Arcus Biosciences (NYSE:RCUS) Sets New 1-Year Low on Analyst Downgrade

Arcus Biosciences, Inc. (NYSE:RCUS)’s share price hit a new 52-week low during trading on Wednesday after Bank of America lowered their price target on the stock from $22.00 to $17.00. Bank of America currently has a neutral rating on the stock. Arcus Biosciences traded as low as $10.65 and last traded at $11.00, with a volume of 4655000 shares trading hands. The stock had previously closed at $13.10.

RCUS has been the subject of several other reports. Morgan Stanley lowered their price objective on Arcus Biosciences from $36.00 to $25.00 and set an “overweight” rating for the company in a research note on Tuesday. HC Wainwright cut their price objective on shares of Arcus Biosciences from $20.00 to $18.00 and set a “neutral” rating on the stock in a report on Tuesday. Barclays upped their target price on Arcus Biosciences from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Wedbush restated an “outperform” rating and set a $36.00 price target on shares of Arcus Biosciences in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Arcus Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $29.50.

Insiders Place Their Bets

In other news, CFO Robert C. Goeltz II sold 3,594 shares of the stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $15.00, for a total value of $53,910.00. Following the transaction, the chief financial officer now owns 60,138 shares of the company’s stock, valued at $902,070. This represents a 5.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RCUS. Woodline Partners LP raised its position in Arcus Biosciences by 1.3% during the fourth quarter. Woodline Partners LP now owns 3,523,937 shares of the company’s stock valued at $52,471,000 after purchasing an additional 45,497 shares in the last quarter. Two Sigma Advisers LP raised its holdings in shares of Arcus Biosciences by 35.8% during the 4th quarter. Two Sigma Advisers LP now owns 58,800 shares of the company’s stock valued at $876,000 after buying an additional 15,500 shares in the last quarter. Two Sigma Investments LP lifted its position in Arcus Biosciences by 8.1% in the 4th quarter. Two Sigma Investments LP now owns 146,686 shares of the company’s stock worth $2,184,000 after buying an additional 11,027 shares during the last quarter. Tema Etfs LLC purchased a new stake in Arcus Biosciences in the fourth quarter worth approximately $331,000. Finally, ProShare Advisors LLC grew its position in Arcus Biosciences by 44.4% during the fourth quarter. ProShare Advisors LLC now owns 16,379 shares of the company’s stock valued at $244,000 after acquiring an additional 5,038 shares during the last quarter. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

Arcus Biosciences Trading Down 3.1 %

The stock has a market capitalization of $984.21 million, a P/E ratio of -3.41 and a beta of 0.84. The stock’s fifty day moving average price is $14.02 and its two-hundred day moving average price is $15.56. The company has a current ratio of 5.24, a quick ratio of 5.24 and a debt-to-equity ratio of 0.08.

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.