Arcus Biosciences (NYSE:RCUS) Shares Gap Up After Insider Buying Activity

Arcus Biosciences, Inc. (NYSE:RCUS - Get Free Report) shares gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $9.88, but opened at $10.37. Arcus Biosciences shares last traded at $10.52, with a volume of 107,830 shares trading hands.

Specifically, CEO Terry J. Rosen bought 19,800 shares of the firm's stock in a transaction on Thursday, February 27th. The stock was acquired at an average cost of $10.18 per share, with a total value of $201,564.00. Following the transaction, the chief executive officer now directly owns 2,554,160 shares in the company, valued at approximately $26,001,348.80. This trade represents a 0.78 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Yasunori Kaneko purchased 20,000 shares of the company's stock in a transaction dated Thursday, February 27th. The shares were purchased at an average cost of $10.06 per share, for a total transaction of $201,200.00. Following the transaction, the director now directly owns 28,400 shares in the company, valued at approximately $285,704. This represents a 238.10 % increase in their position. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

RCUS has been the subject of several recent research reports. Wedbush restated an "outperform" rating and issued a $36.00 price objective on shares of Arcus Biosciences in a report on Thursday, November 7th. Bank of America reduced their price target on shares of Arcus Biosciences from $22.00 to $17.00 and set a "neutral" rating for the company in a report on Wednesday, February 19th. Morgan Stanley dropped their price objective on shares of Arcus Biosciences from $36.00 to $25.00 and set an "overweight" rating on the stock in a research note on Tuesday, February 18th. Finally, HC Wainwright raised shares of Arcus Biosciences from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $18.00 to $24.00 in a report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Arcus Biosciences currently has an average rating of "Buy" and an average target price of $30.25.

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Arcus Biosciences Stock Performance

The firm's 50 day moving average is $13.26 and its 200 day moving average is $15.36. The company has a debt-to-equity ratio of 0.08, a quick ratio of 5.24 and a current ratio of 5.24. The stock has a market cap of $1.01 billion, a P/E ratio of -3.06 and a beta of 0.84.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($1.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.17) by $0.14. Arcus Biosciences had a negative net margin of 102.66% and a negative return on equity of 45.59%. The business had revenue of $36.00 million for the quarter, compared to analyst estimates of $29.38 million. Analysts anticipate that Arcus Biosciences, Inc. will post -3.15 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. R Squared Ltd acquired a new stake in Arcus Biosciences in the fourth quarter worth about $26,000. Point72 Hong Kong Ltd purchased a new position in shares of Arcus Biosciences in the 3rd quarter valued at approximately $47,000. Lazard Asset Management LLC boosted its stake in Arcus Biosciences by 3,321.3% in the 4th quarter. Lazard Asset Management LLC now owns 6,261 shares of the company's stock worth $93,000 after purchasing an additional 6,078 shares in the last quarter. US Bancorp DE grew its position in 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 purchasing an additional 6,615 shares during the last quarter. Finally, Quest Partners LLC grew its position in Arcus Biosciences by 40,904.3% during the 3rd quarter. Quest Partners LLC now owns 9,431 shares of the company's stock worth $144,000 after purchasing an additional 9,408 shares during the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

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.