Arcus Biosciences (NYSE:RCUS) Shares Gap Up – Here’s What Happened

Shares of Arcus Biosciences, Inc. (NYSE:RCUS) gapped up before the market opened on Friday . The stock had previously closed at $10.74, but opened at $11.50. Arcus Biosciences shares last traded at $11.13, with a volume of 243,027 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. HC Wainwright reduced their target price on shares of Arcus Biosciences from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 18th. Morgan Stanley dropped their price objective on Arcus Biosciences from $36.00 to $25.00 and set an “overweight” rating for the company in a report on Tuesday, February 18th. Bank of America reduced their price objective on shares of Arcus Biosciences from $22.00 to $17.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, Wedbush reiterated an “outperform” rating and issued a $36.00 price objective on shares of Arcus Biosciences in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.50.

Arcus Biosciences Price Performance

The company’s 50 day moving average is $13.92 and its 200 day moving average is $15.55. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -3.51 and a beta of 0.84. The company has a quick ratio of 5.24, a current ratio of 5.24 and a debt-to-equity ratio of 0.08.

Insider Buying and Selling

In other news, CFO Robert C. Goeltz II sold 3,594 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $15.00, for a total transaction of $53,910.00. Following the completion of the sale, the chief financial officer now owns 60,138 shares of the company’s stock, valued at approximately $902,070. This represents a 5.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 12.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arcus Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC lifted its stake in Arcus Biosciences by 59.8% in the 3rd quarter. Jane Street Group LLC now owns 217,041 shares of the company’s stock valued at $3,319,000 after purchasing an additional 81,193 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Arcus Biosciences by 11.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 566,979 shares of the company’s stock valued at $8,669,000 after acquiring an additional 59,536 shares during the period. GSA Capital Partners LLP increased its position in Arcus Biosciences by 17.8% in the 3rd quarter. GSA Capital Partners LLP now owns 187,415 shares of the company’s stock valued at $2,866,000 after acquiring an additional 28,307 shares during the period. Parkman Healthcare Partners LLC increased its position in Arcus Biosciences by 146.9% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 1,025,754 shares of the company’s stock valued at $15,684,000 after acquiring an additional 610,219 shares during the period. Finally, Barclays PLC increased its position in shares of Arcus Biosciences by 49.0% during the third quarter. Barclays PLC now owns 118,693 shares of the company’s stock worth $1,816,000 after buying an additional 39,015 shares during the period. Institutional investors own 92.89% of the company’s stock.

Arcus Biosciences Company Profile

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.