Adage Capital Partners GP L.L.C. Acquires Shares of 443,000 Arcus Biosciences, Inc. (NYSE:RCUS)

Adage Capital Partners GP L.L.C. acquired a new stake in Arcus Biosciences, Inc. (NYSE:RCUS) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 443,000 shares of the company’s stock, valued at approximately $6,596,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its position in Arcus Biosciences by 2.6% in the third quarter. JPMorgan Chase & Co. now owns 43,685 shares of the company’s stock valued at $668,000 after purchasing an additional 1,117 shares during the period. R Squared Ltd purchased a new stake in shares of Arcus Biosciences during the fourth quarter worth about $26,000. Teacher Retirement System of Texas increased its position in shares of Arcus Biosciences by 19.2% during the fourth quarter. Teacher Retirement System of Texas now owns 14,952 shares of the company’s stock worth $223,000 after acquiring an additional 2,410 shares during the last quarter. Handelsbanken Fonder AB increased its position in shares of Arcus Biosciences by 11.2% during the fourth quarter. Handelsbanken Fonder AB now owns 24,800 shares of the company’s stock worth $369,000 after acquiring an additional 2,500 shares during the last quarter. Finally, MetLife Investment Management LLC increased its position in shares of Arcus Biosciences by 8.1% during the fourth quarter. MetLife Investment Management LLC now owns 33,525 shares of the company’s stock worth $499,000 after acquiring an additional 2,521 shares during the last quarter. 92.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RCUS shares. Barclays dropped their target price on Arcus Biosciences from $29.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. HC Wainwright raised Arcus Biosciences from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $18.00 to $24.00 in a research report on Wednesday, February 26th. Bank of America lowered their price objective on Arcus Biosciences from $22.00 to $17.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. Finally, Morgan Stanley reduced their target price on Arcus Biosciences from $36.00 to $25.00 and set an “overweight” rating on the stock in a report on Tuesday, February 18th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Arcus Biosciences presently has a consensus rating of “Buy” and an average price target of $28.38.

Arcus Biosciences Stock Performance

Shares of RCUS opened at $8.25 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 5.24 and a quick ratio of 5.24. The stock has a market capitalization of $867.39 million, a PE ratio of -2.62 and a beta of 1.54. Arcus Biosciences, Inc. has a 12-month low of $6.50 and a 12-month high of $18.98. The business’s fifty day moving average price is $8.73 and its 200 day moving average price is $12.93.

Arcus Biosciences (NYSE:RCUS) last posted its earnings results on Tuesday, February 25th. The company reported ($1.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.17) by $0.14. The company had revenue of $36.00 million for the quarter, compared to analysts’ expectations of $29.38 million. Arcus Biosciences had a negative return on equity of 45.59% and a negative net margin of 102.66%. Equities research analysts forecast that Arcus Biosciences, Inc. will post -3.15 EPS for the current year.

Insider Buying and Selling at Arcus Biosciences

In other Arcus Biosciences news, CEO Terry J. Rosen purchased 19,800 shares of the stock in a transaction dated Thursday, February 27th. The shares were bought at an average cost of $10.18 per share, with a total value of $201,564.00. Following the completion of the acquisition, the chief executive officer now owns 2,554,160 shares of the company’s stock, valued at approximately $26,001,348.80. This trade represents a 0.78 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Yasunori Kaneko purchased 20,000 shares of the stock in a transaction dated Thursday, February 27th. The shares were acquired at an average cost of $10.06 per share, for a total transaction of $201,200.00. Following the completion of the acquisition, the director now directly owns 28,400 shares of the company’s stock, valued at approximately $285,704. This trade represents a 238.10 % increase in their position. The disclosure for this purchase can be found here. 12.30% of the stock is currently owned by company insiders.

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.