Gilead Sciences Inc. Invests $447.61 Million in Arcus Biosciences, Inc. (NYSE:RCUS)

Gilead Sciences Inc. bought a new stake in shares of Arcus Biosciences, Inc. (NYSE:RCUS - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 30,061,124 shares of the company's stock, valued at approximately $447,610,000. Arcus Biosciences accounts for about 28.9% of Gilead Sciences Inc.'s holdings, making the stock its 3rd largest holding. Gilead Sciences Inc. owned 32.85% of Arcus Biosciences as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Jane Street Group LLC boosted its holdings in shares of Arcus Biosciences by 59.8% during the 3rd quarter. Jane Street Group LLC now owns 217,041 shares of the company's stock valued at $3,319,000 after buying an additional 81,193 shares in the last quarter. Barclays PLC grew 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 period. JPMorgan Chase & Co. increased its stake in shares of Arcus Biosciences by 2.6% during the third quarter. JPMorgan Chase & Co. now owns 43,685 shares of the company's stock valued at $668,000 after purchasing an additional 1,117 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of Arcus Biosciences by 2.5% during the fourth quarter. Nordea Investment Management AB now owns 218,930 shares of the company's stock valued at $3,245,000 after purchasing an additional 5,246 shares during the last quarter. Finally, R Squared Ltd bought a new stake in shares of Arcus Biosciences in the 4th quarter worth approximately $26,000. 92.89% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Barclays decreased their target price on shares of Arcus Biosciences from $29.00 to $14.00 and set an "overweight" rating for the company in a report on Wednesday. HC Wainwright upgraded Arcus Biosciences from a "neutral" rating to a "buy" rating and increased their target price for the company from $18.00 to $24.00 in a research note on Wednesday, February 26th. Bank of America decreased their price target on Arcus Biosciences from $22.00 to $17.00 and set a "neutral" rating for the company in a research note on Wednesday, February 19th. Finally, Morgan Stanley dropped their price objective on Arcus Biosciences from $36.00 to $25.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 18th. One 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's stock. Based on data from MarketBeat.com, Arcus Biosciences currently has an average rating of "Buy" and a consensus target price of $28.38.

Arcus Biosciences Stock Performance

Shares of Arcus Biosciences stock traded up $0.04 on Wednesday, hitting $8.13. 441,094 shares of the company's stock were exchanged, compared to its average volume of 787,379. Arcus Biosciences, Inc. has a 1 year low of $6.50 and a 1 year high of $18.98. The company has a 50-day simple moving average of $9.04 and a 200-day simple moving average of $13.23. 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 capitalization of $854.77 million, a PE ratio of -2.58 and a beta of 1.54.

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, beating the consensus estimate of ($1.17) by $0.14. Arcus Biosciences had a negative return on equity of 45.59% and a negative net margin of 102.66%. The business had revenue of $36.00 million during the quarter, compared to analyst estimates of $29.38 million. As a group, equities analysts anticipate that Arcus Biosciences, Inc. will post -3.15 EPS for the current year.

Insider Buying and Selling

In other news, CEO Terry J. Rosen purchased 19,800 shares of the business's stock in a transaction on Thursday, February 27th. The stock was acquired at an average price of $10.18 per share, for a total transaction of $201,564.00. Following the acquisition, the chief executive officer now directly owns 2,554,160 shares of the company's stock, valued at $26,001,348.80. This represents a 0.78 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Yasunori Kaneko acquired 20,000 shares of the company's stock in a transaction on Thursday, February 27th. The stock was acquired at an average cost of $10.06 per share, with a total value of $201,200.00. Following the completion of the purchase, the director now directly owns 28,400 shares in the company, valued at approximately $285,704. This represents a 238.10 % 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.

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.