Arcus Biosciences (NYSE:RCUS) Sees Strong Trading Volume – Here’s What Happened

Arcus Biosciences, Inc. (NYSE:RCUS) shares saw unusually-high trading volume on Thursday . Approximately 566,048 shares traded hands during mid-day trading, a decline of 21% from the previous session’s volume of 720,844 shares.The stock last traded at $17.38 and had previously closed at $17.33.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Barclays raised their price objective on shares of Arcus Biosciences from $25.00 to $29.00 and gave the stock an “overweight” rating in a report on Friday. HC Wainwright began coverage on Arcus Biosciences in a research note on Monday, October 21st. They issued a “neutral” rating and a $20.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Arcus Biosciences in a research note on Thursday, October 3rd. 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, Evercore ISI upgraded Arcus Biosciences to a “strong-buy” rating in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $33.67.

Arcus Biosciences Stock Down 8.3 %

The business has a 50 day simple moving average of $16.90 and a 200-day simple moving average of $16.05. The company has a market capitalization of $1.49 billion, a P/E ratio of -5.26 and a beta of 0.88.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC bought a new stake in shares of Arcus Biosciences during the first quarter valued at about $59,000. Innealta Capital LLC bought a new stake in shares of Arcus Biosciences during the 2nd quarter worth about $66,000. Point72 DIFC Ltd bought a new stake in shares of Arcus Biosciences during the 2nd quarter worth about $83,000. ProShare Advisors LLC lifted its stake in shares of Arcus Biosciences by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 10,846 shares of the company’s stock worth $205,000 after acquiring an additional 746 shares during the period. Finally, Diversified Trust Co boosted its holdings in shares of Arcus Biosciences by 12.1% in the second quarter. Diversified Trust Co now owns 13,545 shares of the company’s stock valued at $206,000 after acquiring an additional 1,467 shares in the last quarter. Institutional investors and hedge funds 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.