HC Wainwright Has Bearish Forecast for RCUS FY2024 Earnings

Arcus Biosciences, Inc. (NYSE:RCUS) – Analysts at HC Wainwright cut their FY2024 earnings estimates for Arcus Biosciences in a note issued to investors on Thursday, November 7th. HC Wainwright analyst E. Bodnar now expects that the company will post earnings of ($3.28) per share for the year, down from their previous forecast of ($3.20). HC Wainwright currently has a “Neutral” rating and a $20.00 price objective on the stock. The consensus estimate for Arcus Biosciences’ current full-year earnings is ($3.25) per share. HC Wainwright also issued estimates for Arcus Biosciences’ Q4 2024 earnings at ($1.20) EPS, FY2025 earnings at ($3.54) EPS, FY2026 earnings at ($5.96) EPS, FY2027 earnings at ($6.17) EPS and FY2028 earnings at ($2.92) EPS.

Arcus Biosciences (NYSE:RCUS) last issued 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 return on equity of 45.59% and a negative net margin of 102.66%. The company had revenue of $48.00 million for the quarter, compared to the consensus estimate of $38.95 million. During the same quarter in the prior year, the business earned ($0.94) EPS. Arcus Biosciences’s revenue was up 50.0% on a year-over-year basis.

Several other research firms have also recently issued reports on RCUS. Evercore ISI raised shares of Arcus Biosciences to a “strong-buy” rating in a research report on Friday, August 9th. Barclays raised their price target on Arcus Biosciences from $25.00 to $29.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Wedbush reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Arcus Biosciences in a research report on Thursday, November 7th. Cantor Fitzgerald reissued an “overweight” rating on shares of Arcus Biosciences in a research report on Thursday, October 3rd. Finally, Wells Fargo & Company initiated coverage on Arcus Biosciences in a research note on Tuesday, October 8th. They set an “overweight” rating and a $29.00 target price for the company. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $34.13.

Arcus Biosciences Stock Down 0.6 %

Shares of Arcus Biosciences stock opened at $17.74 on Monday. The company has a quick ratio of 5.14, a current ratio of 5.24 and a debt-to-equity ratio of 0.08. Arcus Biosciences has a 52-week low of $12.95 and a 52-week high of $20.31. The company has a market capitalization of $1.62 billion, a P/E ratio of -5.63 and a beta of 0.89. The company has a 50 day moving average of $16.62 and a 200 day moving average of $16.09.

Hedge Funds Weigh In On Arcus Biosciences

A number of hedge funds have recently modified their holdings of RCUS. Louisiana State Employees Retirement System increased its stake in Arcus Biosciences by 2.6% in the second quarter. Louisiana State Employees Retirement System now owns 27,500 shares of the company’s stock valued at $419,000 after purchasing an additional 700 shares during the period. ProShare Advisors LLC grew its stake in shares of Arcus Biosciences by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 10,846 shares of the company’s stock valued at $205,000 after purchasing an additional 746 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Arcus Biosciences by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 12,940 shares of the company’s stock valued at $244,000 after purchasing an additional 1,090 shares during the period. Diversified Trust Co raised its stake in shares of Arcus Biosciences by 12.1% during the second quarter. Diversified Trust Co now owns 13,545 shares of the company’s stock worth $206,000 after purchasing an additional 1,467 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Arcus Biosciences by 5.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 32,356 shares of the company’s stock worth $583,000 after purchasing an additional 1,702 shares during the last quarter. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

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.