Arcus Biosciences (NYSE:RCUS) Shares Gap Down – Time to Sell?

Shares of Arcus Biosciences, Inc. (NYSE:RCUS) gapped down before the market opened on Monday . The stock had previously closed at $18.44, but opened at $17.95. Arcus Biosciences shares last traded at $17.90, with a volume of 14,382 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on RCUS shares. HC Wainwright started coverage on Arcus Biosciences in a report on Monday. They issued a “neutral” rating and a $20.00 price target for the company. Barclays reduced their target price on Arcus Biosciences from $35.00 to $25.00 and set an “overweight” rating for the company in a report on Monday, July 8th. Wedbush restated an “outperform” rating and issued a $30.00 price objective on shares of Arcus Biosciences in a research report on Thursday, October 3rd. Wells Fargo & Company assumed coverage on shares of Arcus Biosciences in a report on Tuesday, October 8th. They set an “overweight” rating and a $29.00 target price on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcus Biosciences in a research note on Thursday, October 3rd. One research 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 stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $33.22.

Arcus Biosciences Price Performance

The stock has a 50 day moving average price of $16.79 and a 200-day moving average price of $16.03. The stock has a market capitalization of $1.54 billion, a P/E ratio of -5.44 and a beta of 0.88.

Arcus Biosciences (NYSE:RCUS) last released its earnings results on Thursday, August 8th. The company reported ($1.02) earnings per share for the quarter, hitting analysts’ consensus estimates of ($1.02). The firm had revenue of $39.00 million for the quarter, compared to the consensus estimate of $26.24 million. Arcus Biosciences had a negative net margin of 100.81% and a negative return on equity of 42.86%. The company’s revenue was up 34.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.04) EPS. Research analysts predict that Arcus Biosciences, Inc. will post -3.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arcus Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in RCUS. GAMMA Investing LLC boosted its position in shares of Arcus Biosciences by 51.6% during the first quarter. GAMMA Investing LLC now owns 2,427 shares of the company’s stock worth $46,000 after acquiring an additional 826 shares during the last quarter. Headlands Technologies LLC purchased a new position in Arcus Biosciences during the 1st quarter worth $59,000. Innealta Capital LLC bought a new stake in shares of Arcus Biosciences in the second quarter valued at about $66,000. Point72 DIFC Ltd purchased a new stake in Arcus Biosciences during the second quarter worth $83,000. Finally, ProShare Advisors LLC lifted its position in shares of Arcus Biosciences by 7.4% during the first quarter. ProShare Advisors LLC now owns 10,846 shares of the company’s stock valued at $205,000 after buying an additional 746 shares during the last quarter. 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.