Wedbush Reaffirms Outperform Rating for Arcus Biosciences (NYSE:RCUS)

Wedbush reissued their outperform rating on shares of Arcus Biosciences (NYSE:RCUS) in a research note released on Thursday morning, Benzinga reports. The firm currently has a $30.00 price objective on the stock.

Other equities research analysts also recently issued reports about the stock. Evercore ISI upgraded shares of Arcus Biosciences to a strong-buy rating in a report on Friday, August 9th. Cantor Fitzgerald reiterated an overweight rating on shares of Arcus Biosciences in a report on Friday, August 9th. Barclays decreased their price objective on Arcus Biosciences from $35.00 to $25.00 and set an overweight rating on the stock in a report on Monday, July 8th. Finally, Truist Financial reduced their target price on Arcus Biosciences from $50.00 to $44.00 and set a buy rating on the stock in a research report on Monday, June 24th. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Arcus Biosciences has an average rating of Buy and a consensus target price of $35.71.

Arcus Biosciences Price Performance

Shares of Arcus Biosciences stock opened at $16.65 on Thursday. Arcus Biosciences has a 1 year low of $12.95 and a 1 year high of $20.31. The business has a 50 day moving average price of $16.17 and a 200 day moving average price of $16.03. The company has a market capitalization of $1.52 billion, a P/E ratio of -5.35 and a beta of 0.88.

Arcus Biosciences (NYSE:RCUS) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($1.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.02). The business had revenue of $39.00 million for the quarter, compared to the consensus estimate of $26.24 million. Arcus Biosciences had a negative return on equity of 42.86% and a negative net margin of 100.81%. The business’s revenue was up 34.5% on a year-over-year basis. During the same period in the prior year, the business earned ($1.04) earnings per share. As a group, research analysts expect that Arcus Biosciences will post -3.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Arcus Biosciences

Large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Arcus Biosciences by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 4,791,244 shares of the company’s stock valued at $90,459,000 after acquiring an additional 110,528 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Arcus Biosciences by 8.7% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 744,298 shares of the company’s stock worth $11,336,000 after purchasing an additional 59,273 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Arcus Biosciences by 26.3% in the first quarter. Nordea Investment Management AB now owns 259,372 shares of the company’s stock worth $4,892,000 after buying an additional 53,944 shares during the period. Parkman Healthcare Partners LLC grew its stake in shares of Arcus Biosciences by 20.7% in the fourth quarter. Parkman Healthcare Partners LLC now owns 247,664 shares of the company’s stock valued at $4,730,000 after buying an additional 42,555 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Arcus Biosciences by 1,396.1% during the 2nd quarter. SG Americas Securities LLC now owns 129,292 shares of the company’s stock valued at $1,969,000 after buying an additional 120,650 shares during the period. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

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.