Arcus gains after TD Cowen starts coverage with 'buy' rating

By Reuters News

** Shares of drug developer Arcus Biosciences RCUS.N rise 2% to $24.8 premarket after brokerage TD Cowen initiates the stock with a "buy" rating

** TD Cowen says co's kidney cancer drug candidate, Casdatifan, shrunk tumors of 45% patients in clinical trials, better than the current leading drug, Welireg, developed by Merck MRK.N

** Says upcoming trial data could de-risk co's Casdatifan program, estimated to generate about $4.1 billion in annual sales by 2035

** Co also advancing pancreatic cancer candidate drug quemliclustat and a broader immunology pipeline that could provide additional upside - TD Cowen

** As of last close, stock up 2.1% YTD

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