Arcus Biosciences (NYSE:RCUS) Trading Down 5.3% - Here's Why

Shares of Arcus Biosciences, Inc. (NYSE:RCUS - Get Free Report) traded down 5.3% on Friday . The company traded as low as $16.87 and last traded at $16.89. 305,359 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 725,500 shares. The stock had previously closed at $17.83.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. HC Wainwright assumed coverage on Arcus Biosciences in a report on Monday. They issued a "neutral" rating and a $20.00 price objective on the stock. Evercore ISI raised Arcus Biosciences to a "strong-buy" rating in a report on Friday, August 9th. Wells Fargo & Company assumed coverage on Arcus Biosciences in a report on Tuesday, October 8th. They set an "overweight" rating and a $29.00 target price on the stock. Wedbush reaffirmed an "outperform" rating and set a $30.00 target price on shares of Arcus Biosciences in a report on Thursday, October 3rd. Finally, Barclays raised their target price on Arcus Biosciences from $25.00 to $29.00 and gave the stock an "overweight" rating in a report on Friday. 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's stock. According to MarketBeat, Arcus Biosciences presently has a consensus rating of "Buy" and an average target price of $33.67.

Arcus Biosciences Stock Down 8.3 %

The stock has a 50-day moving average of $16.89 and a 200 day moving average of $16.05. The stock has a market cap of $1.49 billion, a PE ratio of -5.35 and a beta of 0.88.

Arcus Biosciences (NYSE:RCUS - Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported ($1.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.02). The company had revenue of $39.00 million during the quarter, compared to analysts' expectations of $26.24 million. Arcus Biosciences had a negative return on equity of 42.86% and a negative net margin of 100.81%. The firm's quarterly revenue was up 34.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.04) earnings per share. Research analysts forecast that Arcus Biosciences, Inc. will post -3.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Arcus Biosciences

Several institutional investors and hedge funds have recently modified their holdings of the company. Handelsbanken Fonder AB raised its holdings in shares of Arcus Biosciences by 15.5% in the 3rd quarter. Handelsbanken Fonder AB now owns 22,300 shares of the company's stock valued at $341,000 after buying an additional 3,000 shares during the period. Point72 DIFC Ltd purchased a new stake in shares of Arcus Biosciences in the 2nd quarter valued at $83,000. Algert Global LLC raised its holdings in shares of Arcus Biosciences by 30.9% in the 2nd quarter. Algert Global LLC now owns 76,257 shares of the company's stock valued at $1,161,000 after buying an additional 17,999 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Arcus Biosciences by 7.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,858 shares of the company's stock worth $455,000 after purchasing an additional 2,123 shares during the period. Finally, AQR Capital Management LLC increased its holdings in Arcus Biosciences by 67.9% during the 2nd quarter. AQR Capital Management LLC now owns 24,524 shares of the company's stock worth $374,000 after purchasing an additional 9,916 shares during the period. Hedge funds and other 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.