Arcus Biosciences tumbles on $250 mln share sale
BUZZ-Arcus Biosciences tumbles on $250 mln share sale ** Shares of biopharma co Arcus Biosciences RCUS.N down 8.1% at $17.56, about a 1-yr low, before the bell on Thurs after $250 mln follow-on priced
** Cancer and immune diseases-focused RCUS late Weds sold ~14.3 mln shares at $17.50, an 8.4% discount to last sale
** Jefferies, Leerink, TD Cowen, Evercore and Mizuho are joint bookrunners
** It intends to use net offering proceeds to fund R&D, including expanding and accelerating clinical development program for its drug casdatifan, and for other general corp purposes, per the prospectus
** Hayward, California-based RCUS has ~127.3 mln shares outstanding
** RCUS stock plunged 19.6% on Weds. Shares have fallen 36% over the past three months, leaving them down ~20% YTD
** 13 of 15 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT $43.50, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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