6. Arcus Biosciences, Inc. (NYSE:RCUS)
Highest Individual Purchase: $14,999,996.00
Number of Purchases Worth Between $10 million and $20 million: 1
Market Capitalization: $1.15 billion
The sixth among 10 stocks with at least $10 million in recent insider spending is Arcus Biosciences, a clinical-stage, global biopharmaceutical company. Arcus is focused on developing best-in-class molecules and combination therapies for cancer patients.
Among the company’s leading candidates are Domvanalimab, an anti-TIGIT antibody currently in Phase 2 and Phase 3 clinical trials, and AB308, an investigational anti-TIGIT monoclonal antibody in a Phase 1b clinical trial studying patients with advanced solid and hematologic malignancies. TIGIT is a checkpoint protein found on immune cells in the tumor microenvironment that inhibits the immune system’s natural ability to detect and kill cancer cells.
On February 18, one investor bought nearly $15 million worth of Arcus shares at a price of $11 per share. The stock is currently trading at $10.89, reflecting a 26.86% drop year-to-date. This purchase was part of the company’s underwritten offering of 13,636,364 shares of common stock, aiming to raise approximately $150 million. The company stated it will use the net proceeds from the offering to fund ongoing research and development activities.
On the same day, Arcus announced it had retained the rights to Casdatifan, a potential best-in-class HIF-2a inhibitor. HIF-2a inhibitors are a type of medication designed to block the activity of a protein called HIF-2a (Hypoxia-Inducible Factor 2 alpha). In certain types of cancer, such as kidney cancer, HIF-2a becomes overactive and promotes the growth of tumors and the development of new blood vessels that nourish these tumors. “We are thrilled to retain ownership of casdatifan, which has the potential to address a significant unmet need for patients with an estimated $5 billion market opportunity,” stated Terry Rosen, Ph.D., chief executive officer of Arcus.
For the full year ending December 31, 2024, the company disclosed total revenues of $258 million, compared to $117 million for the prior year. Net loss amounted to $283 million, which compares to a net loss of $307 million in 2023.
Data from MarketBeat shows that 10 analysts have given Arcus stock an average ‘Buy’ rating, with a price target of $30.25. The average price target suggests an upside of 177.88%.
