Arcus Biosciences (NYSE:RCUS) Shares Gap Down - Here's What Happened

Arcus Biosciences, Inc. (NYSE:RCUS - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $18.44, but opened at $17.95. Arcus Biosciences shares last traded at $17.90, with a volume of 14,382 shares trading hands.

Analyst Ratings Changes

RCUS has been the subject of a number of research analyst reports. HC Wainwright started coverage on Arcus Biosciences in a report on Monday. They issued a "neutral" rating and a $20.00 price target for the company. Evercore ISI upgraded shares of Arcus Biosciences to a "strong-buy" rating in a research note on Friday, August 9th. Wells Fargo & Company initiated coverage on shares of Arcus Biosciences in a research report on Tuesday, October 8th. They issued an "overweight" rating and a $29.00 price target on the stock. Barclays decreased their price target on shares of Arcus Biosciences from $35.00 to $25.00 and set an "overweight" rating for the company in a report on Monday, July 8th. Finally, Wedbush reiterated an "outperform" rating and set a $30.00 price objective on shares of Arcus Biosciences in a research note on Thursday, October 3rd. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $33.22.

Arcus Biosciences Trading Down 8.0 %

The firm has a 50-day moving average of $16.73 and a 200 day moving average of $16.03. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of -5.50 and a beta of 0.88.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($1.02) earnings per share for the quarter, meeting analysts' consensus estimates of ($1.02). Arcus Biosciences had a negative net margin of 100.81% and a negative return on equity of 42.86%. The business had revenue of $39.00 million for the quarter, compared to analysts' expectations of $26.24 million. During the same period in the previous year, the business earned ($1.04) earnings per share. The company's revenue was up 34.5% on a year-over-year basis. Equities research analysts predict that Arcus Biosciences, Inc. will post -3.11 EPS for the current fiscal year.

Hedge Funds Weigh In On Arcus Biosciences

Several large investors have recently made changes to their positions in RCUS. Vanguard Group Inc. lifted its stake in Arcus Biosciences by 2.4% during the first quarter. Vanguard Group Inc. now owns 4,791,244 shares of the company's stock valued at $90,459,000 after purchasing an additional 110,528 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in shares of Arcus Biosciences by 8.7% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 744,298 shares of the company's stock worth $11,336,000 after acquiring an additional 59,273 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of Arcus Biosciences by 26.3% in the 1st quarter. Nordea Investment Management AB now owns 259,372 shares of the company's stock worth $4,892,000 after acquiring an additional 53,944 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Arcus Biosciences by 1,396.1% during the second quarter. SG Americas Securities LLC now owns 129,292 shares of the company's stock worth $1,969,000 after purchasing an additional 120,650 shares during the period. Finally, Public Sector Pension Investment Board lifted its holdings in shares of Arcus Biosciences by 7.4% during the second quarter. Public Sector Pension Investment Board now owns 120,099 shares of the company's stock valued at $1,829,000 after purchasing an additional 8,253 shares during the last quarter. Institutional investors own 92.89% of the company's stock.

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.