Suvretta Capital Management LLC Lowers Stock Position in Arcus Biosciences, Inc. (NYSE:RCUS)

Suvretta Capital Management LLC reduced its stake in Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) by 13.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 576,156 shares of the company's stock after selling 87,447 shares during the period. Suvretta Capital Management LLC owned 0.63% of Arcus Biosciences worth $8,579,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Gilead Sciences Inc. bought a new position in shares of Arcus Biosciences during the fourth quarter valued at approximately $447,610,000. Barclays PLC boosted its holdings in Arcus Biosciences by 49.0% in the third quarter. Barclays PLC now owns 118,693 shares of the company's stock worth $1,816,000 after purchasing an additional 39,015 shares during the last quarter. Norges Bank purchased a new position in shares of Arcus Biosciences during the 4th quarter worth $507,000. US Bancorp DE boosted its stake in shares of Arcus Biosciences by 2,432.0% during the 4th quarter. US Bancorp DE now owns 6,887 shares of the company's stock worth $103,000 after acquiring an additional 6,615 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Arcus Biosciences during the 4th quarter worth $531,000. 92.89% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Terry J. Rosen acquired 19,800 shares of Arcus Biosciences stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average price of $10.18 per share, for a total transaction of $201,564.00. Following the purchase, the chief executive officer now directly owns 2,554,160 shares in the company, valued at $26,001,348.80. The trade was a 0.78% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Yasunori Kaneko acquired 20,000 shares of Arcus Biosciences stock in a transaction that occurred on Thursday, February 27th. The shares were purchased 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 $285,704. This represents a 238.10% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 12.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on RCUS shares. Wedbush reissued an "outperform" rating and issued a $33.00 price objective on shares of Arcus Biosciences in a research note on Wednesday, May 7th. Bank of America dropped 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 note on Wednesday, February 19th. The Goldman Sachs Group dropped their price objective on shares of Arcus Biosciences from $15.00 to $13.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Wells Fargo & Company dropped their price objective on shares of Arcus Biosciences from $29.00 to $26.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. Finally, HC Wainwright raised shares of Arcus Biosciences from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $18.00 to $24.00 in a research note on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $25.67.

Arcus Biosciences Trading Up 1.9%

Shares of RCUS stock traded up $0.16 during trading hours on Thursday, reaching $8.77. 439,750 shares of the stock were exchanged, compared to its average volume of 845,024. The firm has a market capitalization of $928.61 million, a price-to-earnings ratio of -2.78 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 price is $8.24 and its 200-day moving average price is $12.00.

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 net margin of 102.66% and a negative return on equity of 45.59%. The business had revenue of $28.00 million during the quarter, compared to the consensus estimate of $38.61 million. During the same quarter in the prior year, the firm posted ($0.05) EPS. The company's revenue for the quarter was down 80.7% compared to the same quarter last year. As a group, equities analysts anticipate that Arcus Biosciences, Inc. will post -3.15 earnings per share for the current 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.