Arcus Biosciences President Sells $2 Million as Stock Delivers 48% Annual Return
Key Points
82,997 shares were sold indirectly on Dec. 4, 2025, for a transaction value of ~$2.1 million based on a weighted average sale price of $24.71 per share.
The sale represented 5.91% of total holdings, leaving the insider with 367,220 direct shares and 954,063 shares held via trust.
All shares were disposed through an indirect entity (trust); no direct shares were involved in this transaction.
The trade size was above the recent median sell size, reflecting accelerated disposition as remaining capacity has materially declined.
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On Dec. 4, 2025, Juan C. Jaen, President of Arcus Biosciences (NYSE:RCUS), disposed of 82,997 shares in an open-market transaction via an indirect holding, generating a transaction value of $2,050,598 according to the SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (indirect) | 82,997 |
| Transaction value | ~$2.1 million |
| Post-transaction shares (direct) | 367,220 |
| Post-transaction shares (indirect) | 954,063 |
| Post-transaction value (direct ownership) | ~$9.3 million |
Transaction value based on SEC Form 4 weighted average purchase price ($24.71); post-transaction value based on Dec. 4, 2025 market close ($25.05).
Key questions
- What portion of Juan C. Jaen's holdings did this sale represent, and how does it compare to prior trades?
This transaction accounted for 5.91% of aggregate holdings and 8.00% of indirect holdings, which exceeds the historical median percentage of holdings sold in recent transactions (4.67%), indicating a larger-than-typical disposition relative to prior activity since June 2024. - Was the sale executed from direct or indirect holdings, and which entity was involved?
All 82,997 shares sold were held indirectly, specifically through a trust as disclosed in the ownership context, with no change to direct holdings in this filing. - How does the transaction size relate to remaining capacity and recent trading patterns?
Given that holdings have declined by 76.39% since June 2024 and the holdings remaining ratio is now 0.23, the transaction reflects increased disposition cadence as available share capacity has diminished. - What was the market context for the transaction in terms of price and timing?
The shares were sold at a weighted average price of $24.71 per share on Dec. 4, 2025, when the stock closed at $25.26 and had delivered a 47.68% one-year total return as of that date.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close Jan. 5, 2026) | $21.77 |
| Market capitalization | $2.7 billion |
| Revenue (TTM) | $240 million |
| 1-year price change | 45% |
* 1-year price change calculated using Jan. 5, 2026 as the reference date.
Company snapshot
- Arcus Biosciences develops and advances oncology therapies, including Etrumadenant (A2a/A2b antagonist), Zimberelimab (anti-PD-1 antibody), Domvanalimab (anti-TIGIT antibody), Quemliclustat (CD73 inhibitor), and AB521 (HIF-2a inhibitor), with multiple assets in Phase 1–3 clinical trials.
- The company operates a clinical-stage business model, focusing on research, development, and strategic partnerships to advance its immuno-oncology pipeline.
- Arcus primarily serves the oncology market, targeting patients with cancers such as non-small cell lung cancer and pancreatic cancer, and collaborates with pharmaceutical partners for clinical development.
Arcus Biosciences is a clinical-stage biotechnology company specializing in the development of novel cancer immunotherapies. The company leverages strategic partnerships and a robust pipeline to address unmet needs in oncology, particularly in indications such as non-small cell lung cancer and pancreatic cancer. With a focus on innovative mechanisms of action and strong industry collaborations, Arcus aims to establish a competitive edge in the evolving immuno-oncology landscape.
What this transaction means for investors
Arcus Biosciences' president executed a $2.1 million stock sale on Dec. 4 as shares traded near their one-year highs, just days before a clinical setback sent the biotech tumbling. The transaction occurred under a pre-arranged Rule 10b5-1 trading plan, which allows executives to schedule stock sales in advance to avoid concerns about trading on material nonpublic information.
The timing proved fortuitous. On Dec. 12, Arcus announced it was discontinuing its Phase 3 STAR-221 trial evaluating domvanalimab in upper gastrointestinal cancers due to futility, triggering a 14% single-day drop as the company pivoted to focus resources on its kidney cancer candidate casdatifan.
Despite the setback, Arcus maintains a strong balance sheet with approximately $1 billion in cash and has a promising lead kidney cancer program, which has shown encouraging early-stage trial results with critical late-stage data expected throughout 2026.
Clinical-stage biotech stocks like Arcus carry inherent volatility, with single trial results capable of producing dramatic swings in either direction. Risk-tolerant investors comfortable with this volatility might find opportunity here at current levels, though the company remains unprofitable and dependent on successful trial execution.
Glossary
Insider: An individual with access to material, non-public company information, often an executive, director, or major shareholder.
Indirect holding: Ownership of securities through an entity such as a trust or partnership, rather than in one's own name.
Trust: A legal arrangement where assets are held by one party for the benefit of another.
Form 4: A required SEC filing disclosing changes in ownership of a company's securities by insiders.
Disposition: The act of selling or otherwise transferring ownership of an asset.
Weighted average price: The average price of shares sold or bought, weighted by the number of shares at each price.
Direct holding: Securities owned in an individual's own name, not through another entity.
Transaction value: The total dollar amount generated from a securities trade.
Median sell size: The middle value of all recent insider sale amounts, used as a benchmark for trade size.
Holdings remaining ratio: The proportion of shares still owned after a transaction, compared to the original amount.
Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.
TTM: The 12-month period ending with the most recent quarterly report.
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Sara Appino has no position in any of the stocks mentioned. The Motley Fool recommends Arcus Biosciences. The Motley Fool has a disclosure policy.
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