Arcus Biosciences (RCUS) Receives New Coverage from Analysts at Wedbush

Research analysts at Wedbush initiated coverage on shares of Arcus Biosciences (NYSE:RCUS) in a research note issued to investors on Tuesday, The Fly reports. The brokerage set an “outperform” rating on the stock.

Separately, Zacks Investment Research raised shares of Arcus Biosciences from a “hold” rating to a “buy” rating and set a $14.00 target price for the company in a research note on Saturday, July 21st. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Arcus Biosciences has an average rating of “Buy” and a consensus price target of $17.75.

NYSE:RCUS opened at $12.88 on Tuesday. Arcus Biosciences has a 12 month low of $10.80 and a 12 month high of $22.10.

Arcus Biosciences (NYSE:RCUS) last released its quarterly earnings results on Monday, August 6th. The company reported ($0.32) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.40) by $0.08. The firm had revenue of $1.25 million during the quarter, compared to analyst estimates of $1.30 million. As a group, equities research analysts expect that Arcus Biosciences will post -1.81 EPS for the current year.

In other Arcus Biosciences news, CEO Terry J. Rosen purchased 28,401 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The stock was acquired at an average cost of $12.64 per share, with a total value of $358,988.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Terry J. Rosen purchased 9,929 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The shares were acquired at an average cost of $11.87 per share, with a total value of $117,857.23. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 85,117 shares of company stock valued at $1,118,707.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Hillhouse Capital Management Ltd. grew its holdings in Arcus Biosciences by 80.5% during the second quarter. Hillhouse Capital Management Ltd. now owns 767,128 shares of the company’s stock valued at $9,390,000 after purchasing an additional 342,128 shares during the period. BlackRock Inc. grew its holdings in Arcus Biosciences by 1,606.3% during the second quarter. BlackRock Inc. now owns 335,270 shares of the company’s stock valued at $4,104,000 after purchasing an additional 315,621 shares during the period. Lord Abbett & CO. LLC acquired a new position in Arcus Biosciences during the first quarter valued at approximately $4,643,000. Millennium Management LLC acquired a new position in Arcus Biosciences during the first quarter valued at approximately $3,180,000. Finally, Vident Investment Advisory LLC acquired a new position in Arcus Biosciences during the second quarter valued at approximately $1,911,000. 39.02% of the stock is owned by institutional investors and hedge funds.

About Arcus Biosciences

Arcus Biosciences, Inc, a clinical-stage biopharmaceutical company, engages in developing and commercializing cancer immunotherapies in the United States. It is developing various products for treating solid tumors, including AB928, an adenosine receptor antagonist that is in Phase I clinical trial; AB680, a CD73 inhibitor; AB122, an anti-PD-1 antibody that is Phase I clinical trial; and AB154, an anti-TIGIT antibody.

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