Arcus Biosciences (NYSE:RCUS) Releases Quarterly Earnings Results, Misses Expectations By $0.10 EPS
by Amy Steele · The Cerbat GemArcus Biosciences (NYSE:RCUS – Get Free Report) released its quarterly earnings data on Tuesday. The company reported ($1.02) earnings per share for the quarter, missing the consensus estimate of ($0.92) by ($0.10), FiscalAI reports. Arcus Biosciences had a negative net margin of 156.36% and a negative return on equity of 68.50%. The company had revenue of $17.00 million during the quarter, compared to the consensus estimate of $29.49 million. During the same quarter in the prior year, the company posted ($1.14) earnings per share. The company’s revenue for the quarter was down 39.3% on a year-over-year basis.
Here are the key takeaways from Arcus Biosciences’ conference call:
- Arcus now has full ownership of casdatifan and says its phase III PEAK-1 (second-line CAS + cabozantinib) is enrolling rapidly, targeting full enrollment by year-end 2026 and a frontline phase III start by year-end.
- The company highlights differentiated clinical data for casdatifan — ARC-20 100 mg monotherapy showed a confirmed ORR of 45% and a median PFS of 15.1 months in late-line cohorts — and argues this superior pharmacodynamic profile explains competitive advantages versus belzutifan.
- Arcus reports a strong balance sheet with $876 million in cash and a runway into at least H2 2028, expects about $600M at year-end 2026, and plans to focus >80% of portfolio spend on CAS by 2027 while reducing overall R&D/headcount.
- Non-oncology programs and other oncology studies remain active — the PRISM-1 Phase III quemliclustat pancreatic trial is fully enrolled with a H1 2027 readout, AB102 (MRGPRX2 antagonist) is expected to enter the clinic in Q3 2026, and oral TNF and CCR6 candidates are planned for 2027 — all carry typical clinical risk/uncertainty.
- The company announced discontinuation of STAR-121 (domvanalimab + zim + chemo in 1L NSCLC) for futility, a setback for the anti-TIGIT program, although exploratory zim + chemo data were consistent with expectations.
Arcus Biosciences Trading Down 4.3%
NYSE:RCUS traded down $1.13 during trading hours on Thursday, hitting $24.87. 348,110 shares of the stock were exchanged, compared to its average volume of 1,253,214. The company’s 50 day moving average is $22.84 and its two-hundred day moving average is $22.04. Arcus Biosciences has a twelve month low of $7.72 and a twelve month high of $28.72. The company has a quick ratio of 4.36, a current ratio of 4.36 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $3.12 billion, a P/E ratio of -7.82 and a beta of 0.87.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on RCUS shares. Truist Financial upgraded Arcus Biosciences to a “strong-buy” rating in a research note on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Arcus Biosciences in a research report on Monday, April 20th. Citigroup increased their price target on Arcus Biosciences from $44.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Leerink Partners set a $47.00 price target on Arcus Biosciences in a research report on Monday, April 20th. Finally, Morgan Stanley restated an “equal weight” rating and set a $20.00 price target (down from $23.00) on shares of Arcus Biosciences in a research report on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.11.
Get Our Latest Analysis on Arcus Biosciences
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of RCUS. AQR Capital Management LLC lifted its holdings in Arcus Biosciences by 253.9% during the 1st quarter. AQR Capital Management LLC now owns 90,954 shares of the company’s stock worth $714,000 after buying an additional 65,254 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Arcus Biosciences by 10.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,572 shares of the company’s stock worth $297,000 after buying an additional 3,565 shares in the last quarter. Millennium Management LLC lifted its holdings in Arcus Biosciences by 29.2% during the 1st quarter. Millennium Management LLC now owns 1,194,622 shares of the company’s stock worth $9,378,000 after buying an additional 270,253 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Arcus Biosciences by 106.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 914,208 shares of the company’s stock worth $7,177,000 after buying an additional 470,755 shares in the last quarter. Finally, Strs Ohio acquired a new position in Arcus Biosciences during the 1st quarter worth $67,000. Institutional investors and hedge funds own 92.89% of the company’s stock.
About Arcus Biosciences
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.