Gilead Sciences Inc. Invests $447.61 Million in Arcus Biosciences, Inc. (NYSE:RCUS)

Gilead Sciences Inc. purchased a new stake in shares of Arcus Biosciences, Inc. (NYSE:RCUS) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 30,061,124 shares of the company’s stock, valued at approximately $447,610,000. Arcus Biosciences accounts for 28.9% of Gilead Sciences Inc.’s portfolio, making the stock its 3rd biggest holding. Gilead Sciences Inc. owned 32.85% of Arcus Biosciences as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its position in Arcus Biosciences by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 579,623 shares of the company’s stock worth $8,631,000 after buying an additional 12,644 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Arcus Biosciences by 8.6% during the fourth quarter. Bank of New York Mellon Corp now owns 381,615 shares of the company’s stock valued at $5,682,000 after purchasing an additional 30,290 shares during the last quarter. Trexquant Investment LP grew its stake in Arcus Biosciences by 241.5% in the fourth quarter. Trexquant Investment LP now owns 300,548 shares of the company’s stock valued at $4,475,000 after purchasing an additional 212,552 shares in the last quarter. Principal Financial Group Inc. increased its position in Arcus Biosciences by 3.1% in the 4th quarter. Principal Financial Group Inc. now owns 263,517 shares of the company’s stock worth $3,924,000 after purchasing an additional 7,906 shares during the last quarter. Finally, Nordea Investment Management AB raised its stake in shares of Arcus Biosciences by 2.5% during the 4th quarter. Nordea Investment Management AB now owns 218,930 shares of the company’s stock worth $3,245,000 after purchasing an additional 5,246 shares in the last quarter. Institutional investors and hedge funds own 92.89% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on RCUS shares. Morgan Stanley cut their price objective on shares of Arcus Biosciences from $36.00 to $25.00 and set an “overweight” rating on the stock in a research 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 for the company in a research note on Wednesday, February 19th. Finally, HC Wainwright upgraded Arcus Biosciences from a “neutral” rating to a “buy” rating and raised their target price for the company from $18.00 to $24.00 in a report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $30.25.

Insider Activity at Arcus Biosciences

In other news, Director Yasunori Kaneko bought 20,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was acquired at an average cost of $10.06 per share, for a total transaction of $201,200.00. Following the completion of the purchase, the director now owns 28,400 shares of the company’s stock, valued at $285,704. This trade represents a 238.10 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Terry J. Rosen purchased 19,800 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were acquired at an average price of $10.18 per share, for a total transaction of $201,564.00. Following the purchase, the chief executive officer now directly owns 2,554,160 shares of the company’s stock, valued at approximately $26,001,348.80. This represents a 0.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 12.30% of the stock is owned by corporate insiders.

Arcus Biosciences Stock Up 0.4 %

RCUS opened at $7.89 on Friday. The business has a 50 day moving average of $9.30 and a 200-day moving average of $13.40. The stock has a market capitalization of $829.01 million, a price-to-earnings ratio of -2.50 and a beta of 1.54. The company has a current ratio of 5.24, a quick ratio of 5.24 and a debt-to-equity ratio of 0.08. Arcus Biosciences, Inc. has a 1-year low of $6.50 and a 1-year high of $18.98.

Arcus Biosciences (NYSE:RCUS) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($1.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.17) by $0.14. The firm had revenue of $36.00 million during the quarter, compared to the consensus estimate of $29.38 million. Arcus Biosciences had a negative net margin of 102.66% and a negative return on equity of 45.59%. As a group, sell-side analysts anticipate that Arcus Biosciences, Inc. will post -3.15 earnings per share for the current 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.