The Manufacturers Life Insurance Company Makes New $1.41 Million Investment in Arcus Biosciences, Inc. $RCUS

Key Points

• The Manufacturers Life Insurance Company acquired 45,826 shares of Arcus Biosciences worth approximately $1.41 million in the second quarter. Institutional investors collectively own 92.89% of the company, with BlackRock and Wellington among other major holders.
• Arcus reported a quarterly loss of $0.72 per share, beating estimates of $0.89, while revenue of $41 million exceeded forecasts but fell 74.4% year over year. Analysts expect a full-year loss of approximately $3.60 per share.
• Analyst sentiment remains a “Moderate Buy”, with a consensus price target of $37.80 versus a recent share price of $30.03. Recent insider activity was negative, as insiders sold 102,827 shares worth nearly $3 million during the quarter.

The Manufacturers Life Insurance Company acquired a new stake in Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 45,826 shares of the company's stock, valued at approximately $1,413,000.

A number of other large investors also recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Arcus Biosciences in the 2nd quarter worth $506,113,000. Wellington Management Group LLP lifted its holdings in Arcus Biosciences by 309.4% during the 4th quarter. Wellington Management Group LLP now owns 5,184,509 shares of the company's stock worth $123,547,000 after buying an additional 3,918,220 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Arcus Biosciences during the fourth quarter worth about $80,731,000. Suvretta Capital Management LLC lifted its position in Arcus Biosciences by 40.7% during the 4th quarter. Suvretta Capital Management LLC now owns 5,188,858 shares of the company's stock worth $123,650,000 after buying an additional 1,500,000 shares in the last quarter. Finally, Toronto Dominion Bank bought a new stake in Arcus Biosciences in the fourth quarter valued at approximately $35,380,000. 92.89% of the stock is currently owned by institutional investors.

Arcus Biosciences Price Performance

Shares of NYSE:RCUS opened at $30.03 on Friday. The firm has a market capitalization of $3.82 billion, a price-to-earnings ratio of -7.70 and a beta of 0.81. Arcus Biosciences, Inc. has a 12 month low of $11.04 and a 12 month high of $31.74. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.82 and a quick ratio of 3.82. The business's 50 day simple moving average is $29.23 and its 200-day simple moving average is $25.38.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last announced 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. The business had revenue of $41.00 million for the quarter, compared to the consensus estimate of $21.98 million. Arcus Biosciences had a negative net margin of 393.16% and a negative return on equity of 89.54%. The business's revenue was down 74.4% compared to the same quarter last year. As a group, equities analysts forecast that Arcus Biosciences, Inc. will post -3.6 earnings per share for the current fiscal year.

Insider Buying and Selling at Arcus Biosciences

In other Arcus Biosciences news, CAO Alexander Azoy sold 2,827 shares of the business's stock in a transaction 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 transaction, the chief accounting officer owned 39,581 shares of the company's stock, valued at approximately $1,187,430. The trade was a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Juan Jaen sold 48,502 shares of the stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $30.05, for a total value of $1,457,485.10. Following the completion of the transaction, the president owned 842,307 shares in the company, valued at $25,311,325.35. The trade was a 5.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 102,827 shares of company stock valued at $2,994,141. Corporate insiders own 7.60% of the company's stock.

Analysts Set New Price Targets

RCUS has been the subject of several recent research reports. Morgan Stanley set a $23.00 price target on Arcus Biosciences in a research note on Monday, August 10th. Lifesci Capital assumed coverage on shares of Arcus Biosciences in a research note on Thursday, June 4th. They set an "outperform" rating and a $46.00 price target for the company. Wells Fargo & Company lifted their price objective on shares of Arcus Biosciences from $23.00 to $26.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 6th. Wall Street Zen cut shares of Arcus Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Finally, Wedbush boosted their price objective on shares of Arcus Biosciences from $41.00 to $43.00 and gave the company an "outperform" rating in a research report on Thursday, August 6th. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $37.80.

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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