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