Short Interest in Arcus Biosciences, Inc. (NYSE:RCUS) Drops By 17.1%

Arcus Biosciences, Inc. (NYSE:RCUS - Get Free Report) was the recipient of a significant decline in short interest during the month of April. As of April 15th, there was short interest totalling 6,840,000 shares, a decline of 17.1% from the March 31st total of 8,250,000 shares. Based on an average daily volume of 819,200 shares, the days-to-cover ratio is currently 8.3 days. Currently, 14.5% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RCUS. Wedbush reissued an "outperform" rating and issued a $30.00 price target on shares of Arcus Biosciences in a report on Thursday, February 22nd. Mizuho cut their price target on Arcus Biosciences from $51.00 to $42.00 and set a "buy" rating for the company in a report on Tuesday, January 30th. Finally, Truist Financial reaffirmed a "buy" rating and issued a $50.00 price objective on shares of Arcus Biosciences in a research report on Monday, March 25th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, Arcus Biosciences has a consensus rating of "Moderate Buy" and a consensus target price of $41.25.

Arcus Biosciences Stock Up 5.6 %

Shares of NYSE:RCUS traded up $0.82 during midday trading on Friday, reaching $15.55. The company's stock had a trading volume of 505,353 shares, compared to its average volume of 515,250. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of -3.75 and a beta of 0.81. Arcus Biosciences has a 1 year low of $12.95 and a 1 year high of $25.47. The business has a 50 day moving average price of $17.48 and a 200 day moving average price of $16.62.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last posted its quarterly earnings results on Wednesday, February 21st. The company reported ($1.08) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.09) by $0.01. Arcus Biosciences had a negative return on equity of 57.17% and a negative net margin of 262.39%. The firm had revenue of $31.00 million during the quarter, compared to the consensus estimate of $28.30 million. During the same quarter in the previous year, the business earned ($0.93) earnings per share. The firm's quarterly revenue was down 8.8% compared to the same quarter last year. Sell-side analysts anticipate that Arcus Biosciences will post -3.59 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Jennifer Jarrett sold 24,555 shares of Arcus Biosciences stock in a transaction on Monday, February 26th. The stock was sold at an average price of $20.07, for a total transaction of $492,818.85. Following the completion of the transaction, the chief operating officer now directly owns 274,323 shares of the company's stock, valued at $5,505,662.61. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, major shareholder Gilead Sciences, Inc. purchased 15,238,095 shares of the business's stock in a transaction dated Monday, January 29th. The stock was bought at an average cost of $21.00 per share, with a total value of $319,999,995.00. Following the completion of the acquisition, the insider now directly owns 30,061,124 shares in the company, valued at approximately $631,283,604. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Jennifer Jarrett sold 24,555 shares of the business's stock in a transaction on Monday, February 26th. The stock was sold at an average price of $20.07, for a total value of $492,818.85. Following the completion of the transaction, the chief operating officer now directly owns 274,323 shares of the company's stock, valued at $5,505,662.61. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 53,455 shares of company stock valued at $1,014,779. 13.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Arcus Biosciences

Institutional investors have recently added to or reduced their stakes in the company. Decheng Capital LLC purchased a new stake in shares of Arcus Biosciences in the fourth quarter worth about $16,613,000. Barclays PLC boosted its position in shares of Arcus Biosciences by 183.4% in the third quarter. Barclays PLC now owns 470,776 shares of the company's stock worth $8,451,000 after buying an additional 304,683 shares during the period. FMR LLC boosted its position in shares of Arcus Biosciences by 4.9% in the third quarter. FMR LLC now owns 4,780,052 shares of the company's stock worth $85,802,000 after buying an additional 222,280 shares during the period. Vanguard Group Inc. boosted its position in shares of 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 during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of 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.

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.