Renaissance Technologies LLC Trims Holdings in Arcus Biosciences, Inc. (NYSE:RCUS)

Renaissance Technologies LLC trimmed its holdings in shares of Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) by 89.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,500 shares of the company's stock after selling 165,400 shares during the quarter. Renaissance Technologies LLC's holdings in Arcus Biosciences were worth $275,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of RCUS. R Squared Ltd purchased a new stake in Arcus Biosciences in the fourth quarter worth $26,000. US Bancorp DE raised its stake in Arcus Biosciences by 2,432.0% in the 4th quarter. US Bancorp DE now owns 6,887 shares of the company's stock valued at $103,000 after acquiring an additional 6,615 shares during the period. AXQ Capital LP bought a new position in Arcus Biosciences during the fourth quarter worth about $160,000. KLP Kapitalforvaltning AS purchased a new position in shares of Arcus Biosciences in the fourth quarter worth about $207,000. Finally, Teacher Retirement System of Texas increased its stake in shares of Arcus Biosciences by 19.2% in the fourth quarter. Teacher Retirement System of Texas now owns 14,952 shares of the company's stock worth $223,000 after purchasing an additional 2,410 shares in the last quarter. 92.89% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Barclays cut their price objective on shares of Arcus Biosciences from $29.00 to $14.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. HC Wainwright upgraded Arcus Biosciences from a "neutral" rating to a "buy" rating and lifted their price target for the company from $18.00 to $24.00 in a research report on Wednesday, February 26th. 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 note on Friday. The Goldman Sachs Group decreased their price target on Arcus Biosciences from $15.00 to $13.00 and set a "neutral" rating on the stock in a research report on Thursday. Finally, Bank of America cut their price objective on shares of Arcus Biosciences from $22.00 to $17.00 and set a "neutral" rating for the company in a research report on Wednesday, February 19th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $25.67.

Insiders Place Their Bets

In related news, Director Yasunori Kaneko bought 20,000 shares of the stock in a transaction dated Thursday, February 27th. The stock was bought at an average price of $10.06 per share, with a total value of $201,200.00. Following the purchase, the director now owns 28,400 shares in the company, valued at approximately $285,704. The trade was a 238.10 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Terry J. Rosen purchased 19,800 shares of Arcus Biosciences stock in a transaction that occurred on Thursday, February 27th. The shares were bought at an average price of $10.18 per share, for a total transaction of $201,564.00. Following the completion of the transaction, the chief executive officer now owns 2,554,160 shares in the company, valued at $26,001,348.80. The trade was a 0.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 12.30% of the stock is currently owned by insiders.

Arcus Biosciences Price Performance

Shares of RCUS traded down $0.25 during midday trading on Friday, reaching $8.28. The stock had a trading volume of 1,185,733 shares, compared to its average volume of 829,686. The company has a market capitalization of $876.73 million, a price-to-earnings ratio of -2.63 and a beta of 0.88. The company has a current ratio of 5.24, a quick ratio of 5.24 and a debt-to-equity ratio of 0.08. Arcus Biosciences, Inc. has a 12-month low of $6.50 and a 12-month high of $18.98. The company's 50-day moving average is $8.42 and its 200 day moving average is $12.49.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($1.14) EPS for the quarter, missing the consensus estimate of ($1.02) by ($0.12). Arcus Biosciences had a negative return on equity of 45.59% and a negative net margin of 102.66%. The business had revenue of $28.00 million for the quarter, compared to analysts' expectations of $38.61 million. During the same period last year, the business posted ($0.05) earnings per share. The company's revenue was down 80.7% compared to the same quarter last year. On average, equities analysts predict that Arcus Biosciences, Inc. will post -3.15 EPS for the current fiscal year.

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.