Arcus Biosciences drops after starting stock offering
BUZZ-Arcus Biosciences drops after starting stock offering ** Shares of Arcus Biosciences RCUS.N down 4.4% at $18.26 in extended trading after equity offering news
** Cancer and immune diseases-focused biopharma launches stock offering without disclosing deal size
** Jefferies, Leerink and TD Cowen joint bookrunners
** It intends to use net offering proceeds to fund R&D, including expansion and acceleration of clinical development program for its drug casdatifan, and for other general corporate purposes, per the prospectus
** Hayward, California-based RCUS has ~127.3 mln shares outstanding for ~$2.4 bln market cap
** RCUS stock plunged 19.6% to close at $19.10 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))