Wellington Management Group LLP Takes $8.50 Million Position in Arcus Biosciences, Inc. $RCUS

Key Points

• Wellington Management Group LLP has acquired a new stake in Arcus Biosciences, purchasing 1,082,808 shares valued at approximately $8.5 million during the first quarter, representing about 1.02% of the company's stock.
• Several institutional investors, including Wells Fargo and Dimensional Fund Advisors, have increased their holdings in Arcus Biosciences, which now has approximately 92.89% of its stock owned by institutional investors.
• Despite a quarterly loss, Arcus Biosciences reported a significant revenue increase of 310.3% year-over-year, with revenue for the quarter reaching $160 million, surpassing analyst expectations.

Wellington Management Group LLP acquired a new position in Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 1,082,808 shares of the company's stock, valued at approximately $8,500,000. Wellington Management Group LLP owned approximately 1.02% of Arcus Biosciences at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in RCUS. Wells Fargo & Company MN grew its holdings in Arcus Biosciences by 105.9% in the 4th quarter. Wells Fargo & Company MN now owns 38,618 shares of the company's stock worth $575,000 after buying an additional 19,865 shares in the last quarter. Raymond James Financial Inc. bought a new position in Arcus Biosciences in the 4th quarter worth approximately $531,000. First Trust Advisors LP grew its holdings in Arcus Biosciences by 43.1% in the 4th quarter. First Trust Advisors LP now owns 17,708 shares of the company's stock worth $264,000 after buying an additional 5,337 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Arcus Biosciences by 11.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,702,302 shares of the company's stock worth $25,348,000 after purchasing an additional 178,351 shares during the period. Finally, MetLife Investment Management LLC lifted its position in Arcus Biosciences by 8.1% in the fourth quarter. MetLife Investment Management LLC now owns 33,525 shares of the company's stock worth $499,000 after purchasing an additional 2,521 shares during the period. 92.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Arcus Biosciences Price Performance

Shares of NYSE:RCUS traded down $0.02 on Friday, reaching $10.60. 548,275 shares of the company traded hands, compared to its average volume of 746,775. Arcus Biosciences, Inc. has a fifty-two week low of $6.50 and a fifty-two week high of $18.98. The company's 50 day moving average is $9.42 and its 200-day moving average is $9.13. The stock has a market capitalization of $1.13 billion, a PE ratio of -3.34 and a beta of 0.82. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.50 and a quick ratio of 4.50.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($1.11) EPS for the quarter, beating analysts' consensus estimates of ($1.14) by $0.03. Arcus Biosciences had a negative return on equity of 55.96% and a negative net margin of 109.56%.The company had revenue of $160.00 million during the quarter, compared to the consensus estimate of $32.86 million. During the same quarter in the prior year, the firm earned ($1.02) EPS. The company's quarterly revenue was up 310.3% compared to the same quarter last year. As a group, analysts anticipate that Arcus Biosciences, Inc. will post -3.15 earnings per share for the current fiscal year.

Arcus Biosciences 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.