Suvretta Capital Management LLC Cuts Stock Position in Arcus Biosciences, Inc. (NYSE:RCUS)

Suvretta Capital Management LLC cut its holdings in shares of Arcus Biosciences, Inc. (NYSE:RCUS) by 30.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 663,603 shares of the company’s stock after selling 293,701 shares during the quarter. Suvretta Capital Management LLC owned approximately 0.73% of Arcus Biosciences worth $10,146,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in RCUS. Vanguard Group Inc. increased its holdings in Arcus Biosciences by 2.4% during the first quarter. Vanguard Group Inc. now owns 4,791,244 shares of the company’s stock worth $90,459,000 after buying an additional 110,528 shares during the last quarter. FMR LLC grew its position in shares of Arcus Biosciences by 6.9% during the 3rd quarter. FMR LLC now owns 4,467,557 shares of the company’s stock valued at $68,309,000 after acquiring an additional 286,766 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of Arcus Biosciences by 25.1% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 931,048 shares of the company’s stock worth $14,236,000 after purchasing an additional 186,750 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Arcus Biosciences by 11.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 566,979 shares of the company’s stock worth $8,669,000 after purchasing an additional 59,536 shares during the period. Finally, GSA Capital Partners LLP lifted its stake in Arcus Biosciences by 17.8% in the third quarter. GSA Capital Partners LLP now owns 187,415 shares of the company’s stock valued at $2,866,000 after purchasing an additional 28,307 shares during the last quarter. 92.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on RCUS. Wells Fargo & Company initiated coverage on Arcus Biosciences in a research note on Tuesday, October 8th. They issued an “overweight” rating and a $29.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Arcus Biosciences in a report on Thursday, November 7th. HC Wainwright reiterated a “neutral” rating and issued a $20.00 target price on shares of Arcus Biosciences in a research note on Wednesday, November 6th. Cantor Fitzgerald reissued an “overweight” rating on shares of Arcus Biosciences in a research report on Thursday, October 3rd. Finally, Evercore ISI raised shares of Arcus Biosciences to a “strong-buy” rating in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Arcus Biosciences presently has an average rating of “Buy” and a consensus price target of $34.00.

Arcus Biosciences Stock Performance

Shares of NYSE:RCUS opened at $15.80 on Friday. Arcus Biosciences, Inc. has a 12 month low of $13.52 and a 12 month high of $20.31. The company has a quick ratio of 5.24, a current ratio of 5.24 and a debt-to-equity ratio of 0.08. The company has a 50 day moving average of $16.29 and a 200 day moving average of $16.05.

Arcus Biosciences (NYSE:RCUS) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($1.00) earnings per share for the quarter, topping the consensus estimate of ($1.06) by $0.06. Arcus Biosciences had a negative net margin of 102.66% and a negative return on equity of 45.59%. The firm had revenue of $48.00 million for the quarter, compared to analysts’ expectations of $38.95 million. The business’s quarterly revenue was up 50.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.94) earnings per share. On average, sell-side analysts expect that Arcus Biosciences, Inc. will post -3.2 EPS for the current fiscal year.

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.