Arcus Biosciences (NYSE:RCUS) Shares Gap Up – Should You Buy?

Arcus Biosciences, Inc. (NYSE:RCUS)’s share price gapped up prior to trading on Friday . The stock had previously closed at $10.74, but opened at $11.50. Arcus Biosciences shares last traded at $11.13, with a volume of 243,027 shares.

Analyst Upgrades and Downgrades

RCUS has been the topic of several research analyst reports. Morgan Stanley lowered their target price on Arcus Biosciences from $36.00 to $25.00 and set an “overweight” rating on the stock in a research note on Tuesday. HC Wainwright dropped their price objective on shares of Arcus Biosciences from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Tuesday. Barclays lifted their target price on shares of Arcus Biosciences from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Wedbush reaffirmed an “outperform” rating and issued a $36.00 price target on shares of Arcus Biosciences in a research note on Thursday, November 7th. Finally, Bank of America reduced their price objective on Arcus Biosciences from $22.00 to $17.00 and set a “neutral” rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $29.50.

Arcus Biosciences Price Performance

The firm has a market capitalization of $1.03 billion, a P/E ratio of -3.58 and a beta of 0.84. 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 50 day moving average of $14.02 and a two-hundred day moving average of $15.56.

Insider Buying and Selling

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

Institutional Investors Weigh In On Arcus Biosciences

Several hedge funds have recently modified their holdings of RCUS. Gilead Sciences Inc. bought a new position in Arcus Biosciences during the fourth quarter worth $447,610,000. FMR LLC increased its holdings in shares of Arcus Biosciences by 6.9% during the 3rd quarter. FMR LLC now owns 4,467,557 shares of the company’s stock worth $68,309,000 after purchasing an additional 286,766 shares during the period. Woodline Partners LP lifted its stake in shares of Arcus Biosciences by 1.3% in the fourth quarter. Woodline Partners LP now owns 3,523,937 shares of the company’s stock valued at $52,471,000 after buying an additional 45,497 shares during the period. Point72 Asset Management L.P. grew its position in Arcus Biosciences by 32.9% during the third quarter. Point72 Asset Management L.P. now owns 2,437,073 shares of the company’s stock worth $37,263,000 after buying an additional 603,222 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Arcus Biosciences by 11.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,702,302 shares of the company’s stock worth $25,348,000 after buying an additional 178,351 shares in the last quarter. 92.89% of the stock is owned by institutional investors.

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.