Arcus Biosciences falls after H.C. Wainwright initiates with 'neutral' rating

Arcus Biosciences

21/10/2024 16:28

** Shares of drug developer Arcus Biosciences  RCUS.N  fall
9.41% to $16.70
    ** H.C. Wainwright initiates coverage with "neutral" rating
and PT of $20
    ** Brokerage says doesn't "expect near-data to blow us away"
    ** Co to present data for its experimental kidney cancer
drug casdatifan on Oct. 24
    ** Brokerage does not believe 100 mg dose for the drug will
deliver response rate significantly better than Merck's  MRK.N 
belzutifan which is sold under the brand name Welireg
    ** Adds doesn't expect data from co's other cancer drug
studies to be largely differentiated from competitors
    ** Says confidence is higher for co's late-stage gastric
cancer study over the late stage study in patients with a type
of non-small cell lung cancer
    ** Stock has fallen ~13% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))