Bank of America Lowers Arcus Biosciences (NYSE:RCUS) Price Target to $17.00

Arcus Biosciences (NYSE:RCUS) had its price objective cut by analysts at Bank of America from $22.00 to $17.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s target price indicates a potential upside of 58.07% from the stock’s current price.

Several other research firms also recently weighed in on RCUS. Wedbush reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Arcus Biosciences in a research report on Thursday, November 7th. Morgan Stanley dropped their target price on Arcus Biosciences from $36.00 to $25.00 and set an “overweight” rating for the company in a research report on Tuesday. Barclays boosted their target price on Arcus Biosciences from $25.00 to $29.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, HC Wainwright lowered their target price on Arcus Biosciences from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday. Two research 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 stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $29.50.

Arcus Biosciences Stock Performance

NYSE RCUS opened at $10.76 on Wednesday. The company has a market cap of $984.21 million, a P/E ratio of -3.41 and a beta of 0.84. The company has a debt-to-equity ratio of 0.08, a current ratio of 5.24 and a quick ratio of 5.24. The stock has a 50-day moving average of $14.02 and a two-hundred day moving average of $15.56. Arcus Biosciences has a 1-year low of $10.63 and a 1-year high of $20.31.

Insider Buying and Selling

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

Institutional Trading of Arcus Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in RCUS. Gilead Sciences Inc. purchased a new stake in shares of Arcus Biosciences in the 4th quarter valued at about $447,610,000. Boxer Capital Management LLC purchased a new stake in shares of Arcus Biosciences in the 4th quarter valued at about $23,857,000. Braidwell LP purchased a new stake in shares of Arcus Biosciences in the 4th quarter valued at about $11,943,000. Millennium Management LLC lifted its holdings in shares of Arcus Biosciences by 277.1% in the 4th quarter. Millennium Management LLC now owns 924,369 shares of the company’s stock valued at $13,764,000 after purchasing an additional 679,267 shares during the last quarter. Finally, Parkman Healthcare Partners LLC lifted its holdings in shares of 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 purchasing an additional 610,219 shares during the last quarter. 92.89% of the stock is owned by hedge funds and other institutional investors.

About Arcus Biosciences

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.