Arcus Biosciences drops after starting stock offering

By Reuters News

** 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

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