Citigroup Raises Arcus Biosciences (NYSE:RCUS) Price Target to $45.00

Arcus Biosciences (NYSE:RCUS) had its price target hoisted by Citigroup from $44.00 to $45.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 105.76% from the stock’s previous close.

Several other analysts have also commented on the company. Morgan Stanley reissued an “equal weight” rating and issued a $20.00 price objective (down from $23.00) on shares of Arcus Biosciences in a report on Thursday, January 8th. Leerink Partners increased their target price on Arcus Biosciences from $36.00 to $49.00 and gave the company an “outperform” rating in a research report on Monday. The Goldman Sachs Group raised shares of Arcus Biosciences from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $16.00 to $28.00 in a report on Monday, January 12th. Wall Street Zen upgraded shares of Arcus Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Bank of America increased their price objective on shares of Arcus Biosciences from $17.00 to $26.00 and gave the company a “neutral” rating in a report on Friday, November 28th. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $30.20.

Arcus Biosciences Stock Performance

RCUS stock traded down $0.81 during midday trading on Thursday, hitting $21.87. 536,050 shares of the stock traded hands, compared to its average volume of 1,244,733. Arcus Biosciences has a 1-year low of $6.50 and a 1-year high of $26.40. The company has a debt-to-equity ratio of 0.16, a current ratio of 4.36 and a quick ratio of 4.36. The stock’s fifty day simple moving average is $21.56 and its 200-day simple moving average is $18.77. The firm has a market cap of $2.74 billion, a P/E ratio of -6.63 and a beta of 0.85.

Arcus Biosciences (NYSE:RCUS) last posted its earnings results on Wednesday, February 25th. The company reported ($0.89) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.11) by $0.22. Arcus Biosciences had a negative net margin of 142.91% and a negative return on equity of 65.77%. The business had revenue of $33.00 million for the quarter, compared to analyst estimates of $24.94 million. During the same period in the prior year, the company posted ($1.03) EPS. The company’s revenue for the quarter was down 8.3% on a year-over-year basis. On average, analysts expect that Arcus Biosciences will post -3.15 earnings per share for the current year.

Insider Activity at Arcus Biosciences

In other news, CFO Robert C. Goeltz II sold 6,552 shares of the firm’s stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $23.38, for a total value of $153,185.76. Following the transaction, the chief financial officer directly owned 67,924 shares of the company’s stock, valued at approximately $1,588,063.12. This trade represents a 8.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President Juan C. Jaen sold 31,823 shares of the company’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $21.41, for a total transaction of $681,330.43. Following the sale, the president directly owned 922,240 shares of the company’s stock, valued at approximately $19,745,158.40. This represents a 3.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 180,990 shares of company stock worth $3,974,764 over the last 90 days. Corporate insiders own 9.60% of the company’s stock.

Institutional Investors Weigh In On Arcus Biosciences

A number of hedge funds have recently modified their holdings of RCUS. Vanguard Group Inc. grew its position in shares of Arcus Biosciences by 20.1% in the fourth quarter. Vanguard Group Inc. now owns 7,962,874 shares of the company’s stock valued at $189,755,000 after purchasing an additional 1,333,421 shares during the last quarter. Suvretta Capital Management LLC lifted its stake in Arcus Biosciences by 40.7% in the 4th quarter. Suvretta Capital Management LLC now owns 5,188,858 shares of the company’s stock valued at $123,650,000 after buying an additional 1,500,000 shares in the last quarter. Wellington Management Group LLP lifted its stake in Arcus Biosciences by 309.4% in the 4th quarter. Wellington Management Group LLP now owns 5,184,509 shares of the company’s stock valued at $123,547,000 after buying an additional 3,918,220 shares in the last quarter. State Street Corp grew its holdings in Arcus Biosciences by 34.8% during the 4th quarter. State Street Corp now owns 4,576,969 shares of the company’s stock valued at $109,069,000 after buying an additional 1,182,115 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in Arcus Biosciences during the fourth quarter worth $80,731,000. Hedge funds and other institutional investors own 92.89% of the company’s stock.

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.