Arcus Biosciences (NYSE:RCUS) Shares Gap Up After Strong Earnings

Arcus Biosciences, Inc. (NYSE:RCUS - Get Free Report)'s share price gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $15.26, but opened at $16.96. Arcus Biosciences shares last traded at $16.67, with a volume of 48,197 shares traded.

The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.97) by $0.92. Arcus Biosciences had a negative return on equity of 57.17% and a negative net margin of 262.39%. The company had revenue of $145.00 million for the quarter, compared to analyst estimates of $28.77 million. During the same period in the previous year, the company posted ($1.09) EPS. The firm's revenue for the quarter was up 480.0% compared to the same quarter last year.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. 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 target on shares of Arcus Biosciences from $51.00 to $42.00 and set a "buy" rating on the stock in a report on Tuesday, January 30th. Finally, Wedbush reissued an "outperform" rating and set a $30.00 price objective on shares of Arcus Biosciences in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Arcus Biosciences presently has an average rating of "Moderate Buy" and an average target price of $41.25.

Insider Buying and Selling

In other news, COO Jennifer Jarrett sold 11,551 shares of the stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $17.55, for a total transaction of $202,720.05. Following the transaction, the chief operating officer now directly owns 215,253 shares in the company, valued at approximately $3,777,690.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Jennifer Jarrett sold 11,551 shares of the company's stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $17.55, for a total value of $202,720.05. Following the completion of the sale, the chief operating officer now owns 215,253 shares of the company's stock, valued at approximately $3,777,690.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Juan C. Jaen sold 3,900 shares of Arcus Biosciences stock in a transaction on Monday, February 26th. The stock was sold at an average price of $20.06, for a total transaction of $78,234.00. Following the completion of the transaction, the president now owns 1,211,365 shares in the company, valued at approximately $24,299,981.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 53,455 shares of company stock worth $1,014,779. Corporate insiders own 12.30% of the company's stock.

Institutional Trading of Arcus Biosciences

A number of institutional investors have recently made changes to their positions in RCUS. Decheng Capital LLC purchased a new stake in Arcus Biosciences in the 4th quarter worth approximately $16,613,000. Barclays PLC lifted its position in shares of Arcus Biosciences by 183.4% in the 3rd quarter. Barclays PLC now owns 470,776 shares of the company's stock worth $8,451,000 after purchasing an additional 304,683 shares during the period. FMR LLC boosted its stake in shares of Arcus Biosciences by 4.9% during the 3rd quarter. FMR LLC now owns 4,780,052 shares of the company's stock valued at $85,802,000 after purchasing an additional 222,280 shares in the last quarter. Vanguard Group Inc. raised its stake in Arcus Biosciences by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 4,680,716 shares of the company's stock worth $89,402,000 after buying an additional 186,898 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Arcus Biosciences by 11.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,594,609 shares of the company's stock worth $30,459,000 after buying an additional 158,094 shares during the period. Hedge funds and other institutional investors own 92.89% of the company's stock.

Arcus Biosciences Stock Performance

The company has a 50-day simple moving average of $17.01 and a two-hundred day simple moving average of $16.58. The firm has a market capitalization of $1.47 billion, a P/E ratio of -3.89 and a beta of 0.91.

About Arcus Biosciences

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.