Arcus Biosciences Shares Hit 52-Week Low After $150M Stock Offering

Dow Jones

Feb 19, 2025

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)

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