By Chris Wack
Arcus Biosciences shares were down 14%, to $11.33, after the company priced a $150 million stock offering.
Shares of the biopharmaceutical company hit their 52-week low of $10.65 earlier in the session, and are down 33% in the past 12 months.
The company said the financing is expected to fund it through the anticipated data readout for the Phase 3 trial for casdatifan, its potential treatment for clear cell renal cell carcinoma.
Arcus also said that Gilead's time-limited exclusive option rights to casdatifan have expired, allowing it to retain ownership of the drug.
Morgan Stanley cut its price target for Arcus stock to $25 share, from $36 a share, while maintaining its Overweight rating.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
February 18, 2025 13:23 ET (18:23 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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