Wedbush Decreases Earnings Estimates for Arcus Biosciences

Key Points

• Wedbush has lowered its FY2029 earnings per share estimate for Arcus Biosciences from $3.37 to $3.02, maintaining an "Outperform" rating with a target price of $33.00.
• Arcus recently reported a quarterly EPS of ($1.11), exceeding consensus estimates while achieving a revenue of $160 million, significantly up 310.3% year-over-year.
• Multiple firms, including Wells Fargo and Morgan Stanley, have reduced their price targets for Arcus Biosciences, reflecting a cautious outlook despite a high percentage of institutional ownership at 92.89%.

Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) - Research analysts at Wedbush dropped their FY2029 earnings per share estimates for shares of Arcus Biosciences in a research report issued on Thursday, August 7th. Wedbush analyst R. Driscoll now anticipates that the company will post earnings per share of $3.02 for the year, down from their prior estimate of $3.37. Wedbush has a "Outperform" rating and a $33.00 price objective on the stock. The consensus estimate for Arcus Biosciences' current full-year earnings is ($3.15) per share.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.14) by $0.03. Arcus Biosciences had a negative return on equity of 56.55% and a negative net margin of 109.56%. The business had revenue of $160.00 million during the quarter, compared to the consensus estimate of $32.86 million. During the same period last year, the company earned ($1.02) EPS. The company's revenue for the quarter was up 310.3% on a year-over-year basis.

RCUS has been the subject of a number of other reports. Wells Fargo & Company cut their target price on Arcus Biosciences from $26.00 to $25.00 and set an "overweight" rating for the company in a research note on Thursday. 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, May 9th. Barclays cut their price objective on Arcus Biosciences from $29.00 to $14.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, The Goldman Sachs Group cut their price objective on Arcus Biosciences from $15.00 to $13.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $21.14.

Arcus Biosciences Trading Down 3.2%

Shares of RCUS traded down $0.29 during midday trading on Friday, reaching $8.99. The company had a trading volume of 159,693 shares, compared to its average volume of 1,033,426. Arcus Biosciences has a 1-year low of $6.50 and a 1-year high of $18.98. The stock has a market cap of $951.53 million, a PE ratio of -2.85 and a beta of 0.89. The firm has a 50 day simple moving average of $9.15 and a 200-day simple moving average of $9.50. The company has a quick ratio of 5.37, a current ratio of 5.37 and a debt-to-equity ratio of 0.09.

Institutional Trading of Arcus Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the business. Police & Firemen s Retirement System of New Jersey boosted its holdings in Arcus Biosciences by 36.1% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 16,672 shares of the company's stock valued at $136,000 after acquiring an additional 4,424 shares during the period. Geode Capital Management LLC boosted its holdings in Arcus Biosciences by 14.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,596,329 shares of the company's stock valued at $12,995,000 after acquiring an additional 207,097 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Arcus Biosciences by 440.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 7,597 shares of the company's stock valued at $62,000 after acquiring an additional 6,191 shares during the period. ProShare Advisors LLC boosted its holdings in Arcus Biosciences by 17.8% during the 2nd quarter. ProShare Advisors LLC now owns 15,365 shares of the company's stock valued at $125,000 after acquiring an additional 2,319 shares during the period. Finally, AlphaQuest LLC boosted its holdings in Arcus Biosciences by 146.5% during the 2nd quarter. AlphaQuest LLC now owns 15,766 shares of the company's stock valued at $128,000 after acquiring an additional 9,370 shares during the period. 92.89% of the stock is owned by institutional investors and hedge funds.

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.

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