Wells Fargo & Company Forecasts Strong Price Appreciation for Arcus Biosciences (NYSE:RCUS) Stock

Key Points

• Wells Fargo & Company has raised its price target for Arcus Biosciences from $25.00 to $29.00, indicating a potential upside of 73.54% from the current price.
• Several analysts have rated Arcus Biosciences positively, with Truist Financial setting a new price target of $39.00 and Citigroup raising its target to $54.00, while the stock currently has a consensus rating of "Moderate Buy."
• Arcus Biosciences reported a significant 310.3% increase in revenue year-over-year, with quarterly earnings per share of ($1.11), surpassing the consensus estimate.

Arcus Biosciences (NYSE:RCUS - Get Free Report) had its price target boosted by equities researchers at Wells Fargo & Company from $25.00 to $29.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective would suggest a potential upside of 73.54% from the company's current price.

RCUS has been the topic of several other research reports. Truist Financial restated a "buy" rating and set a $39.00 price objective (up previously from $32.00) on shares of Arcus Biosciences in a report on Tuesday, October 7th. Citigroup raised their price objective on Arcus Biosciences from $47.00 to $54.00 and gave the stock a "buy" rating in a report on Monday, October 13th. Wall Street Zen upgraded Arcus Biosciences from a "strong sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Arcus Biosciences in a report on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $27.22.

Arcus Biosciences Trading Up 1.5%

Shares of Arcus Biosciences stock opened at $16.71 on Monday. The company has a 50-day moving average of $12.26 and a two-hundred day moving average of $9.99. The stock has a market cap of $1.78 billion, a PE ratio of -5.29 and a beta of 0.77. The company has a current ratio of 4.50, a quick ratio of 4.50 and a debt-to-equity ratio of 0.18. Arcus Biosciences has a 12-month low of $6.50 and a 12-month high of $18.98.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($1.11) earnings per share for the quarter, beating the consensus estimate of ($1.14) by $0.03. The firm had revenue of $160.00 million during the quarter, compared to the consensus estimate of $32.86 million. Arcus Biosciences had a negative return on equity of 55.96% and a negative net margin of 109.56%.Arcus Biosciences's quarterly revenue was up 310.3% on a year-over-year basis. During the same period last year, the business posted ($1.02) EPS. On average, research analysts anticipate that Arcus Biosciences will post -3.15 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Alexander Azoy sold 2,831 shares of Arcus Biosciences stock in a transaction on Monday, September 29th. The shares were sold at an average price of $13.00, for a total transaction of $36,803.00. Following the sale, the chief accounting officer owned 27,363 shares of the company's stock, valued at $355,719. The trade was a 9.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Jennifer Jarrett sold 37,792 shares of the business's stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $15.05, for a total transaction of $568,769.60. Following the completion of the sale, the chief operating officer directly owned 214,232 shares of the company's stock, valued at $3,224,191.60. The trade was a 15.00% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 54,702 shares of company stock worth $806,081. Insiders own 9.60% of the company's stock.

Institutional Investors Weigh In On Arcus Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its stake in Arcus Biosciences by 59.1% during the 3rd quarter. GAMMA Investing LLC now owns 2,748 shares of the company's stock valued at $37,000 after purchasing an additional 1,021 shares during the period. CWM LLC raised its holdings in shares of Arcus Biosciences by 233.6% in the 2nd quarter. CWM LLC now owns 5,441 shares of the company's stock worth $44,000 after purchasing an additional 3,810 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in shares of Arcus Biosciences by 34.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,038 shares of the company's stock worth $57,000 after purchasing an additional 1,796 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Arcus Biosciences by 440.3% during the second 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. Finally, Strs Ohio acquired a new stake in shares of Arcus Biosciences during the first quarter valued at approximately $67,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.