% in the second quarter. Corient Private Wealth LP now owns 59,127 shares of the company's stock valued at $1,823,000 after acquiring an additional 34,984 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Arcus Biosciences in the second quarter valued at $1,152,000. Institutional investors and hedge funds own 92.89% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on RCUS shares. Cantor Fitzgerald reissued an "overweight" rating on shares of Arcus Biosciences in a research report on Friday, September 11th. Lifesci Capital initiated 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. Wells Fargo & Company upped their price objective on Arcus Biosciences from $23.00 to $26.00 and gave the company an "equal weight" rating in a research note on Thursday, August 6th. Wedbush lifted their target price on Arcus Biosciences from $41.00 to $43.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $42.00 price target on shares of Arcus Biosciences in a report on Friday, August 7th. Ten research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $38.30.

Arcus Biosciences Stock Up 0.2%

Arcus Biosciences stock opened at $25.30 on Monday. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of -6.49 and a beta of 0.81. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.22. The company's 50-day moving average price is $28.40 and its two-hundred day moving average price is $25.89. Arcus Biosciences, Inc. has a 52 week low of $12.11 and a 52 week high of $31.74.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.72) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.89) by $0.17. Arcus Biosciences had a negative net margin of 393.16% and a negative return on equity of 89.54%. The business had revenue of $41.00 million during the quarter, compared to analysts' expectations of $21.98 million. Arcus Biosciences's revenue for the quarter was down 74.4% compared to the same quarter last year. On average, analysts expect that Arcus Biosciences, Inc. will post -3.59 EPS for the current fiscal year.

Insider Buying and Selling at Arcus Biosciences

In related news, CAO Alexander Azoy sold 2,827 shares of the firm's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $30.00, for a total transaction of $84,810.00. Following the completion of the transaction, the chief accounting officer owned 39,581 shares of the company's stock, valued at $1,187,430. This trade represents a 6.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Juan C. Jaen sold 48,502 shares of Arcus Biosciences stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $30.05, for a total value of $1,457,485.10. Following the transaction, the president directly owned 842,307 shares in the company, valued at approximately $25,311,325.35. The trade was a 5.44% 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. Over the last quarter, insiders have sold 93,591 shares of company stock worth $2,744,492. 7.60% of the stock is owned by insiders.

Arcus Biosciences Company Profile

Arcus Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for cancer and other serious diseases. The company combines antibody-based therapies, small-molecule drugs and combination treatment strategies designed to influence the immune system and other biological pathways involved in tumor growth.

Its oncology pipeline includes investigational therapies targeting pathways such as TIGIT, PD-1, CD73, adenosine receptors and HIF-2α. Key programs have included domvanalimab, an anti-TIGIT antibody; zimberelimab, an anti-PD-1 antibody; quemliclustat, a CD73 inhibitor; etrumadenant, an adenosine receptor antagonist; and AB521, an HIF-2α inhibitor.

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