PDT Partners LLC Invests $9.98 Million in Arcus Biosciences, Inc. $RCUS

PDT Partners LLC bought a new stake in Arcus Biosciences, Inc. (NYSE:RCUS) during the second quarter, HoldingsChannel.com reports. The fund bought 323,567 shares of the company’s stock, valued at approximately $9,976,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Parkman Healthcare Partners LLC purchased a new stake in Arcus Biosciences during the 2nd quarter worth $28,341,000. Legal & General Group Plc purchased a new position in Arcus Biosciences in the second quarter valued at about $5,906,000. The Manufacturers Life Insurance Company acquired a new position in shares of Arcus Biosciences during the second quarter worth about $1,413,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Arcus Biosciences during the second quarter worth about $6,937,000. Finally, E Fund Management Co. Ltd. purchased a new stake in shares of Arcus Biosciences in the second quarter worth about $312,000. Institutional investors and hedge funds own 92.89% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on RCUS. Truist Financial initiated coverage on Arcus Biosciences in a research note on Monday, May 18th. They issued a “buy” rating and a $35.00 target price for the company. HC Wainwright boosted their price target on Arcus Biosciences from $32.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Wells Fargo & Company upped their price target on Arcus Biosciences from $23.00 to $26.00 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. Lifesci Capital assumed coverage on shares of Arcus Biosciences in a research report on Thursday, June 4th. They issued an “outperform” rating and a $46.00 price objective for the company. Finally, Wall Street Zen lowered shares of Arcus Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.80.

Arcus Biosciences Stock Up 4.3%

Shares of NYSE RCUS opened at $31.42 on Wednesday. Arcus Biosciences, Inc. has a 1 year low of $10.07 and a 1 year high of $31.74. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of -8.06 and a beta of 0.80. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.82 and a current ratio of 3.82. The stock’s 50-day simple moving average is $28.78 and its 200-day simple moving average is $24.91.

Arcus Biosciences (NYSE:RCUS) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.72) EPS for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.17. Arcus Biosciences had a negative return on equity of 89.54% and a negative net margin of 393.16%.The firm had revenue of $41.00 million during the quarter, compared to the consensus estimate of $21.98 million. The business’s quarterly revenue was down 74.4% compared to the same quarter last year. As a group, equities analysts anticipate that Arcus Biosciences, Inc. will post -3.53 earnings per share for the current fiscal year.

Insider Activity at Arcus Biosciences

In other news, CAO Alexander Azoy sold 2,827 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $30.00, for a total transaction of $84,810.00. Following the completion of the sale, the chief accounting officer owned 39,581 shares of the company’s stock, valued at approximately $1,187,430. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Juan C. Jaen sold 20,067 shares of the firm’s stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $28.62, for a total transaction of $574,317.54. Following the sale, the president directly owned 822,240 shares of the company’s stock, valued at $23,532,508.80. The trade was a 2.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 105,389 shares of company stock worth $3,060,164 over the last 90 days. 7.60% of the stock is owned by company insiders.

Arcus Biosciences Company Profile

Arcus Biosciences is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel cancer immunotherapies. The company’s research platform centers on modulating tumor microenvironments and immune checkpoints through both small-molecule and antibody-based candidates. Arcus aims to enhance antitumor immune responses by targeting pathways such as the adenosine axis and inhibitory receptors on immune cells.

The company’s lead clinical programs include etrumadenant, an orally administered A2A adenosine receptor antagonist being evaluated in combination with anti-PD-1 therapy, and domvanalimab, an anti-TIGIT monoclonal antibody.