Why Is ARCUS BIOSCIENCES IN (RCUS) Stock Moving Today?

Why RCUS stock is up today

Arcus Biosciences stock rose 7.36% to $29.39 in morning trading on Thursday. The move followed a price target increase from H.C. Wainwright, which raised its target to $45. The stock opened lower but quickly reversed course, reaching a session high of $29.54 before settling near the high at $29.39.

What Happened

H.C. Wainwright raised its price target for Arcus Biosciences to $45, maintaining its Buy rating. The move came as the company announced the publication of new research in the journal Nature, detailing findings from the ARC-20 study. The study showed that casdatifan, an investigational HIF-2a inhibitor, deeply suppresses serum EPO and extends progression-free survival in advanced kidney cancer. Additionally, Arcus Biosciences entered a clinical trial collaboration and supply agreement with Bristol Myers Squibb, which will supply casdatifan for use in the trial. Truist Securities also raised its price target to $35, while Morgan Stanley increased its target to $22.

What The Data Shows

The stock opened at $27.20, a 0.6% gap down from the prior close. It quickly reversed course and climbed to a high of $29.54. The volume so far is 0.1 million shares, which is 0.1 times the 3-month daily average. The stock is trading within its 52-week range of $8.84 to $31.73. On the fundamentals, Arcus Biosciences has a market cap of $3.4 billion, with unprofitable earnings (EPS TTM -3.23), revenue growth of 67.4% TTM, and a net margin of -156.4%. Insiders have sold a total of $3.2 million in the last 90 days, with the most recent filing on July 13.

What To Watch

The company has no scheduled earnings date in the immediate future. Investors should monitor the breadth of coverage as additional analyst ratings and research reports are expected to follow.