Q2 2024 EPS Estimates for Arcus Biosciences, Inc. Reduced by Wedbush (NYSE:RCUS)

Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) - Research analysts at Wedbush decreased their Q2 2024 earnings per share estimates for Arcus Biosciences in a note issued to investors on Wednesday, May 8th. Wedbush analyst R. Driscoll now expects that the company will earn ($0.88) per share for the quarter, down from their previous estimate of ($0.71). Wedbush has a "Outperform" rating and a $30.00 price objective on the stock. The consensus estimate for Arcus Biosciences' current full-year earnings is ($3.55) per share. Wedbush also issued estimates for Arcus Biosciences' Q3 2024 earnings at ($0.70) EPS, Q4 2024 earnings at ($0.72) EPS, FY2024 earnings at ($2.35) EPS, FY2025 earnings at ($3.46) EPS, FY2026 earnings at ($3.32) EPS and FY2027 earnings at ($1.03) EPS.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.05) earnings per share for the quarter, beating analysts' consensus estimates of ($0.97) by $0.92. Arcus Biosciences had a negative return on equity of 40.98% and a negative net margin of 97.47%. The business had revenue of $145.00 million during the quarter, compared to analysts' expectations of $28.77 million. During the same quarter last year, the business posted ($1.09) earnings per share. The business's revenue for the quarter was up 480.0% on a year-over-year basis.

A number of other analysts have also commented on RCUS. Truist Financial reaffirmed a "buy" rating and set a $50.00 price objective on shares of Arcus Biosciences in a research note on Monday, March 25th. Mizuho decreased their price objective on Arcus Biosciences from $51.00 to $42.00 and set a "buy" rating on the stock in a research note on Tuesday, January 30th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $41.25.

Arcus Biosciences Trading Up 2.9 %

Shares of RCUS stock traded up $0.49 during mid-day trading on Monday, reaching $17.20. The stock had a trading volume of 710,716 shares, compared to its average volume of 775,312. Arcus Biosciences has a 12-month low of $12.95 and a 12-month high of $25.47. The company has a market cap of $1.56 billion, a P/E ratio of -5.53 and a beta of 0.91. The business has a 50-day simple moving average of $16.86 and a 200 day simple moving average of $16.60.

Institutional Investors Weigh In On Arcus Biosciences

Hedge funds have recently modified their holdings of the stock. Citigroup Inc. raised its holdings in shares of Arcus Biosciences by 20.8% during the 3rd quarter. Citigroup Inc. now owns 145,729 shares of the company's stock valued at $2,616,000 after buying an additional 25,083 shares during the period. Vanguard Group Inc. raised its holdings in shares of Arcus Biosciences by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,493,818 shares of the company's stock valued at $80,664,000 after buying an additional 61,040 shares during the period. Trexquant Investment LP purchased a new stake in shares of Arcus Biosciences during the 3rd quarter valued at about $1,412,000. Seven Eight Capital LP purchased a new stake in shares of Arcus Biosciences during the 3rd quarter valued at about $292,000. Finally, Dark Forest Capital Management LP purchased a new stake in shares of Arcus Biosciences during the 3rd quarter valued at about $686,000. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Jennifer Jarrett sold 24,555 shares of the firm's stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $20.07, for a total value of $492,818.85. Following the transaction, the chief operating officer now directly owns 274,323 shares in the company, valued at approximately $5,505,662.61. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, President Juan C. Jaen sold 3,900 shares of the firm's stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $20.06, for a total value of $78,234.00. Following the transaction, the president now directly owns 1,211,365 shares in the company, valued at approximately $24,299,981.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Jennifer Jarrett sold 24,555 shares of the firm's stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $20.07, for a total value of $492,818.85. Following the sale, the chief operating officer now owns 274,323 shares in the company, valued at $5,505,662.61. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 53,455 shares of company stock valued at $1,014,779. Insiders own 12.30% of the company's stock.

Arcus Biosciences Company 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.