Wedbush Forecasts Strong Price Appreciation for Arcus Biosciences (NYSE:RCUS) Stock
by Danessa Lincoln · The Markets DailyArcus Biosciences (NYSE:RCUS – Get Free Report) had its target price increased by Wedbush from $37.00 to $41.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s target price indicates a potential upside of 87.27% from the stock’s current price.
Other analysts have also issued research reports about the stock. Truist Financial upgraded shares of Arcus Biosciences to a “strong-buy” rating in a research note on Wednesday, March 25th. HC Wainwright restated a “buy” rating and set a $32.00 price target on shares of Arcus Biosciences in a report on Monday, March 2nd. UBS Group reaffirmed a “buy” rating on shares of Arcus Biosciences in a research report on Monday, December 15th. Leerink Partners increased their price objective on shares of Arcus Biosciences from $36.00 to $49.00 and gave the company an “outperform” rating in a research note on Monday, March 2nd. Finally, Wells Fargo & Company set a $23.00 target price on shares of Arcus Biosciences and gave the stock an “equal weight” rating in a research report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.80.
Get Our Latest Stock Report on Arcus Biosciences
Arcus Biosciences Stock Up 1.4%
Shares of NYSE:RCUS opened at $21.89 on Thursday. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of -6.63 and a beta of 0.85. The company has a quick ratio of 4.36, a current ratio of 4.36 and a debt-to-equity ratio of 0.16. Arcus Biosciences has a 12-month low of $6.50 and a 12-month high of $26.40. The business’s 50 day moving average is $21.36 and its 200 day moving average is $20.33.
Arcus Biosciences (NYSE:RCUS – Get Free Report) last announced its quarterly 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. The business had revenue of $33.00 million during the quarter, compared to the consensus estimate of $24.94 million. Arcus Biosciences had a negative return on equity of 65.77% and a negative net margin of 142.91%.Arcus Biosciences’s revenue was down 8.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.03) earnings per share. On average, sell-side analysts forecast that Arcus Biosciences will post -3.15 earnings per share for the current fiscal year.
Insider Activity
In other news, President Juan C. Jaen sold 31,823 shares of Arcus Biosciences stock in a transaction on Monday, January 5th. The stock was 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 in the company, valued at $19,745,158.40. The trade was a 3.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.60% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Arcus Biosciences
Several institutional investors have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. raised its position in Arcus Biosciences by 217.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 12,224 shares of the company’s stock worth $291,000 after acquiring an additional 8,368 shares during the period. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Arcus Biosciences during the 4th quarter worth approximately $39,000. Invesco Ltd. raised its holdings in shares of Arcus Biosciences by 41.7% in the 4th quarter. Invesco Ltd. now owns 414,365 shares of the company’s stock worth $9,874,000 after purchasing an additional 121,961 shares during the period. State of Tennessee Department of Treasury lifted its stake in Arcus Biosciences by 34.2% in the fourth quarter. State of Tennessee Department of Treasury now owns 34,855 shares of the company’s stock valued at $831,000 after purchasing an additional 8,886 shares during the last quarter. Finally, VestGen Advisors LLC purchased a new position in Arcus Biosciences in the fourth quarter valued at approximately $647,000. Institutional investors 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.